Note: This post reproduces information contained via publicly available documents. All quoted sections are taken straight from these documents and do not constitute an editorial opinion by the authors of this post. This publication is not an endorsement of any allegations on either side of the lawsuit. Published for the general public interest, as part of our mission to document the history and technology of cryptocurrencies.
Link to court documents: Case Docket Number 1:18-CV-12218
Despite Coin Signals along with several other defendants being named in the lawsuit, the overall case ended up being popularly known as "the Jeremy Spence lawsuit".
Jeremy Spence, Jaime Cruz-Herrera, an avatar by the name of BlackXantus, Gerard Spence and Emily Spence were sued by plaintiffs Manfred Lagemann, Steven Koenig, Mitch Sterckx, Aivaras Cepelis, Roland Mawlabaux, Cameron Pattison, Thi Thanh Xuan Diana Vu, Edmond Truong, Vitaliy Rudenko and Yew Hwee Ng at the US District Court of the Southern District of New York on December 26, 2018.
The object of the lawsuit was to "recover damages incurred by plaintiffs as well as to obtain equitable relief related to the harm Plaintiffs have suffered".
According to the lawsuit, an avatar who went by pseudonym BlackXantus managed a "computer program" behind Coin Signals which supposedly allocated funds within Coin Signals' hedge funds.
According to the Plaintiffs, CSM Fund employed false and misleading representations which caused economic loss to plaintiffs and accuses Jeremy Spence of being a "con man" who "operated a classic Ponzi scheme".
As of August 2020, the case is still ongoing.
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