Investors claim U.K. firm siphoned millions from $558M Toncoin crypto deal
London-based German businessman Manuel Stotz and his British firm, Kingsway Capital Partners, are being sued in New York by entities representing investors from the British Virgin Islands, the Cayman Islands, Ireland, and the United States. Those investors contributed $40 million of the $558 million invested in Toncoin, a cryptocurrency, through Nasdaq-listed TON Strategy Company. The plaintiffs allege that Kingsway received “millions of dollars” in “sham payments” under an arrangement that was not disclosed to the investors in advance.
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