The United States Federal Trade Commission (FTC) is suing a startup for spending its raised funds on bitcoins (BTC) and credit card bills, rather than the stated products, the court filing revealed on May 6.
The FTC brought a lawsuit before the U.S. District Court for the Southern (NYSE:SO) District of Texas alleging that the startup dubbed iBackPack and its officer and authorized signatory Douglas Monahan misused a "large share" of $800,000 raised during four crowdfunding campaigns from consumers.
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