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Crypto Startups

Lawsuit Alleges Financial Irregularities at Token

A highly anticipated lunch between Warren Buffett and members of the crypto industry was postponed this week, in dramatic fashion. 

Justin Sun, the creator of the Tron blockchain, made waves last month when he won a charity auction for the chance to dine with the Oracle of Omaha. The waves spread when, earlier this week, Mr. Sun unexpectedly postponed the lunch, citing health reasons. The story drew even more attention when multiple Chinese news reports said he is being investigated by Chinese authorities for alleged money laundering and other offenses. The news has taken a toll: Tron’s token fell nearly 10% yesterday, according to CoinMarketCap. 

In other crypto news, an investor is suing New York–based startup Token for the right to inspect its financial statements for “suspicious” transactions. Ken Seiff, a partner at Blockchange Ventures who sits on the board, alleges that a “director and officer” of the company—which a person familiar with the suit says is Token CEO Melanie Shapiro—misappropriated company money for personal use. Below, we have more on the lawsuit, which hasn’t been previously reported.

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