Court rules on 'pseudo-blockchain company' longfin pays investors $ 223 million

New York's South-South District Court on Wednesday ruled in favor of Longfin Corp. to pay investors $ 223 million in breach of contract settlement in the company's 2017 public offering (IPO) litigation, The Block reports. Illegal judgment occurs when the defendant does not appear or respond to court. Longfin is accused of defrauding traders and defrauding his Nasdaq name. According to the data, the company closed in November 2018. Prior to 2017, shares of Longfin Corp. had increased by more than 2,000% after the announcement of the acquisition of the blockchain startup. The SEC has accused Longfin Corp. CEO Venkata Meenavalli and three others joined the sale after the shares rose in 2017.