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Sorainen Successful for Polybius Foundation in Dispute on Initial Coin Offering Dispute

Sorainen Successful for Polybius Foundation in Dispute on Initial Coin Offering Dispute

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Sorainen has successfully represented the Polybius Foundation in a dispute with a participant in Polybius's initial coin offering, who was attempting to force a reversal of his token purchase.

According to Sorainen, this was the first time ever that an Estonian court has analyzed a token holder's right to unilaterally reverse a token purchase in an initial coin offering (ICO) context.

The court of first instance ruled in favor of the Polybius Foundation, finding that a token holder has no right to reclaim money paid when participating in an ICO. The court also held that consumer protection regulation does not extend to participation in ICOs. The token holder, Maksim Velitsko, can still appeal the decision to the circuit court.

The Sorainen team consisted of Partner Reimo Hammerberg, Counsel Karl Kask and Senior Associate Triin Toom.

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