Lawsuit Brought Against Mark Cuban-Backed Unikrn ICO

August 20

Unikrn is an esports gambling startup associated with that raised approximately $31 million through an initial coin offering (“ICO”) in October 2017.  Mark Cuban was one of the notable investors in Unikrn.  The company’s token, UnikoinGold, was marketed as a method of currency to be used on the Unikrn gambling platform, which allows users to bet on esports.  At one point in early January UnikoinGold was worth as much as $2.47, though the tokens are now trading at just five cents.  The company has now been sued in state court in Washington.  The gravamen of the complaint is that Unikrn falsely sold its tokens as utility tokens, rather than as securities, in order to avoid federal securities laws.

David Zaslowsky has a degree in computer science and, before going to Yale Law School, was a computer programmer. He is currently the Chairman of the Litigation Department of the firm’s New York office. His practice focuses on international litigation and arbitration. He has been involved in cases in trial and appellate courts across the United States and before arbitral institutions around the world. Many of David’s cases, including some patent cases, have related to technology. Since 2008, David has been included in Chambers for his expertise in international arbitration.