Gate News reports that on March 24, a judge at the Southern District of New York, Lewis Kaplan, dismissed the motion to dismiss filed by the defendants in the TradeAI/Stakx case. The case will proceed. It was filed by cryptocurrency law firm Burwick Law, accusing multiple defendants of operating a Ponzi-like fraud scheme using NFTs and cryptocurrency investment pools, promising high returns to investors. Estimated losses have already exceeded $20 million, with the total involved amounting to approximately $440 million. The court rejected all of the defendants’ defenses regarding jurisdiction, venue, and service of process. Regarding defendant Cyrus Abraham’s refusal to respond due to alleged technical flaws in the service process, the judge clarified that litigation is not a game of hide and seek. Abraham must disclose his current residential address to the plaintiff’s law firm by March 31, or face default judgment and further sanctions. The court also extended the deadline for formal service to April 22 and authorized alternative methods of service, including via Ethereum wallet, email, and social media.
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