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New York State Attorney General Letitia James during a news conference in New York on May 21, 2021. REUTERS/Brendan McDermid
Cryptocurrency trading platform Coinseed is shutting down after being sued by New York Attorney General Letitia James earlier this year for fraud.
"I'm announcing that I am winding down the business due to a lawsuit from the NYAG," Del Davaasambuu, Coinseed cofounder and CEO, said in a statement found on the landing page of the company website.
The saga began on February 17 when James filed a lawsuit against the company for defrauding investors out of more than $1 million via undisclosed fees and through the sale of "worthless" CSD tokens, Coinseed's cryptocurrency.