Founder and Coinseed standing CEO Delgerdalai Davaasambuu regrettably announced today that his platform is shutting down amidst its ongoing legal battle against Letitia James, the current New York Attorney General (NYAG). In his platform’s farewell message on its website, the Coinseed CEO criticized several personalities related to the NYAG, notably including Attorney Eric Schneiderman. According to Davaasambuu, the NYAG is setting double standards just to target his company specifically.
It was this past February where this whole situation started. The office of the NYAG, Letitia James, filed a lawsuit against the crypto platform alleging it of defrauding several investors of over $1 million. Particularly, James claims that Coinseed violated the New York-specific anti-fraud legislation “Martin Act.” Notably, NYAG James also used the Martin Act to go against stablecoin issuer Tether and crypto exchange Bitfinex.
Although somewhat understandable, Davaasambuu did not take the development all too well, labeling James and Schneiderman as crooks while also claiming that their arguments are mere “bullshit.” As his means of lashing out, the Coinseed CEO implored his followers to annoy the NYAG as much as possible, downright requesting them to call, email, and even curse at them for his expense.
Sinking even lower, Coinseed’s website displayed a giant banner ad for a particular token called FuckLetitiaJames, or FLJ, which Davaasambuu himself created. According to him, the FLJ will soon be listed on various DeFi platforms and will be available for trading down the line.
Lastly, Coinseed promises to return all outstanding user funds soon.