Bancor Protocol Founder Accused of Misleading Investors into Fake Risk-Free Investments

Jinse Finance reported that the founder of Bancor Protocol, BProtocol Foundation and Bancor DAO have been filed a class action lawsuit. The plaintiffs allege that the defendants misled them with the promise of risk-free investments and caused huge financial losses. Bancor is allegedly trying to cover undisclosed losses on its online crypto asset exchange. The founders of the Bancor protocol established the BProtocol Foundation in 2017. They launched an automatic trading encrypted asset protocol "Automatic Market Maker" (AMM), which pools investors' encrypted currency assets and creates a functional exchange. In return, investors receive a portion of the fees collected from traders on the platform.