Class Action Lawsuit Filed Against Cryptocurrency Hedge Fund

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A Delaware-based company known as Monkey Capital was recently hit with quite a large class-action lawsuit regarding alleged fraudulent issuance of securities.

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The claim was filed with the District Court in Florida, and currently represents five different plaintiffs who together invited around $4 million in the project. These investments were placed ahead of a token sale for the company that took place July of last year. These investments were made to help build the market for Monkey Capital. The goal of the company was to produce a fund based on decentralized currency as a private crypto exchange.

The investors put their money into a cryptocurrency option that is being called a “coeval”, which was used to buy and sell the tokens from the company. These tokens could be held for investment or sold for fiat currency in any form. After the sale was delayed, this created a large issue for those who invested. Essentially, all the money that they invested became worthless because the company did not come through with selling actual tokens.

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After the company delayed the sale of tokens, the website for the company disappeared altogether, which made investors extremely worried. The suit states that the founder of the capital company, Daniel Harrison, essentially walked away with all of the investors money. The filing stated that “in other words, there never was, and may never be, a Monkey Capital Market.” It further stated that “Monkey Capital promoted that through its ‘all-star management team’ … it would be operating a decentralized hedge fund to invest in items such as SpaceX supply contracts and hostile public company takeovers and blockchain systems while simultaneously speculating on large blocks of cryptocurrency.” The hopes are high that those who invested can find an easy way to get their money back.


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