ICO Blockchain Pivot Class Action Filed in New York


Blockchain pivot challenged under securities laws

"According to the court documents, the cases stem from the initial announcement on Oct. 10, 2017, when Xunlei said it would launch its own blockchain-based cryptocurrency dubbed OneCoin, also known as Wanke Coin, which was later renamed to Lianke, or LinkToken in English.According to announcements at the time, Wanke Coin was issued as a reward for Xunlei's OneCloud users who were willing to share their idle network bandwidth on its platform. In order to receive this reward, users need to purchase an item of hardware called OneThing Cloud from Xunlei to be able to share their cloud storage and network bandwidth."