$600 Million Loss In The Crypto Market

Over $600 million worth of crypto assets is feared to be lost in the crypto market. On June 8, 2021, a prominent Saudi company based in the ...

Over $600 million worth of crypto assets is feared to be lost in the crypto market.

On June 8, 2021, a prominent Saudi company based in the United Kingdom (UK) have invested about $600 million after buying crypto from a TRNC-based Crypto company.  According to the source familiar with this matter, and obtained the court filings the company purchased the assets when the unit price of the crypto was $500.00. 

Unfortunately, the price tag had crushed to $1.00 soon after the deal was made, prompting the Saudi company to initiate a lawsuit against the crypto company. After a lengthy process, the court dismissed the petitioner’s case stating that "The court is unconvinced" that it could rule for the Saudi company without involving the materials relevant to the case which were deemed confidential and non-disclosure agreement signed by the petitioner who failed to submit the prima fact evidence to the Court. 

The Court further ruled against the plaintiff in question based on the grounds that the petitioner disclosed and shared the information on the internet while was not required to do so, during the lawsuit, there were defamatory statements and had caused significant harm to the defendant's reputation. As a result, the defendant was awarded $7 million in damages.

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