Cryptocurrency company Power Block Coin LLC, doing business as SmartFi, and its founder Aaron Tilton were sued Monday in Pennsylvania Western District Court. The lawsuit contends that SmartFi falsely claimed its cryptocurrency was not exposed to the same risks as Bitcoin and other cryptocurrencies in part due to a 'buy back' program, which SmartFi has allegedly failed to honor. The court action contends that SmartFi has offered investors an illiquid 'Buy Back Balance' token instead of returning the money used to purchase the original cryptocurrency tokens. The complaint was filed by Eckert Seamans Cherin & Mellott and Bumbaugh & Nicola on behalf of four investors. Counsel have not yet appeared for the defendants. The case is 2:23-cv-00554, Brown et al v. Power Block Coin, LLC et al.
Cryptocurrency
April 03, 2023, 1:44 PM