Business Developer’s Cryptocurrency Contract Suit Tossed

A business developer’s lawsuit alleging Elysian Global Corp. failed to pay him for his services in connection with an initial coin offering must be dismissed for lack of jurisdiction, a federal court in New Jersey said Thursday.

Keith Magill alleges Elysian agreed to pay him $200,000 worth of the cryptocurrency Ethereum if its ICO were successful. In return, Magill worked to convince potential investors to buy Elysian’s ELY tokens during the ICO, developed marketing materials, and managed Elysian’s social media, among other responsibilities, he says.

The ICO raised $7 million, but Magill alleges he was only paid $12,500 worth of ...