Token

Read

Glow Token

<div class="cryptonews"> 
 <p class="is-style-lead"><span style="background-color: transparent;font-size: revert">After <a rel="noopener noreferrer nofollow" title="falling" href="https://thebittimes.com/tag/falling.html">falling</a> <a rel="noopener noreferrer nofollow" title="victim" href="https://thebittimes.com/tag/victim.html">victim</a> to an apparent scam, Bryan Lawrence, CEO of crypto startup Glow Token, has sued major crypto exchange Crypto.com.</span></p> 
 <p><span data-preserver-spaces="true" style="background: transparent;margin-top: 0pt;margin-bottom: 0pt">Glow Token LLC has taken legal action in a Florida court against Crypto.com, accusing the exchange of breach of contract and claiming over $250,000 in damages. The lawsuit acknowledges that Crypto.com might not have been directly involved in the fraudulent scheme.</span></p> 
 <h2 class="wp-block-heading" id="p-style-background-transparent-margin-top-0pt-margin-bottom-0pt-p"><p style="background: transparent;margin-top:0pt;margin-bottom:0pt"></p></h2> 
 <p><span data-preserver-spaces="true" style="background: transparent;margin-top: 0pt;margin-bottom: 0pt">Court documents reveal that earlier this year, Lawrence was approached by individuals claiming to be Crypto.com employees, who engaged him in negotiations to list Glow’s cryptocurrency on the exchange.</span></p> 
 <p><span data-preserver-spaces="true" style="background: transparent;margin-top: 0pt;margin-bottom: 0pt">After months of discussions and document exchanges, Lawrence transferred $250,000 plus one Bitcoin valued at $23,000 to an account he believed belonged to Crypto.com.</span></p> 
 <p><span data-preserver-spaces="true" style="background: transparent;margin-top: 0pt;margin-bottom: 0pt">However, in March, officials from the real Crypto.com informed Lawrence that imposters had scammed him. The exchange denied any record of a listing agreement with Glow Token and instructed Lawrence to cease asserting such claims.</span></p> 
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
  <div class="wp-block-embed__wrapper"> 
   <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
    <p lang="en" dir="ltr">Good morning Glow Family!<br><br>I have not been able to talk about the situation until now so here is the formal statement to explain the situation and lawsuit against https://t.co/zGWE43JquH. Thank you everyone for your patience as we work to get a resolution. #GlowToken pic.twitter.com/clIQMHxIz6</p>— ️Bryan Lawrence (@GlowTokenCEO) August 18, 2023 
   </blockquote> 
  </div> 
 </figure> 
 <h2 class="wp-block-heading" id="p-style-background-transparent-margin-top-0pt-margin-bottom-0pt-p"><p style="background: transparent;margin-top:0pt;margin-bottom:0pt"></p></h2> 
 <p><span data-preserver-spaces="true" style="background: transparent;margin-top: 0pt;margin-bottom: 0pt">Lawrence has now taken legal action against Forix Dax, the parent company of Crypto.com, alleging negligence. He claims that either an employee or an external party compromised the company’s internal communications. They took advantage of the lack of security protocols to swipe funds set aside for the launch of Glow’s new <a rel="noopener noreferrer nofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a>, FLARE.</span></p> 
 <p><span data-preserver-spaces="true" style="background: transparent;margin-top: 0pt;margin-bottom: 0pt">Lawrence further insists that he conducted due diligence throughout the process, verifying every step with Crypto.com. He checked the listing link on their website, reviewed all received emails, confirmed contact information, and examined the actual listing contract.</span></p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Crypto.com gets registration approval in the Netherlands 
 </div> 
 <p><span data-preserver-spaces="true" style="background: transparent;margin-top: 0pt;margin-bottom: 0pt">The lawsuit asserts that even if third parties conducted the scam, Crypto.com’s negligence in security measures allowed the fraud to occur.</span></p> 
 <p><span data-preserver-spaces="true" style="background: transparent;margin-top: 0pt;margin-bottom: 0pt">Lawrence claims that he had saved copies of all conversations, only to find that the logs of his online chats with Crypto.com representatives were subsequently deleted.</span></p> 
 <h2 class="wp-block-heading" id="p-style-background-transparent-margin-top-0pt-margin-bottom-0pt-p-personal-toll"><p style="background: transparent;margin-top:0pt;margin-bottom:0pt"></p>Personal toll</h2> 
 <p><span data-preserver-spaces="true" style="background: transparent;margin-top: 0pt;margin-bottom: 0pt">The stress from the events has profoundly impacted</span> Lawrence’s life. He has faced significant stomach issues, leading to four hospitalizations, and is currently consulting with specialists to solve<span data-preserver-spaces="true" style="background: transparent;margin-top: 0pt;margin-bottom: 0pt"> his health problems.</span></p> 
 <p><span data-preserver-spaces="true" style="background: transparent;margin-top: 0pt;margin-bottom: 0pt">To cover court costs and work towards a resolution, Lawrence had to sell his cherished home, a decision he describes as not easy due to the personal value attached to the property.</span></p> 
 <h2 class="wp-block-heading" id="p-style-background-transparent-margin-top-0pt-margin-bottom-0pt-p-concerns-over-crypto-com-s-conflict-of-interest"><p style="background: transparent;margin-top:0pt;margin-bottom:0pt"></p>Concerns over Crypto.com’s conflict of interest</h2> 
 <p><span data-preserver-spaces="true" style="background: transparent;margin-top: 0pt;margin-bottom: 0pt">This legal battle follows recent reports about Crypto.com’s alleged use of internal traders, which could lead to regulatory notice.</span></p> 
 <p><span data-preserver-spaces="true" style="background: transparent;margin-top: 0pt;margin-bottom: 0pt">On June 19, reports surfaced that Crypto.com employs internal teams for market making and proprietary trading, a practice not disclosed to the public.</span></p> 
 <p><span data-preserver-spaces="true" style="background: transparent;margin-top: 0pt;margin-bottom: 0pt">Crypto.com executives have reportedly denied the company’s involvement in trading, and employees have been instructed to deny the existence of any internal market-maker operation.</span></p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Crypto.com denies allegations of market prices manipulation 
 </div> <span class="google-news-banner__label">Follow Us on Google News</span> 
</div>

Glow token founder sues Crypto.com after falling victim to scam

Table of Contents

TheBitTimes

Other articles published on Aug 21, 2023

Validation Cloud Platform Integrates Hedera Mainnet and Testnet, Bringing Mirror Node-as-a-Servic...

Empowered Funds Launches Triple Bitcoin Futures ETFs Under the Esteemed Ark Invest and 21Shares B...

Ripple Case Echoes in Gemini's Court Reply

Polygon Labs Partners With Korean Mobile Giant

On-chain tool to seize crypto is a purist's nightmare, but a must: CEO

CBI Taps Chiliz to Ramp Up the Development of Its Immersive 3D Experience for Football Fans

Join our free newsletter for daily crypto updates!