The founder of the US Bitcoin mining company Rhodium faces a class action lawsuit for fraud, allegedly misleading investors to invest $33 million

Bitget App

Trade smarter

Cointime2024/12/15 04:22

By:Cointime

a group of investors have filed a collective lawsuit against Rhodium Enterprises, a Bitcoin mining company in Texas, USA, accusing its founder of fraudulent behavior. The lawsuit, initiated by Iacuone McAllister Potter law firm, alleges that the founder intentionally misled the plaintiffs by concealing key information and engaging in self-trading, resulting in a total investment of $33 million. Additionally, the founder failed to disclose the sale of Rhodium's operating facilities to direct competitor Riot Blockchain. Rhodium Enterprises filed for Chapter 11 bankruptcy protection in the Southern District of Texas in August, including six subsidiaries such as Rhodium Encore and Rhodium 2.0.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops

Lock your assets and earn 10%+ APR

Lock now!

- FUN plunged 32.34% in 24 hours to $0.008938, marking a 541.8% monthly loss amid prolonged bearish trends. - Technical breakdowns, elevated selling pressure, and forced liquidations highlight deteriorating market sentiment and risk-off behavior. - Analysts identify key support below $0.0080 as critical, with bearish momentum confirmed by RSI (<30) and MACD indicators. - A trend-following backtest strategy proposes short positions based on technical signals to capitalize on extended downward trajectories.

Bitget-RWA•2025/09/12 06:14

FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn

OPEN has dropped by 189.51% within 24 hours during a significant market pullback

- OPEN's price plummeted 189.51% in 24 hours to $0.8907, marking its largest intraday decline in history. - The token fell 3793.63% over 7 days, matching identical monthly and yearly declines, signaling severe bearish momentum. - Technical analysts cite broken support levels and lack of bullish catalysts as key drivers of the sustained sell-off. - Absence of stabilizing volume or reversal patterns leaves the market vulnerable to further downward pressure.

Bitget-RWA•2025/09/12 06:14