DigitalX denies claim of wrongdoing, defends itself: ASX
DigitalX, a blockchain and cryptocurrency advisory firm has been served with an Originating Application and Statement of Claim, stated Australian Securities Exchange (ASX) in an announcement made by them.
“DigitalX Ltd advises that it has been served with an Originating Application and Statement of Claim in the Federal Court of Australia filed by a group of parties relating to an investment made by those parties in an initial coin offering to which the company was an advisor,” said ASX
According to ASX, DigitalX has positioned itself as a leading global publicly listed blockchain and cryptocurrency advisory firm based out of Perth, Sydney, and New York and provides investment in cryptocurrency, ICO advisory services, blockchain consulting services and software development.
The Company and legal advisors are currently reviewing and examining the claims made. The company has its own strategy to deal with this.
“The company denies any claim of wrongdoing and, for reasons that will become apparent as the matter progresses, believes it has strong grounds to defend any claims brought forward by these applicants. As such, the Company intends to vigorously defend this matter and protect [its] reputation,” stated ASX.
ASX’s announcement also states that the claim made by the parties is for a combined amount of approximately US $1,833,077 excluding damages.
According to ASX’s annual report of DigitalX published Friday, the company had cash and digital assets worth more than $10 million at the end of the 2018 financial year.
Earlier this month, as reported by BC Focus, ASX has postponed its move to adopt blockchain for equity transactions by six months.
The decision to delay the move is due to the exchange planning on devoting more time to user development and testing.
Image via Shutterstock
Join our Telegram group