Aussie trader wins $3.3M in bitcoin-trading lawsuit

The Australian Securities and Investments Commission (ASIC) has been slapped with a $3 million lawsuit after a trader claimed that he was cheated out of more than $3m of bitcoin.

In a statement, the ASIC said the suit “is the latest in a long line of high-profile breaches involving bitcoin traders”.

“The actions of a handful of traders in Australia have left many Australians out in the cold,” the statement read.

The suit was filed in Sydney federal court on Friday and alleges that a “vast majority” of the bitcoin traded on Australian exchanges was purchased by individuals in the United States, while “several thousand” trades were made on exchanges in Hong Kong.

“Many Australian bitcoin traders and investors are left without access to their money and without their bitcoins,” ASIC said.

It also said that “many” of these transactions were conducted using a “robust, sophisticated, highly sophisticated, and highly sophisticated” trading software, which it said was used to “sell, swap, and trade bitcoin”.

In addition, ASIC alleged that traders were “often told that they could not access the bitcoin they had purchased if they used an ‘old school’ approach” to trade.

The Australian Securities & Investments Commission said that the lawsuit could lead to the withdrawal of some of the money from bitcoin trading platforms.

The firm said it had not been served with the lawsuit, but added that the complaint was still being investigated.

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