Is This Why the Avalanche (AVAX) Price Increased? Case Ended!

A law firm's lawsuit involving $60 million worth of Avalanche (AVAX) coin ended with a mutual agreement.

A prominent law firm representing cryptocurrency investors and one of its former co-founders announced that they have ended a legal battle involving cryptocurrency theft and bullying allegations, less than two weeks before the hearing.

In a joint statement filed Thursday afternoon in Manhattan federal court, Freedman Normand Friedland LLP (formerly Roche Cyrulnik Freedman) and former partner Jason Cyrulnik said they were dropping all claims against each other.

60 million dollar coin claim

According to court records, the case was to begin hearing on July 8. The firm filed a lawsuit against Cyrulnik in February 2021, demanding a court decision stating that Cyrulnik was correctly removed from the partnership. The lawsuit alleged that Cyrulnik created a toxic environment and turned the firm into “a battlefield.”

Cyrulnik made counterclaims, arguing that other partners of the firm had conspired to take away their rights to approximately $60 million worth of coins distributed to the firm by the firm's client, Ava Labs.

Avalanche (AVAX) price is on the rise

The firm and Cyrulnik denied each other's claims. The notice filed Thursday said all claims and counterclaims in the lawsuit would be “categorically” dismissed.

Meanwhile, from the rest of the cryptocurrency market, Avalanche (AVAX) charted an upward trend. According to CoinGecko data, AVAX price has gained up to 10% in the last 24 hours.