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In January 2021, the U.S. District Court for the Southern District of New York considered a motion to dismiss a class action lawsuit filed against Helbiz, Inc. and other defendants that concerned Helbiz’s issuance of HelbizCoin, a cryptocurrency.[1] The suit included claims arising under United States securities laws. The Court granted the motion because it held the cryptocurrency purchases did not occur in the United States, despite computing activity occurring in the United States that made the purchases possible.
Helbiz allegedly promoted the purchase of HelbizCoin as the exclusive currency that Helbiz would accept for its Helbiz transportation rental platform. The HelbizCoins were issued in an initial coin offering (ICO) to HelbizCoin purchasers in exchange for fiat currency. Helbiz would then use those funds to build out its rental platform.