Tag: lawsuit

Binance Faces Lawsuit in Canada for Selling Crypto Derivative Products Without Registration

Binance, the leading players in the cryptocurrency trading industry, has been hit with a class-action lawsuit in Canada. The Ontario Superior Court of Justice has given the green light to the lawsuit, which alleges that Binance violated securities laws by selling crypto derivative products to retail investors without proper registration [1].

The plaintiffs, represented by Christopher Lochan and Jeremy Leeder, argue that Binance’s actions were in violation of the Ontario Securities Act and federal law. They claim that Binance failed to register as required by securities law and neglected to file a prospectus for the derivative products it sold to Canadian investors [2].

The certification motion for the class-action lawsuit highlights the significant presence of retail investors in cryptocurrency derivatives trading in Canada. According to the Ontario Securities Commission (OSC), over 50% of Canadian crypto owners hold at least $5,000 worth of cryptocurrency [2]. This underscores the potential impact of the lawsuit on a large number of investors.

The plaintiffs seek damages and the rescission of the unlawful derivatives trades conducted on the Binance platform. They argue that Binance’s failure to comply with registration requirements and file a prospectus renders the sales illegal and voidable [2].

Regulators have previously classified crypto contracts as securities or derivatives, bringing the marketing of such contracts under securities law. This classification has led to increased scrutiny of platforms like Binance, which offer crypto derivative products to retail investors [2].

Binance’s history with Canadian investors has already attracted regulatory attention. Despite previous pledges to cease doing business with local investors in 2021 and agreements with the Ontario Securities Commission (OSC) in 2022, Binance is still under investigation for possible violations [2]. The outcome of this lawsuit could have significant implications for the cryptocurrency industry, particularly in terms of regulatory oversight and investor protection.

It is estimated that tens of thousands of Canadian users were affected by Binance’s alleged violations. The plaintiffs argue that Binance’s actions not only violated securities laws but also had a direct impact on retail investors who purchased the crypto derivative contracts from the platform starting on September 13, 2019 [3].

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Has Judgement Finally Come for 2017 ICOs? Class Action Lawsuits Name Binance, BitMEX and Block.One Among Host of Crypto Defendants

11 class action lawsuits have been filed against 42 defendants for violating securities law by Roche Freedman LLP. Among the companies named were some of the crypto industry’s most prominent players including Binance, Block.One and Bitmex.

According to OffShoreAlert, the class action law suits were filed in the Southern District of New York Court on April 3 for the sale of unregistered securities.

The lawsuits have also included crypto firms HDR Global Trading; Tron; Civic; Kyber Network; Status; Bibox; KuCoin, and Quantstamp.

Several executives have also been specifically named including Changpeng Zhao (CZ) of Binance, Brendan Blumer and Dan Larimer of Block.one (EOS), Vinny Lingham of Civic, as well as Arthur Hayes of BitMEX.

Roche Freedman LLP is known in the crypto industry for having represented the estate of the late Dave Kleiman in its lawsuit against the self-proclaimed “Satoshi Nakomoto” and instigator of the BSV fork, Craig Wright.

2017 ICO Reckoning?

The crypto world suffered an onslaught of initial coin offerings (ICO) in 2017 as bitcoin surged bringing with it a manic public interest and incredible inflows of investment to the nascent digital space. As outlined by Offshore alert, the ICO investors who collectively lost 80% of their investments during this period were entitled to certain financial disclosures as mandated by the United States Securities and Exchange Commission (SEC).

At the time, many of these project sought to take advantage of the loose categorization of digital assets and many were successful in separating investors from their money with little recourse brought against them. It appears that these new law suits are targeting the ultra successful companies that executed ICOs such as Binance, which has grown into a colossus and was even able to recently acquire CoinMarketCap for $400 million.

The class action has been made on behalf of several individuals who invested in these 2017 projects including Chase Williams, Alexander Clifford, Eric Lee, and William Zhang, but also include “all others similarly situated.”

The lawsuit covers 42 defendants across 16 different countries, some with very little enforceable regulation. Decentralized projects means that there are rarely any central figures to hold accountable and bringing many of these projects to justice will prove near impossible for the Courts.

Has Telegram Ruling Opened Floodgate?

Many believe a precedent may have been set when the SEC won an important decision in their court case against Telegram over the legal status of the latter’s $1.7 billion Gram token offering.The US federal court granted the regulator an injuction to halt the distribution of Grams at the outset of the legal battle as the evidence presented to the court through the SEC’s Howey Test appears to have compelled them to act in favour of the regulator veryearly in the legal proceedings.

On Feb. 18, Telegram’s lawyer, Alexander Drylewski had criticized the application of the SEC’s Howey Test, citing that a test designed to categorize securities does not apply to digital assets that are offered with a promise of managerial oversight, that will increase their value over time.

Philip Moustakis, attorney at Seward & Kissel LLP and former SEC counsel told Blockchain.News that the SEC application of the Howey test was done correctly stating “An issuer cannot avoid application of the federal securities laws by separating in time the capital raise and the delivery of the digital representation of the investor’s interest in that capital raise. And, at delivery, in my view, the Grams would still represent the series of promises and understandings that led up to their distribution.”

It appears the success of the Howey Test in determining Telegram’s 2018 ICO as the sale of unregistered securities may have opened the floodgates for the crypto industry with the class action lawsuit being mounted by Roche Freedman LLP very shortly after the US Courts sided with the SEC.

Facebook Sues Bangkok 'LeadCloak' Software Developer Over Alleged Crypto Scams and Bogus COVID-19 Data

Facebook Inc has taken legal action against a Bangkok-based Indian man for developing and selling software that helps bad actors to bypass Facebook’s automated advertising review systems and deliver prohibited ads to users.

Software Cloaked Bad Actors

Facebook announced that they were taking action against Basant Gajjar for allegedly selling his “LeadCloak software” to bad actors who have been hiding the true contents of ads and delivering deceptive information involving crypto investment scams and bogus data about COVID-19. The malicious cloaking software allowed users to present deceptive ads on the surface newsfeed of the Facebook platform and prevented the social media giant’s review process from identifying the fradulent or improper ads.

Advertisers used the “LeadCloak software” to conceal websites and promote links for cryptocurrency investment scams, deceptive diet pills, pharmaceuticals, fake news, and even misinformation regarding the COVID-19 outbreak through the “cloaking” technique. Such shady ads showed on both Instagram and Facebook.

Gajjar’s unregistered business is based in California. The business has been providing cloaking services since 2016, targeting other technology companies, including WordPress, Oath, Shopify Inc, and Alphabet Inc’s Google.

With the lawsuit filed in the US district court in California, Facebook also intends to uncover the identities of Gajjar’s customers and take further legal action against them. While Facebook is currently suing one individual, it appears that the firm is attempting to make an example of ad spoofers who have attempted to manipulate the market.

Facebook Relaxed Blockchain And Crypto Ads

Facebook lifted its ban on blockchain and crypto ads in May 2019.  But most of them still have to be pre-approved by moderators before they can appear on the platform. The $491 billion firm has been trying to deal with crypto scams for years. Scammers are known to use fake pages and call-to-actions as distraction tactics to trick users into giving sensitive data such as their credit card information.

Last year, Dutch billionaire John de Mol won his lawsuit against Facebook after the social media giant failed to take down fake cryptocurrency ads, which used his name for promotion. Recently, billionaire Wissam al Mana filed a lawsuit against the social media company, demanding the firm to identify individuals behind ads selling Bitcoin scams using his image. However, Facebook announced that it remains committed to using filter technologies to get rid of fake ads linked to cryptocurrency scams carrying images of prominent personalities.

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Ripple Files Lawsuit Against YouTube Over Cryptocurrency Investment Scam

Cryptocurrency company Ripple filed a complaint lawsuit against Google’s YouTube at a US district court in Northern California. The crypto firm accused YouTube of failing to protect consumers from crypto “giveaway” scams, which use fake social media profiles to deceive victims into sending money.  

YouTube Could Face Punitive Damages

Ripple runs an exchange network for the cryptocurrency XRP, which is targeting people who want to send money globally. The crypto company claims that fraudsters on the YouTube platform have been impersonating Ripple and its CEO Brad Garlinghouse to attract viewers into sending hundreds of thousands of dollars value of cryptocurrency XRP.

The lawsuit document says that the scammers used spear-phishing attacks to hack YouTube channels of content creators with legitimate ties to Ripple. The scammers hacked influential users’ accounts and posted videos offering huge XRP giveaways (rewards) in exchange for smaller initial payments, deceiving viewers who thought they were watching Ripple’s channel. Viewers of the videos in questions were then requested to send between 5,000 XRP – 1,000,000 XRP to a listed address that promises 5x return from the receiver.

Ripple provided the dates as from at least November last year, claiming that it has submitted almost 350 complaints about scamming or impersonation. However, the cryptocurrency firm reveals that YouTube has several times ignored its complaints or “failed to address” many of them and even awarded verification badges to channels that scammers have taken over. Ripple says that even after YouTube warned about the scam, it continued to accept paid ads associated with the scam. The crypto firm further states that victims have been conned millions of XRP worth of hundreds of thousands of dollars. 

The lawsuit says that YouTube deliberately profits from the scammers’ actions, despite having the capacity to stop them.

The crypto company mentions that the scam has caused “irreparable damage” to both Ripple’s brand and Brad Garlinghouse’s reputation as a direct consequence of YouTube‘s inexplicable and deliberate failure to address an injurious and persuasive fraud taking place on its platform. The damage has been worsened by YouTube’s alleged deliberate inaction. 

The lawsuit calls for any punitive, compensatory, and statutory damages awarded to the plaintiff (Ripple). 

Rising Risks of New Crypto Fraud Schemes

Fraudsters are making huge money from innocent victims who want the latest digital gold rush but don’t understand how the technology works. Various forms of scams involve blackmail scams, fake token sales, and fake services promising huge, bogus returns to clients. Millions of people have been conned through Ponzi schemes that attract uninformed people to invest in fake enterprises and then run away with the money. Scammers are not the only criminals employing such dirty tactics. Even rouge business brokers provide crypto exchange services that turn out to defraud innocent customers huge sums of money. Regulators should monitor how such scams function and understand how players like rouge brokers operate so that they can create more effective consumer protection laws.

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Bitmain Responds to Former Co-Founder Claims of Holding 36% Company Stock as Baseless

The world’s largest crypto mining rig supplier Bitmain recently issued a statement, condemning fired co-founder Micree Ketuan Zhan’s efforts to regain control of the company. Bitmain strongly condemned the former CEO after a court sided with Zhan in an ongoing lawsuit.

Bitmain faces an uphill battle

After his dismissal as the CEO of Bitmain, Zhan resorted to legal actions to regain his position at the company. So far, he has filed two lawsuits against Bitmain and its subsidiary Fujian Zhanhua Intelligence Technologies.

In March 2020, China’s Changle district court made a ruling that favored Zhan to freeze out 36% of Fujian Zhanhua’s shares owned by Bitmain. Fujian Zhanhua is entirely owned by Bitmain Technologies Holding, of whom Zhan is the shareholder with the largest stake of 36%.

But on 27th April 2020, Bitmain claimed in their latest statement that the case that Zhan had submitted has no proof that he (Zhan) owns such stake in the company, which makes the claim as baseless for a legal ruling. The crypto company stated that the court’s ruling is only a procedural, jurisdictional rule, saying that the case is still ongoing, and the final judgment is yet to be released.

In an effort to maintain people’s trust in the company, Bitmain said that the outcome of the case would not affect the company’s operation or production. The statement reassured that Fujian Zhanhua would be under the complete control of Bitmain. 

“Zhan said he holds 36% of the equity of Fujian Zhanhua, with no facts and legal basis. The result of this case will not have any impact on Bitmain’s normal production and operation, nor will it affect Bitmain’s absolute controlling interest in Fujian Zhanhua.” Bitmain representative said in a statment.

The company has not been performing at its best since October last year. The fate of the firm appears murky because of ongoing legal complications and company politics.

Bitmain’s board makes decision ousting co-founder Zhan

In an email last year in October, co-founder Jihan Wu revealed that he was firing his Bitmain chairman and partner Micree Zhan. He also released a strict warning that all Bitmain employees not attend meetings with or contact Zhan. Bitmain changed its company structure in the registration filed with government agencies. As a result, Wu becomes the legal representative and executive director of the company. Wu, the billionaire, has been growing into the crypto space and continuing his forward march in recent years. He has more plans for Bitmain, focusing on making it the world’s global business for hardware in crypto. However, it remains to see the outcome of the final ruling of the ongoing lawsuit.

 

Only in Crypto: John McAfee Admits "Copy-Pasting" PIVX Whitepaper, Wants to Sue them Nonetheless

John McAfee is an eccentric, bold personality well-known in the crypto-space for his absurd comments. The entrepreneur claims to know Satoshi Nakamoto, promised to eat his d*** on Twitter if Bitcoin didn’t reach $1 million among other grandiose claims. 

Now, the sensationalism is reaching another level. McAfee’s crypto project “Ghost” was found to have plagiarised its entire whitepaper from another crypto firm, but instead of being apologetic, the entrepreneur threatens to sue PIVX, the project in question, for causing reputational damage.

Stolen Verbatim

Via a tweetstorm on May 20, McAfee admitted Ghost’s whitepaper “copy-pasted” parts of the PIVX protocol. Both projects are anonymity-oriented and aim to create a private cryptocurrency rivaling the likes of Zcash and Monero. 

McAfee states PIVX is an open-source project, which allows anyone to lift parts of its protocol to create a native token/sidechain. Earlier this week, representatives from Ghost stated the project’s codebase is a “forked” version of PIVX, and claimed Ghost’s developers did “a lot of improvements” to what PIVX offered. 

For those out-of-the-loop, PIVX said on May 18 that Ghost plagiarized over 20 pages of its 26-page whitepaper, which while outdated, contained material that was “directly” lifted verbatim. 

PIVX later stated that anyone was free to use their product as long as “copyright credits are maintained in the code,” the whitepaper was restricted material and “fully copyrighted” as of 2018. 

But McAfee is having none of it, the British-born American entrepreneur tweeted:

He added the “lawsuit is coming for defamation,” indicating the government will now be involved after PIVX supposedly defamed McAfee on social media. 

“Claiming a product is an open-source while withholding the documentation is a fraud. Pure and simple. I will soon demonstrate that in the courts,” said McAfee.

No Legal Charges

PIVX representatives say the company is not a legal foundation or domiciled in any particular region, and no “single person” has ownership of the project or its development. 

A spokesperson stated to crypto publication Cointelegraph:

“It’s like John saying he’ll sue Bitcoin.”

Interestingly, John McAfee faces criminal charges in the U.S. for tax evasion schemes and other financial fraud, meaning a lawsuit may not take place and the tweets may be an empty threat. 

Meanwhile, PIVX noted in other tweets the paper that Ghost copied from is outdated, i.e. several mentioned solutions and algorithms are not private and may harm the development of Ghost. 

“…which is not only outdated but cryptographically flawed and can be exploited. There are also multiple technical errors and inaccuracies that should be addressed,” adds PIVX. 

The team concluded: “You are required to credit and attribute the sources as clearly stated under the MIT license. This is a common and ethical practice in the open-source community.”

Image via Gage Skidmore

JP Morgan Chase to Pay $2.5 Million to Settle Class Action Lawsuit Over Wrongfully Incurred Crypto Charges

JPMorgan Chase has settled a lawsuit over unannounced changes made to the fee structure applied to crypto transactions using its credit cards in 2018. 

The American bank agreed to pay $2.5 million to settle a class-action lawsuit regarding its decision made in 2018 to treat cryptocurrency purchases with Chase credit cards as cash advances, ensuing in higher fees. However, JPMorgan is not admitting to any wrong-doing as part of the deal.

Brady Tucker, the plaintiff represented by Finkelstein and Krinsk LLP, said that JPMorgan Chase incorrectly charged him $143.30 in fees and $20.61 in interest from purchases he made on his Chase card in January and February. The lawsuit was originally filed in April 2018. The bank had a dismissal of the case in July in the same year, and Tucker later amended the complaint alongside Ryan Hilton and Stanton Smith. 

The plaintiffs received full refunds of all of the charges wrongfully incurred, addition to $1 million in statutory damages. 

However, a new motion was filed on May 26 in Manhattan federal court in the United States, and the plaintiffs said that a settlement would result in members of the class action getting around 95 percent of the fees they were unlawfully charged. 

JPMorgan approves of Coinbase and Gemini

JPMorgan Chase has set the ball rolling by accepting crypto exchanges Gemini and Coinbase as banking customers. The bank gave Coinbase and Gemini accounts the green light in April, and the bank is offering cash-management services to the exchanges, as well as dealing with dollar-based transactions for their US-based clients.

The bank will also be using the automated clearing house to process withdrawals, deposits, and wire transfers. This development will allow handling transactions to be more efficient as most of the Gemini and Coinbase customers link their traditional banking accounts to those provided by the crypto exchanges. However, the JPMorgan will not be carrying out any crypto-based transactions

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Google Privacy Lawsuit: Google Chrome Incognito Records and Shares Private User Data

Google is being sued in a class-action lawsuit filed on June 2 for the invasion of privacy and sharing users’ data, even when they browse in ‘private mode’.

 Google, the internet search giant has been accused of illegally invading the privacy of millions of users by pervasively tracking their internet use through browsers even those set in Google Chrome’s “incognito” mode or private browsing.

According to Reuters on June 3, the class action lawsuit is seeking damages of around $5 billion dollars. The lawsuit accuses Google of covertly collecting private data from users regarding their online behavior even when they use Google Chrome Incognito mode.

As alleged in the official complaint, Google gathers users data through Google Analytics, Google Ad Manager and other applications and website plug-ins. The complaint filed in San Jose, California states that this data is collected regardless of whether users click on Google-supported ads or not.

The complaint asserts that this data collection occurs, “Even when those individuals expressly follow Google’s recommendations to prevent the tracking or collection of their personal information and communications.”

The case is filed under Brown et al v Google LLC et al, U.S. District Court, Northern District of California, No. 20-03664.

Google Incognito Disclaimer Defense

A Google spokesman, Jose Castaneda has responded to the class action lawsuit, asserting that the internet search behemoth will defend against the allegations and has highlighted a clear disclaimer.

Castaneda said, “As we clearly state each time you open a new Incognito tab, websites might be able to collect information about your browsing activity.”

The complaint suggests that the proposed class-action lawsuit against Google encompasses millions of users since June 1, 2016 who have been under the impression that they have been surfing the web privately.

Is Decentralized Privacy the Solution?

The recent increase in reported incidents of surveillance and security breaches compromising users’ online browsing privacy, calls into question the current model used by service providers, in which central third-parties like Google are able to collect and control massive amounts of personal data.

According to a new report, blockchain may be a possible and more secure alternative to the current centralized model. Bitcoin has demonstrated in the financial space that trusted auditable computing is possible using a decentralized network of peers accompanied by a public ledger.

In the paper entitled, ‘Decentralizing Privacy: Using Blockchain to Protect Personal Data’, the authors describe a decentralized personal data management system that ensures users own and control their data. By implementing a protocol that turns a blockchain into an automated access-control manager that does not require trust in a third party.

Unlike Bitcoin, transactions using the proposed system will not be strictly financial – but will be used to carry instructions, such as storing, querying, and sharing data.

In light of the increasing allegations against trusted central providers such as Google and Facebook: the control of private user data could likely be a possible future extension to blockchains, harnessing the technology into a well-rounded solution for trusted computing problems in society.

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Bitfinex and Tether Claim Lawsuit Allegations of Market Manipulation are Baseless

BitFinex and Tether have officially spoken out against what they are describing as a baseless lawsuit, designed to undermine the cryptocurrency ecosystem.

Roche Freedman, New York-based legal firm, filed a class-action lawsuit on behalf of those who own cryptocurrency against Bitfinex and Tether and others for crypto market manipulation and creating the largest bubble in history.

In the class-action suit, the New York-based legal firm alleged that Bitfinex and Tether had been involved in manipulating markets and concealing illicit proceeds, as stated in the tweet by the law firm’s founding partner, Kyle Roche.

The complaint filed with the United States District Court in the Southern District of New York stated that Bitfinex and Tether were involved in a sophisticated scheme to defraud investors. The complaint said that the action concerns a “part-fraud, part-pump-and-dump, and part-money laundering.”  

Bitfinex and Tether Reject False Allegations

In a release shared with Blockchain.News, Bitfinex, Tether, and their related entities have today officially rejected what they are calling ‘blatantly false allegations’ made in the consolidated class action lawsuit filed against them.  

Stuart Hoegner, General Counsel for Bitfinex, said, “Even after taking three full months to amend their complaint, the plaintiffs’ allegations remain untethered to either the facts or the law. They conflate perceived correlation with causation in an effort to prop up theories that are untrue and unsupportable.”

The release highlighted that the plaintiffs’ accusations started with an academic paper whose authors were forced to walk back their central claims. According to the defendants, the only consistency in the arguments leveled against them is the complete lack of evidence, and claim that the Plaintiffs cherry-pick pieces of information and string them together to weave an elaborate narrative unsupported by evidence. 

“While suggesting the sheer size of the demand for Tether coupled with changes in the market clearly led to only one conclusion – market manipulation – plaintiffs disregarded the actual workings and financial backing of Tether, the operations of Bitfinex, general principles of supply and demand, and publicly available research that confirms there was no manipulation,” confirmed Hoegner. “If you see a group of people opening umbrellas, that doesn’t mean that they caused it to rain.”

“Tether is proud to play a critical role in the digital token ecosystem. This meritless lawsuit is an insult to the ingenuity of Tether’s customers, as well as the success and innovation of the industry and all who play a role in it. Bitfinex and Tether will vigorously defend themselves, their customers, their stakeholders, and the crypto community against these unfounded allegations and continue to counter fiction with facts,” said Hoegner.

Demand For Stablecoins Up

On-chain activity for stablecoins has surged over the last year, increasing by 800% according to market intelligence, but could the increase in stablecoin issuance create inflation in the cryptocurrency markets as past allegations against Tether and Bitfinex have suggested?

Completely counter to these kind allegations, the official release cites that Tether was created to establish stability – not volatility – in the cryptocurrency market. The first financial technology company to issue a “stablecoin,” USDT tokens are pegged 1:1 to the U.S. dollar, backed by Tether’s reserves. The market demand for this stablecoin has increased significantly, with more than nine billion Tether in circulation today. 

SEC Finalizes Lawsuit Against the Founder and CEO of Fraudulent ICO

The US Securities and Exchange Commission (SEC) has revealed that it has received a final judgment in a US district court action against Eran Eyal, the CEO and Founder of Shopin, for carrying out an allegedly fraudulent ICO. The US District Court for the Southern District Of New York handed a final judgment against Eyal on June 23, 2020.

Verdict and Sentencing

In December 2019, the SEC brought the lawsuit against the founder of the firm that launched an allegedly fraudulently initial coin offering (ICO). The lawsuit filed by the SEC showed that Eyal and Shopin fraudulently raised $42.5 million worth of cryptocurrency from the unregistered sales of securities called Shopin tokens from August 2017 to April 2018 based on a series of misleading and false statements to actual and potential investors. Eyal was accused of misappropriating funds obtained from the $42 million ICO.

Eyal, 45, has joint Israel-South Africa citizenship. On May 18, 2020, Eyal was deported from the United States to Israel, after being held in a New Jersey prison facility by the ICE (US’s Immigration and Customs Enforcement) since February.

According to the SEC’s final judgment, Eyal was found guilty and therefore ordered to repay investors a total of $422,100 that represented the profits gained as a consequence of the fraudulent activity alleged in the SEC’s complaint. The addition of interest levied of the amount of $34,940 consequently made the total to become $457,040.

But Eyal was considered to have satisfied the payment. It is reported that he gave up a total of 3105.78 Ethereum tokens to pursue his plea agreement, which guaranteed protection of his rights as the accused party.

As part of the court’s final judgment, Eyal and also former Shopin agents and employees are prohibited from acting as a director or officer of any issuer, which has digital asset securities registered under Section 12 of the US’s Exchange Act. Furthermore, Eyal is prohibited from engaging in any offering of digital asset securities.

However, Shopin investors are shocked as they termed the court’s final judgment as a joke and ridiculous. They say that with the final judgment, Eyal can use investors’ money to settle his own personal liabilities as the SEC appears to agree with that.

Will Cryptocurrency Scam Ever Subside?

The anonymous nature of crypto assets has indirectly assisted in proliferating crypto-related scams. The latest scenario handled in the court is just one out of many crypto-related scams that have been reported across the globe this year. Crypto and blockchain users may wonder if a lasting solution could ever come to stop the rising cases of cryptocurrency scams.

With the evolving nature of new cryptocurrencies and their related services such as ICOs (Initial Coin Offerings), transfer, exchanges, and trading services, the crypto world is becoming more complicated. Although it is difficult to stop the scams, a balanced approach involving a proper security framework and regulation could assist in containing the epidemic.

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