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21 June 2021

Status Co-founder: Dropped $100 Million Lawsuit Was ‘Frivolous’ - Decrypt

Status Co-founder: Dropped $100 Million Lawsuit Was ‘Frivolous’ - Decrypt

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Status co-founder Carl Bennetts, who spoke to Decrypt about the lawsuit for the first time since we covered it last August, said that the lawsuit was “frivolous,” and that it hurt the reputation of the company so much that banks refused to work with Status.

The lawsuit, filed in April 2020, alleged that Bennetts and co-founder Jarrad Hope misled investors into investing in their $100 million 2017 ICO by telling them that sales were not subject to US securities laws.

Last August, Status’s lawyers told the court that the plaintiff, Joel Deutsch, bought $35 worth of STN in 2020, which he could sell for a profit of $69.

Furthermore, Bennetts alleged that the Deutsch, bought the Status tokens on a Chinese crypto exchange that operated from the Polynesian island of Samoa—not directly from Status Network, which didn’t sell to US investors.

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