Paycase Global Corp is now suing TMX Group for USD 500 million in the Canadian Superior Court Of Justice, in addition to demanding that their contract be resumed.
In March 2018, Paycase Global Corp entered into an agreement with TMX Group, the parent company of the Toronto Stock Exchange, to launch a cryptocurrency OTC desk and data aggregation platform. Essentially, Paycase Global Corp would benefit from the Toronto Stock Exchange’s stature and clientele, and the Toronto Stock Exchange would in return have a fully functional cryptocurrency division.
However, in September 2018 the deal began to fall apart as TMX Group began to dismantle the crypto startup, and by December TMX Group sent Paycase Global Corp a mutual termination agreement.
Paycase Global Corp asserts that this is a breach of contract, since there was no event to justify termination and no termination for convenience clause in the contract.
This is among the top crypto-related cases in history, with most past cases being for USD 100 million or less. The only case that is bigger than this is the Craig Wright v Estate of Dave Kleiman case for control of 1 million Bitcoins worth around USD 10 billion.
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