Bitcoin IRA has announced that a federal judge of the South Dakota district court has ruled against Kingdom Trust Company, while also granting Bitcoin IRA’s request for emergency injunctive relief for the protection of its customer’s accounts.
Moreover, a <a href="https://drive.google.com/file/d/1sCX8-dQp9ukyP03fdt-OSi46kVdvItVP/view">court documen</a>t shows that South Dakota District Court Federal Judge Karen E. Schreier; ruled in favor of Bitcoin IRA in the case against Kingdom Trust. The latter allegedly breached a referral agreement by terminating customers’ access to their account data on Bitcoin IRA’s platform without prior notice. The ruling reads:
<blockquote>“Kingdom Trust is ordered to fully restore to the condition and functionality existing prior to August 21, 2019, Alternative IRA Services LLC’s (Bitcoin IRA) access to account holder data of the accounts to which Bitcoin IRA is the account designated representative by the account holder, and account holder access to Bitcoin IRA’s online platform, thereby allowing the account holders to once again self-direct their retirement accounts online 24 hours a day, 7 days a week.”</blockquote>
<h2>Breach of Referral Agreement</h2>
In particular, Bitcoin IRA and Kingdom Trust entered into a referral agreement back in September. The agreement indicated that Bitcoin IRA would refer its customers to use Kingdom Trust as a trust custodian.  In return, Kingdom Trust would pay Bitcoin IRA a referral fee for account owners who became Kingdom Trust customers.
However, in August of 2019, Kingdom Trust removed Bitcoin IRA’s application programming interface (API) access and ceased providing daily updated account information. This eventually led to inaccurate reflections of information about assets held in clients’ accounts.
<h2>Series of Lawsuits</h2>
In conclusion, back in August, Kingdom Trust had also filed a <a href="https://www.cryptoknowmics.com/crypto/sec-sues-telegram-to-stop-17-billion-token-offering/">lawsuit</a> against Digital IRA, Alternative IRA Services (Bitcoin IRA); their shared CEO Camilo Conch, COO Chris Kline, BitGo, and its cryptocurrency custodial affiliate company, BitGo Trust. The lawsuit had alleged that the companies illegally obtained Kingdom Trust’s trade secrets; and conspired to lie and misappropriate its clients.

Bitcoin IRA Wins Lawsuit as Judge Rules Against Kingdom Trust

Bitcoin IRA has announced that a federal judge of the South Dakota district court has ruled against Kingdom Trust Company, while also granting...%

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Bitcoin IRA Wins Lawsuit as Judge Rules Against Kingdom Trust

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