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Qoin Community Rejects Class Action

The contents of this announcement are point-in-time statements. Please note the date of publication.

01 December 2021

More than 99% of the Qoin community have ignored or rejected the advances of a Gold Coast legal firm to commence a bizarre class action against the Qoin Community Project. We want to keep you all informed and in the loop as part of our commitment to you as valued members of the Qoin community.

It is unfortunate that a minority of Qoin holders have chosen to leave the community and attempt to “cash out” at a time when we are building and only getting stronger.

We are disappointed that they do not see the value in our collective long-term goals and appear to believe legal action is an appropriate method to employ.

It is, however, reassuring that out of our circa 80 thousand members only an alleged 250 have expressed interest to join this claim, less than 0.5 percent of our community. This is notwithstanding an aggressive marketing and social media campaign aimed at our community.

It is our understanding that the people named in this action may be liable for substantial legal cost claims from us if they lose the action. We also understand that the lead applicant in the claim has never paid more than $100 in Qoin. David Buch states he did not understand the terms of his involvement, despite having several law diplomas and certificates, qualifications in advanced mathematics and running a website company. The claim is littered with errors and the applicant or Salerno Law do not understand the Qoin project.

Comments made on Friday in Parliament by the chairman of ASIC, Joe Longo, only strengthen our position against this handful of agitators. He pointed out that cryptocurrencies are not financial products under the law and were therefore unregulated. The core part of their claim is that Qoin is in their opinion a financial product.

We have instructed Australia’s largest law firm by partner to defend Qoin and the community and hope that this will all be dealt with swiftly. As stated before, we have had the best legal advice from day one to ensure that every part of the Qoin project operates within the law. If you are contacted by Salerno law at any time, you are more than able to join the majority of the like-minded community in opting out of any legal action.  Likewise, if you do have queries, please contact us and we can discuss any aspects of concern to you.

We will not stop our mission to make Qoin the leading digital currency for everyday payments. Thank you for your continued support.