Just a few months after their ICO, ATBCoin has been slapped with a class action lawsuit.
An excerpt from the lawsuit states:
“The ATB ICO was a clear offer and sale of securities because, inter alia, Defendants touted, and Plaintiff and other ATB ICO investors reasonably expected, that the ATB Coins received in exchange for their investments would be worth more than the ETH, BTC, LTC, or other currencies invested. Additionally, as discussed herein, Defendants have explicitly referred to the ATB ICO participants as “investors” and repeatedly stressed the profit potential from holding ATB Coins,”
Due to this debacle, the ATB price has plummeted.
Source: https://coinmarketcap.com/currencies/atbcoin/#charts
You want to know the saddest part? One of ATBs co-founder claims to be a descendant of both U.S. President Herbert Clark Hoover and the Hoover family that founded the Hoover Company. As told by their totally legit, impossible to fake Youtube video:
