Where Technology Meets Law
The receiver is appointed in the case against Coinseed Inc.
The New York Attorney General Office continues its litigation against Coinseed, Inc., a cryptocurrency trading platform operating out of New York and its two top executives Delgerdalai Davaasambuu and Sukhbat Lkhagvadorj. In June, the Office of Attorney General obtained a court order continuing a mandated pause of the Coinseed Inc. operations and putting a receiver to oversee and protect the investors’ funds.

The newly appointed receiver Michelle Gitlitz, the global head of Crowell & Moring LLP’s Blockchain and Digital Assets practice, will have special powers granted by the court to safeguard the investors’ funds and oversee all assets traded through Coinseed. In addition, the temporary restraining order previously secured by the Attorney General continues to block Coinseed Inc. and its CEO from making unauthorized trades while the lawsuit proceeds.

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