Judge Rules Against ICO Founder in Fraud Lawsuit

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A federal judge ruled against a blockchain startup and its founder after finding that several victims were defrauded out of potentially more than $1 million in cryptocurrencies. U.S. District Judge Donald Middlebrooks, of the Southern District of Florida, entered a “final default judgement” against Monkey Capital LLC, Monkey Capital Inc. and founder Daniel Harrison on Tuesday after finding that Harrison had failed to deliver a working product after conducting a token pre-sale. Moreover, the judge found that Middlebrooks did not return the funds to the plaintiffs despite being asked to do so prior to the case’s filing. A default judgement is entered when a party has “failed to plead or otherwise defend against an action,” according to the ruling. In his ruling, the judge noted: “Plaintiffs commenced this action against defendants, alleging they contributed cryptocurrency worth millions of dollars in advance of a scheduled initial coin offering (ICO) and supposed launch