Crypto Buyer Says He Was Tricked Into Buying Securities

By Elise Hansen (August 2, 2022, 9:02 PM EDT) — A cryptocurrency buyer has sued an advisory firm and its backers in Nevada federal court, saying he was misled into investing in various cryptocurrencies that are actually securities and didn’t pan out financially as promised.

Brent Jay on Monday sued Distributed Network Advisors LLC, called DNA, and several of its purported executives, saying they misrepresented the cryptocurrency tokens’ legal status and financial promise. DNA was a blockchain and cryptocurrency advisory company that advertised its ability to help startups raise money and structure their initial coin offerings.

Jay said he was talked into buying “Wax” tokens associated with the WAX blockchain —…

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