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LOL’s hours are from 4 p.m. to 4 a.m., and Jourdan said casino workers pour in after their shifts, the lounge fills up after a Shuckers’ home game and after a concert at the casinos or Mississippi Coast Coliseum. In Mississippi, sports betting is allowed only at casinos, but this new lounge was built to get in the game, he said. He envisions customers going across the street to place a sports bet at the Beau Rivage and and then watching the game with friends at LOL. “They need to hurry up and get the crossover done,” said Lloyd Nicaud. A pedestrian crosswalk is under construction just to the west that will make it easier and safer to cross the busy highway.
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Anyone — not just accredited investors — can buy tokens to be redeemed for items on the company’s platform or converted to more mainstream cryptocurrencies like Bitcoin and Ethereum. The plaintiff in this case, Las Vegas resident John Hastings, put 10 Ethereum into Unikrn’s ICO last September, which would have been worth about $2,800 that day, according to CoinMarketCap . This week, Hastings filed a lawsuit in King County Superior Court seeking class action status against Unikrn; a Bermuda subsidiary of the company; CEO Rahul Sood, a former general manager of Microsoft’s investment arm; and Chief Marketing Officer Karl Flores. Sood said Unikrn is aware of the lawsuit and has retained Seattle firm Perkins Coie to “vigorously defend” the company. Sood and Jean-Jacques Cabou, a partner at Perkins Coie, declined to comment on the specifics of the case. Sood said the company will keep its head down “building the most amazing blockchain-powered esports experiences on Earth. We are focused on that, even in the face of meritless litigation like this.” In the lawsuit, Hastings alleges that Unikrn attempted to avoid federal securities laws by claiming its currency represented a “utility token” — essentially a digital coupon that could be exchanged for services and items on the company’s platform — rather than an investment intended to bring profit for buyers. “Defendants have crafted a flimsy façade that UKG Tokens are not securities by claiming they are utility tokens,” according to the suit. Hastings goes on to argue that “in reality, the UnikoinGold ICO was an offer and sale of securities. Indeed, it is evident that investors were purchasing UKG Tokens with the expectation that those tokens would increase in value and become worth more than the virtual currencies invested.” Unikrn raised $31 million in the ICO this past October for UnikoinGold, a cryptocurrency created by the company that can be used on its platform to bet on esports matches. Participants included Unikrn investor Mark Cuban and Ethereum co-founder Anthony Diiorio, who sits on Unikrn’s advisory board .
For the original version including any supplementary images or video, visit https://www.geekwire.com/2018/suit-alleges-unikrn-initial-coin-offering-broke-sec-rules-esports-betting-startup-calls-claim-meritless/