The Federal Court of Australia has registered in what is believed to be the first cryptocurrency fraud case for the country. The complainant, Alexandre Raffin, is accusing Modern Assets Australia and its directors Jonathan Allison and Carlo Sciubba for allegedly scamming him out of $93,000. Federal Court Files First Cryptocurrency Lawsuit France-based Alexandre Raffin has filed a lawsuit in the Federal Court of Australia against Modern Assets Australia, a cryptocurrency advisory and research firm based on the Gold Coast. Reportedly, Raffin approached the company to purchase South Korean cryptocurrency, Klatyn. However, the deal couldn’t take off due to an alleged disagreement between the two parties. Instead, Modern Assets made Raffin in touch with the supplier of the Klatyn cryptopcurrency. After contacting the supplier, Raffin handed over $93,000 in exchange for 937,000 units of Klatyn. Instead, about a month later, the same supplier ran off with Raffin’s money and deleted his account. Since then, the value of Klaytn has gone up by over 30 times. Should the deal have gone through, Raffin and his investors would be sitting on close to $3.7 million. Now, Raffin is accusing Modern Assets and its directors for not doing their due diligence before putting him in touch with a potential scammer. He is now seeking to recover the $93,000 and an additional attempt to seek $800,000 as that would have been the cryptocurrency’s worth in August 2020. Cryptocurrency Frauds in Australia on the Rise Raffin currently runs a brokerage firm called GAINS Associates in Paris. The firm pools the funds of investors to purchase cryptocurrency. Just last year, he entered into a deal with Modern Assets to supply Klaytn, which was worth about 10 cents at the time. He says that the lost money belonged to his firm’s clients. Regulation in the cryptocurrency world has been a key focus in recent months, as investors are falling under crypto scams due to of a lack of oversight. While some have made their millions by trading cryptocurrency, others have lost just as much through scammers. The Australian Securities and Investment Commission (ASIC), saw that the COVID-19 pandemic brought with it a 20% rise in cryptocurrency scams targeting its citizens.
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