Infinite

A U.S. federal judge has dismissed a class-action lawsuit against Atomic Wallet, citing a lack of jurisdiction over the Estonian crypto firm. On Sept. 10, Colorado district court judge Philip Brimmer ruled that the wallet provider and its leadership didn’t have enough connection with Colorado to proceed with the case. 
The lawsuit, <a href="https://www.cryptotimes.io/2023/08/23/investors-file-lawsuit-against-atomic-wallet-over-100m-hack/" target="_blank" rel="noreferrer noopener">filed in August 2023</a>, followed a $100 million hack of Atomic Wallet two months earlier. Plaintiffs argued the company was responsible, including its CEO Konstantin Gladyshev, shareholder Pavel Sokolov, and Evercode Infinite, the firm behind the wallet’s software. 
<div class="wp-block-image"> 
 <figure class="aligncenter size-full">
 <img loading="lazy" decoding="async" width="895" height="532" src="https://www.cryptotimes.io/wp-content/uploads/2024/09/pacer.webp" alt="pacer" class="wp-image-201057">
 <figcaption class="wp-element-caption">
 Source: PACER
 </figcaption>
 </figure>
</div> 
However, Judge Brimmer noted that Atomic Wallet’s ties to Colorado were weak. The <a href="https://www.cryptotimes.io/2023/11/20/atomic-wallet-asks-us-court-to-dismiss-100m-lawsuit/" target="_blank" rel="noreferrer noopener">company argued</a> it had “no U.S. ties,” and only one of the 21 plaintiffs, Graham Dickinson, resided in Colorado. 
Plaintiffs claimed that Atomic Wallet’s ads were visible in Colorado on X, the app could be downloaded here, and Dickinson had communicated with their support team. However, the judge emphasized that since the products were software-based, Atomic Wallet couldn’t always know where users were located. 
Despite dismissing most of the claims, Brimmer gave the plaintiffs 21 days to argue why Ilia Brusov, a co-founder of Evercode Infinite and shareholder in Atomic Wallet, should not be dismissed from the lawsuit. Brusov and Sokolov each own a 12.8% stake in Atomic Wallet, while CEO Gladyshev holds 74.4%.

Atomic Wallet Wins Dismissal in $100M Hack Lawsuit

The Crypto Times

Other articles published on Sep 11, 2024

Memebet token launches ICO, raises $150k in minutes for memecoin casino project

Nigeria’s EFCC Blocks Bail for Binance Executive Despite Health Concerns: Report

UK introduces bill to legalize crypto ownership

Nigeria’s EFCC Blocks Bail for Binance Executive Despite Health Concerns: Report

Toncoin and DOGS Lead Market Losses Amid Market Weakness; Is There Hope With This New Token?

ICP Skyrockets by Double Digits, BTC Price Stopped at $58K (Market Watch)

Join our free newsletter for daily crypto updates!