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Sorainen Successful for Polybius Foundation Against Claim for Refund Following Initial Coin Offering

Sorainen Successful for Polybius Foundation Against Claim for Refund Following Initial Coin Offering

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Sorainen has successfully represented the Polybius Foundation, which had conducted an initial coin offering, in a dispute involving one of the buyers, Maksim Velitsko, who was attempting to force a reversal of his token purchase. 

According to Sorainen, “this was a landmark case, as the position of the courts is a further guidance for both the organizers of ICOs and parties wishing to buy tokens. The dispute began as Maksim Velitsko, who was disappointed that the value of the tokens had decreased, claimed his money back by first filing a bankruptcy petition to put pressure on Polybius Foundation. His claims were not successful and on April 13, 2020, the dispute was finally resolved when the Supreme Court dismissed his appeal in cassation, where he demanded the refund of the purchase price of the tokens from the Polybius Foundation. The dispute gave the company the opportunity to prove in courts that the innovative way of raising money was fair to token buyers.”

Sorainen’s team included Partner Reimo Hammerberg, Counsel Karl Kask, and Senior Associate Triin Toom.

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