Glow token founder sues after falling victim to scam

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After falling victim to an apparent scam, Bryan Lawrence, CEO of crypto startup Glow Token, has sued major crypto exchange

Glow Token LLC has taken legal action in a Florida court against, accusing the exchange of breach of contract and claiming over $250,000 in damages. The lawsuit acknowledges that might not have been directly involved in the fraudulent scheme.

Court documents reveal that earlier this year, Lawrence was approached by individuals claiming to be employees, who engaged him in negotiations to list Glow’s cryptocurrency on the exchange.

After months of discussions and document exchanges, Lawrence transferred $250,000 plus one Bitcoin valued at $23,000 to an account he believed belonged to

However, in March, officials from the real informed Lawrence that imposters had scammed him. The exchange denied any record of a listing agreement with Glow Token and instructed Lawrence to cease asserting such claims.

Lawrence has now taken legal action against Forix Dax, the parent company of, alleging negligence. He claims that either an employee or an external party compromised the company’s internal communications. They took advantage of the lack of security protocols to swipe funds set aside for the launch of Glow’s new token, FLARE.

Lawrence further insists that he conducted due diligence throughout the process, verifying every step with He checked the listing link on their website, reviewed all received emails, confirmed contact information, and examined the actual listing contract.

The lawsuit asserts that even if third parties conducted the scam,’s negligence in security measures allowed the fraud to occur.

Lawrence claims that he had saved copies of all conversations, only to find that the logs of his online chats with representatives were subsequently deleted.

Personal toll

The stress from the events has profoundly impacted Lawrence’s life. He has faced significant stomach issues, leading to four hospitalizations, and is currently consulting with specialists to solve his health problems.

To cover court costs and work towards a resolution, Lawrence had to sell his cherished home, a decision he describes as not easy due to the personal value attached to the property.

Concerns over’s conflict of interest

This legal battle follows recent reports about’s alleged use of internal traders, which could lead to regulatory notice.

On June 19, reports surfaced that employs internal teams for market making and proprietary trading, a practice not disclosed to the public. executives have reportedly denied the company’s involvement in trading, and employees have been instructed to deny the existence of any internal market-maker operation.

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