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Forced Sell-Off

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Ether is a virtual currency that may be traded for normal currencies via online exchanges such as Kraken, the defendant in this case. This class action alleges that a systems problem occurred at Kraken, leading to it locking customers out of their accounts and liquidating the Ether holdings in margin accounts. Had Kraken’s systems been operating properly, the complaint contends, a number of things could have occurred that would have made it unnecessary to sell the Ether at such extremely low prices; instead, it said, it left account holders with major losses.