Lawsuit Accuses Crypto Figure Brock Pierce of Pump and Dump Schemes

Crypto entrepreneur Brock Pierce and his DNA Holdings Venture co founder Scott Walker are facing serious legal trouble following a lawsuit filed in March. The court filing brings eleven different counts against the pair, including RICO violations and breaches of fiduciary duties. Plaintiffs claim the duo ran pump and dump schemes while hosting high stakes poker games and managing investment funds.

According to the lawsuit, the trouble stems from events in Puerto Rico involving high buy in poker games and mismanaged crypto funds. Participants allege that millions of dollars went missing after suspicious incidents, and promised charity donations never arrived. Investors also state that funds meant for early stage venture capital investments were redirected, and promised mergers failed to materialize.

The court documents highlight a bizarre disclaimer on the DNA website that essentially warned investors about pump and dump tactics in plain sight. Legal representatives for Pierce and Walker filed a motion to dismiss the case in August, and plaintiffs have not yet responded. Traders and market participants are watching closely as the legal battle unfolds to see how the court addresses these severe allegations.