Homeowner sues buyer for property purchase crypto scam

Homeowner sues buyer for property purchase crypto scam

The latest kind of crypto law case is an apparent property purchase crypto scam. With each day passing, cryptocurrency adoption does not seem like an adaptation from some science fiction, rather it looks like an upcoming new normal.

As new use cases of cryptocurrency are being discovered daily, there still seem a huge number of people who are not open to the idea of employing cryptocurrency for their daily-life dealings. A few years back, the idea of buying a property with cryptocurrency was only theoretical, however, now some would willingly accept cryptocurrency in exchange for an entire house.

That being said, there is still exist lack of proper regulation to use coins, which can lead to complications. This recently happened in California when a house seller decided to sue their buyer in an attempt to pay in the form of ‘worthless cryptocurrency’.

Lawsuit on property purchase crypto scam?

The lawsuit from Mary Shea, psychologist against Mike Cherwenka, the buyer who wanted to buy the property off Shea. Cherwenka attempted to pay 30 percent of home value in a cryptocurrency dubbed Troptions Gold, leading to a property purchase crypto scam case.

As a result of this dispute, Shea is unable to sell her property right now, albeit Cherwenka and his company are still willing to buy it.

Best Buy Homes, Mike Cherwenka’s company, was reportedly accused of violation of the US securities and state racketeering laws. As stated in the suit, Mike and his firm tried to mislead Shea and other members regarding the coin’s nature hence the property purchase crypto scam lawsuit.

Whilst negotiations, the buyer offered to pay in cash for the home, however’ they then manipulated the final contract to allow themselves to pay in cryptocurrency, which the owner of the house Mary Shea deem worthless.

During the original negotiations, the buyer offered to pay for the home in cash. However, they manipulated the final contract so that allowed them to pay in cryptocurrency, which Shea believes to be worthless.

Aroosa Nadeem

Aroosa Nadeem

A media graduate and passionate media person Aroosa has a knack for digital media journalism and outreach. She has contributed content to different digital media publishers in a variety of areas including technology, health and finance.

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