Broker seeks $800,000 from intermediary after crypto seller vanishes

French national Alexander Raffin has filed suit against the cryptocurrency company Modern Assets Australia after an unsuccessful deal to purchase digital assets. ABC News reports.

According to the publication, Raffin runs the broker firm GAINS Associates. He planned to buy the cryptocurrency Klaytn for $800,000 through Modern Assets, but the deal did not go ahead for reasons unknown.

Subsequently, the company linked the buyer directly with the Gold Coast cryptocurrency supplier. According to the plaintiff, he was to receive 937 500 KLAY (approximately $93,000 at the time), but the seller disappeared with the money.

Raffin covered the investors’ losses from his own funds.

\”At the time, it accounted for 80% of my assets,\” he noted.

According to the head of GAINS, Modern Assets did not vet the seller. He demanded the company pay $800 000 and compensate the losses incurred.

In February 2021, Australian authorities charged a Sydney resident, suspected of laundering $4.3 million via Bitcoin.