The first-ever case of cryptocurrency fraud is filed against an Australian Crypto exchange. The case is the first of its kind in the country involving theft of $800K in assets.

As per ABC news report, a French national by the name of Alexandre Raffin has brought a lawsuit against Modern Assets Australia. The 28 years old accused the directors of the cryptocurrency exchange of breaching their duty. He alleges that Jonathan Allison and Carlo Sciubba failed to take care of him.

Modern Assets Australia is a cryptocurrency research and advisory firm based on Gold Coast.  The case against its management is unparalleled in the history of Australia.

Details of Crypto Fraud:

The plaintiff in the case was bound to receive cryptocurrencies from the Gold Coast company in exchange for fiat money. But when the deal didn’t happen, the firm put Mr Raffin in contact with the supplier of crypto assets.

The supplier allegedly broke off with the money and never fulfilled his part of the deal. He also deleted his account so that all doors for communication are closed off.

Since the happening of this event, the prices of cryptocurrencies have multiplied 30 times. If Mr Raffin owned currency, his assets would be worthed at $3.7 million. However, he never received the purchased assets.

Also Read: Bitcoin Crimes Fell In 2020

Mr Raffin accuses the Gold Coast Firm’s management of failing him and maybe many other investors.  He expressed his devastation over the crypto scam in the following words.

“I just went to cry on my balcony,.. At the time it was 80 per cent of my assets. That was very hard to do.”

The shattered trust and loss of big money made Mr Raffin think that the crypto firm didn’t do “research on their own contact”.

According to ABC News, Modern Assets Australia is denying the allegations. The spokesman of the firm says that the company will vigorously defend the allegations.