A U.S. court rejected a motion to dismiss the $440 million TradeAI crypto Ponzi scheme case.

CoinFeed reported on March 24 that, according to Cryptopolitan, the U.S. District Court for the Southern District of New York rejected the motion to dismiss the case in the alleged $440 million TradeAI/Stakx Ponzi scheme lawsuit, and the case will proceed. The lawsuit, filed in 2024, accuses multiple individuals of operating a Ponzi scheme through NFTs and crypto investment pools, promising investors high returns through crypto strategies; current estimated losses exceed $20 million. In its ruling, Judge Lewis Kaplan rejected all key objections from the defendants regarding jurisdiction, place of trial, and service of process, noting that defendant Cyrus Abraham was already aware of the lawsuit and could not indefinitely delay with technical details. The court ordered Abraham to disclose his current address by March 31, or he may face a default judgment and further sanctions.