Liti Capital announces that a Steering Committee has been set up to assist traders seeking compensation from Binance for losses they suffered at the time the world’s largest cryptocurrency exchange went down.
On May 19, 2021, when the markets collapsed, Binance’s platform went down. As a result, the trading accounts (including futures, margin, and leveraged token products) of at least 700 and possibly thousands of individuals were virtually non-tradable for hours. The losses suffered by the dealers in doing so may exceed one hundred million US dollars.
Binance account holders who traded on the platform and who have suffered losses at this and possibly at other times as a result of the failure of the platform can claim compensation from Binance. A number of traders have tried to resolve the matter with Binance without taking legal action, but so far without success.
If the redeeming traders cannot satisfactorily resolve their disputes with Binance, there is a chance that they may seek international arbitration, a move that is costly for an individual.
Several traders who have suffered losses due to the failure of the Binance platform are demanding compensation from Binance, possibly also in the context of arbitration. These traders, initially advised by Aija Lejniece, a Paris-based arbitration attorney, have set up a steering committee to provide guidance and information on the compensation proceedings against the company.
The Steering Committee has arranged for Liti Capital SA, a Switzerland-based blockchain private equity fund specializing in raising capital for litigation, to provide funds to individual traders who suffered damage due to the failure of the Binance trading platform make it possible to pursue the damages proceedings. Litigation funding is often used by plaintiffs to cover the cost of preparing and pursuing legal claims in exchange for a minority stake in compensation received. Liti Capital, the first and largest blockchain private equity fund, uses LITI tokens to raise capital and invest in cases they think are worthwhile.
Liti Capital’s funds enable affected persons to assert claims for damages against Binance, if necessary also before an arbitration tribunal. The international law firm White & Case LLP was commissioned to represent the data subjects in the litigation.
Members of the Steering Committee include Aija Lejniece, David Kay from Liti Capital and three affected traders. People who believe they have been harmed by the failure of the Binance platform and would like to claim compensation can contact the Steering Committee for more information or by email at email@example.com or its website at http: // Consult www.binanceclaim.com.
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Source: Business Wire