Legal Action Taken in Alleged Cachecoin Fraud, Pump & Dump Scam

CoinDesk reports that legal action has been taken against a group of individuals who allegedly defrauded their victims using the altcoin Cachecoin.

According to its website, Cachecoin says it's "changing the way people use currency." It is Scrypt-based and says it wants to improve the altcoin ecosystem through various added features and functionality.

The plaintiffs, represented by Akerman LLP, have taken their claims to a Florida court requesting trial by jury. The defendants allegedly marketed mining devices claimed to be in development which they would fund through pre-order sales to customers. Orders were not fulfilled, staff were unresponsive and only partial refunds were issued, according to the allegations.

In addition, customers were offered a discount if purchasing with cachecoins. The alleged fraudsters used this as a means to pump their price through increased demand, causing cachecoin holders to incur losses when the coin was later dumped.

Two plaintiffs claimed to have purchased quantities of cachecoin worth $30,000 and $18,000.

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