Following several complaints from users of Kucoin and Bit-Z cryptocurrency exchanges, for false and misleading information issued to account holders, The Schall Law Firm, a U.S.-based litigator, has commenced an investigation into the matter.
According to a press release, the litigation firm’s primary focus in the case is to determine whether or not both exchanges issued any misleading information or refused to relay vital information to their users, which resulted in a loss.
Users who incurred losses in the entire Kucoin and Bit-Z saga, have been prompted by the litigation firm to join the case by providing personal and trading information that could help the investigation process, and keep them updated on the latest news at zero cost.
Going forward, The Schall Law also created an alternative channel to receive more complaints, as users have been directed to contact the firm’s founding partner, Brian Schall, for further inquiries or contributions.
However, users who refuse to join the case via the available channels created would be regarded as “an absent class member.”
Notably, The Schall Law Firm is yet to certify the case’s class, which implies that an attorney cannot represent affected users at the moment. At the same time, the amount allegedly lost to the misinformation is still undisclosed.
The Schall Law, since its inception, has co-counsel on some of the most significant securities class action cases in the United States and has so far recovered tens of millions of dollars for shareholders, with the firm helping investors to recover more than $70 million for investors in 2019 alone.
Meanwhile, Kucoin has recently been in the news for the wrong reason, including a suspected in-house dispute between the exchange and its partner WinPlay, and the exchange’s sudden cancellation of its one million USDT giveaway.
However, Kucoin subsequently revealed that the reason the giveaway was canceled was that the exchange’s partner, WinPlay, allegedly looted its campaign funds.