Ethereum

Richard

United

Circuit

The post <a href="https://coinpedia.org/news/hex-manipulation-case-us-appeals-court-reverses-previous-dismissal-of-the-lawsuit/">HEX Manipulation Case: US Appeals Court Reverses Previous Dismissal Of The Lawsuit!</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
In the latest development, there has been a significant legal shift involving a legal battle concerning binance.US and CoinMarketCap. A United States appeals court has partially overturned a previous dismissal of a class-action lawsuit against <a href="https://app.coinpedia.org/company/binanceus" target="_blank" class="profile-details">Binance.US</a> <img decoding="async" src="https://image.coinpedia.org/wp-content/uploads/2022/11/10122626/info_icon.svg" alt="information" class="info-icons"> <a href="https://app.coinpedia.org/company/binanceus" target="_blank"><img decoding="async" src="https://image.coinpedia.org/wp-content/uploads/2022/11/09190601/link.svg" alt="link"></a> <a href="https://www.binance.us" target="_blank" rel="nofollow noopener"> <img decoding="async" src="https://image.coinpedia.org/app_uploads/profile/1717835244923zh1z023ha2.jpg" class="company_logo_img" alt="profile company logo" title="profile company logo"></a> Binance.US Crypto trading and Information <a href="https://www.binance.us" target="_blank" rel="nofollow noopener"><img decoding="async" src="https://image.coinpedia.org/wp-content/uploads/2022/11/10161442/globe.svg" alt="globe icon" title="globe icon"></a> The lawsuit accuses the cryptocurrency exchange of unlawfully manipulating the price of the HEX token. 
<h2 class="wp-block-heading" id="h-us-court-reverses-district-court-s-previous-dismissal">US Court Reverses District Court’s Previous Dismissal</h2> 
A panel of three judges in the US Court of Appeals for the Ninth Circuit reversed a district court’s previous dismissal of the class-action suit and stated that the plaintiff, Ryan Cox, had made justifiable claims against Binance.US and CoinMarketCap.&nbsp; 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 U.S. court reopens HEX manipulation case against <a href="https://t.co/ryPvR1aYUC">https://t.co/ryPvR1aYUC</a> A U.S. appeals court has rebooted a class-action lawsuit against <a href="https://t.co/ryPvR1aYUC">https://t.co/ryPvR1aYUC</a> regarding the HEX token manipulation case, Cointelegraph reported. <a href="https://t.co/ryPvR1aYUC">https://t.co/ryPvR1aYUC</a> was previously accused of…— CoinNess Global (@CoinnessGL) <a href="https://twitter.com/CoinnessGL/status/1823256714151694631?ref_src=twsrc%5Etfw">August 13, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
On August 12th, a panel of three judges from the Ninth Circuit reversed a district court’s previous dismissal of the class-action lawsuit and stated that the plaintiff, Ryan Cox, had presented credible claims against Binance.US and CoinMarketCap. 
A district court had earlier dismissed the class action lawsuit in February 2023, citing a lack of specific proof regarding price manipulation.&nbsp; The judge had concluded that Cox did not prove a concrete link between Binance.US’s activities and the alleged manipulation of HEX in Arizona. 
However, the panel has disagreed with the earlier dismissal.&nbsp; 
<h2 class="wp-block-heading" id="h-what-was-the-lawsuit-about">What Was The Lawsuit About?</h2> 
Cox had initially filed the class action lawsuit in 2021 alleging that Binance Capital Management and Binance.US had artificially restricted the HEX token’s ranking on CoinMarketCap, which is a cryptocurrency price-tracking platform owned by Binance. 
Cox claimed that this manipulation resulted in HEX trading at a lower price while Binance’s own cryptocurrencies were ranked higher. 
While the district court had dismissed the lawsuit in February 2023, the Ninth Circuit panel found that the district court’s requirement for establishing “sufficient minimum contacts” between Binance.US and Arizona was incorrect. The appeals court stated that the district court had personal jurisdiction over the defendants because they had significant contacts with the broader United States. 
<h2 class="wp-block-heading" id="h-hex-down-over-99">HEX Down Over 99%</h2> 
Notably, his decision not only impacts the involved parties but also sets a broader precedent for how similar cases might be approached in the future. 
Currently, the <a href="https://markets.coinpedia.org/hex/" target="_blank" rel="noreferrer noopener">HEX token is trading</a> at $0.004, with a staggering decline of over 99% from its all-time high of $0.51 in September 2021. HEX plummeted by over 50% days after its founder, Richard Heart, expressed his dissatisfaction with HEX on the <a href="https://coinpedia.org/price-prediction/market-price-prediction-ethereum-2019/" target="_blank" rel="noreferrer noopener">Ethereum network</a>. 
Also Check Out: <a href="https://coinpedia.org/price-analysis/markets-could-remain-highly-volatile-here-are-the-cryptos-to-monitor-this-week/" target="_blank" rel="noreferrer noopener">Markets Could Remain Highly Volatile: Here are the Cryptos to Monitor This Week</a>

HEX Manipulation Case: US Appeals Court Reverses Previous Dismissal Of The Lawsuit!

Table of Contents

CoinPedia News

Other articles published on Aug 13, 2024

Weekly Article Recap: 7/29-8/02

Bitcoin Miners Face Challenges as Earnings Dip despite Rising Hashrate

Michael Saylor Issues Golden Advice to Bitcoin Miners

SUI Surges Ahead of Solana: 6x Faster Transactions and Lower Fees — Is This the ‘Ethereum Killer’?

$1.6B port investment could revive El Salvador’s Bitcoin City plans

Marathon’s $250M Note Offering: A Bold Bet on Bitcoin’s Future Growth

Join our free newsletter for daily crypto updates!