Liti Capital, the Switzerland-based litigation funder that raised capital by issuing investors blockchain-based tokens, has announced that it is launching ScamBusters, a new tool that allows its investors to vote for which crypto-focused cases the company should pursue next. The company is committing between 5% and 10% of its yearly investment budget for this initiative. The first twelve cases up for voting include a fake automated trading scam in which over 5,000 victims lost over $10 million and a bitcoin sports betting scam in which victims invested in a BTC sports trading company that combined crypto currency with sports betting, which turned out to be a Ponzi scheme promising between a 15% to 20% return per month.
Liti Capital is backing a claim against cryptocurrency exchange Binance on behalf of traders who lost money when their accounts were frozen on May 19, 2021, a critical day when crypto prices were crashing. At least 700 Binance users were effectively unable to trade on the platform for multiple hours, resulting in estimated losses of more than US $100 million. To date, traders have tried to contact Binance for support and compensation but have been unsuccessful. Under the platform’s terms of service, disputes must be filed with the Hong Kong International Arbitration Centre. White & Case LLP has been engaged to represent affected individuals.
Liti Capital SA, a Swiss litigation finance company, has announced that it will be raising capital by issuing investors blockchain-based tokens that will be available to investors starting June 24.