July 25, 2024
Blockchain News

Token Creator Sues Crypto.com for Negligence, Claims Stress Led to Hospitalization

“The stress from these events has caused significant stomach issues, leading to four hospitalizations,” Lawrence claims. Bryan Lawrence, the inventor of Glow Token, said on X (previously Twitter) on August 18 that he has filed legal action against Forix Dax, the parent company of prominent cryptocurrency market crypto.com. He cites carelessness as the key cause.

He claims that either an employee or an outside entity accessed the company’s internal communications in order to exploit the “lack of security protocols” and steal monies put aside for the launch of Glow’s new token, FLARE.

Despite claiming to have done his due diligence throughout the listing process by directly confirming every step with Crypto.com and examining the listing contract, he later discovered that he had never had any contact with official workers at all.

He alleges that on March 16, he got communication indicating that he had been the victim of a fraud. The exchange reportedly terminated his account when he called to verify chat logs to ensure the veracity of his conversation. He allegedly received a cease and desist letter shortly after.

Lawrence claims that the situation has caused him financial and medical problems.

“I had to sell my beloved home.” This was not an easy decision because my house was very important to me.”

Lawrence is apparently receiving therapy for continuing stomach problems that he believes are a direct effect of the news. “I am currently consulting with specialists in the hopes of finding a solution to my health problems.”

This follows previous allegations that Crypto.com’s employment of internal traders may result in a regulatory notification. According to claims published on June 19, Crypto.com purportedly utilizes internal teams for market making and proprietary trading. However, the exchange’s employment of internal traders has not been made public.

According to reports, management at Crypto.com firmly rejects the company’s involvement in trading.  Furthermore, staff were allegedly told to declare that no internal market-maker activity existed.