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The dismissal request for the TradeAI/Stakx Ponzi scheme case has been rejected, with the involved amount reaching $440 million.
Deep Tide TechFlow News, March 24 — According to Cryptopolitan, U.S. District Judge Lewis Kaplan in the Southern District of New York has dismissed the motion to dismiss filed by the defendants in the TradeAI/Stakx case. The case will proceed.
The lawsuit was filed in 2024 by the cryptocurrency law firm Burwick Law, accusing multiple defendants of operating a Ponzi scheme using NFTs and cryptocurrency investment pools, promising high returns to investors. The estimated losses have now exceeded $20 million, with the total involved amounting to approximately $440 million.
The court rejected all of the defendants’ defenses regarding jurisdiction, venue, and service of process. Regarding defendant Cyrus Abraham’s refusal to respond on the grounds of technical flaws in the service process, the judge explicitly stated that litigation “is not a game of hide and seek,” requiring Abraham to disclose his current residential address to the plaintiff’s law firm by March 31, or face default judgment and further sanctions. The court also extended the deadline for formal service to April 22 and authorized alternative methods of service, including Ethereum wallets, email, and social media.