As
one
example,
the
SEC
alleged,
Cumberland
promoted
ATOM
through,
“An
email
sent
to
counterparties
on
February
20,
2023
stated:
‘At
the
moment,
one
of
the
smaller
gainers
in
the
sector,
outside
of
ETH
and
EOS,
has
been
ATOM.
ATOM
is
up
‘only’
53%
YTD,
despite
strong
fundamentals
and
a
healthy
developer
community;
it’s
a
name
where
we
expect
to
see
a
catchup
rally
if
crypto
remain
buoyant.'”
The
SEC
is
seeking
a
permanent
injunction
and
disgorgement
of
proceeds,
the
suit
said.
However,
Cumberland
pushed
back
against
the
suit
on
a
social
media
post
on
X.
“We
are
not
making
any
changes
to
our
business
operations
or
the
assets
in
which
we
provide
liquidity
as
a
result
of
this
action
by
the
SEC.”