Lee v. Foris Dax, Inc.

CourtDistrict Court, N.D. California
DecidedApril 10, 2025
Docket3:24-cv-06194
StatusUnknown

This text of Lee v. Foris Dax, Inc. (Lee v. Foris Dax, Inc.) is published on Counsel Stack Legal Research, covering District Court, N.D. California primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Lee v. Foris Dax, Inc., (N.D. Cal. 2025).

Opinion

1 2 3 4 UNITED STATES DISTRICT COURT 5 NORTHERN DISTRICT OF CALIFORNIA 6 7 JUNG MIN LEE, Case No. 24-cv-06194-WHO

8 Plaintiff, ORDER GRANTING DEFENDANT'S 9 v. MOTION TO DISMISS

10 FORIS DAX, INC., et al., Re: Dkt. No. 67 Defendants. 11

12 13 Plaintiff Jung Min Lee (“Lee”) alleges that defendant Foris DAX, Inc. (d/b/a and hereafter, 14 “Crypto.com”) enabled unknown internet cryptocurrency scammers to take advantage of her 15 elderly husband by soliciting him to withdraw fiat currency from various accounts that he held 16 with Lee at First Republic Bank, and to invest those funds in fraudulent cryptocurrency schemes. 17 In my prior order, I directed Lee to amend her complaint to include facts from which I could infer 18 that she, and not just her husband, was a proper party to bring this action against Crypto.com. See 19 Dkt. No. 59 (“Prior Order”). She has now clarified that the bank accounts from which her 20 husband withdrew funds to facilitate his participation in the purported scam contained community 21 property and claims that she too was injured when he transferred money from those accounts to 22 the purported scammers. This is the only connection she has pleaded to her husband’s alleged 23 exploitation. 24 I will assume without deciding that Lee has general Article III standing because she has 25 lost what she says was community property. But she lacks standing for claims under California’s 26 Elder Abuse and Dependent Adult Civil Protection Act (Cal. Welf. & Inst. Code §§ 15600, et seq.) 27 (“Elder Abuse Act”) and Unfair Competition Law (Cal. Business & Professions Code §§17200, et 1 it had no reason to know of her existence (much less her financial connection to her husband) and 2 therefore she cannot allege that it breached a duty to her. Her aiding and abetting claim falls short; 3 it is unclear what tort Lee alleges that Crypto.com aided and abetted. Crypto.com’s motion to 4 dismiss is GRANTED. 5 BACKGROUND 6 A. Factual Background 7 Lee is married to Donald Patz (“Patz”), who is not a plaintiff in this case. See First 8 Amended Complaint (“FAC.”) [Dkt. No. 63] ¶¶ 18-19. Patz is 69 years old, an “elder” under Cal. 9 Welf. & Inst. Code § 15610.27. Lee is not an elder. 10 Lee and Patz were longtime First Republic Bank (“First Republic”)1 customers before First 11 Republic was shut down in May 2023 and put under a receivership. The couple maintained 12 “multiple accounts for their business,” “personal checking, retirement, and wealth management.” 13 Id. ¶ 111. These accounts held community property, to which Patz and Lee both hold legal 14 interest. Id. ¶¶ 117, 121. 15 In January 2023, “scammers” contacted Patz via Instagram and began chatting with him on 16 the online messaging app “WhatsApp” to discuss what they described as an “investment 17 opportunity.” FAC ¶¶ 103-105.2 The scammers “targeted and exploited Mr. Patz’s age and 18 inherent vulnerability,” and told him that the investment would be managed through the 19 cryptocurrency application “Changelly.” Id. ¶¶ 106, 107. 20 Patz researched Changelly and determined that it was a reputable cryptocurrency site. Id. ¶ 21 108. But the scammers “mirror[ed] the legitimate Changelly website with an illegitimate, high- 22 quality application,” and told Patz that “he would need to invest in the fund via Crypto.com and 23 1 First Republic Bank (receiver, Federal Deposit Insurance Corporation, “FDIC-R”) is a defendant 24 in this case. See Complaint [Dkt. No. 1]. I stayed Lee’s claims against the FDIC-R and First Republic Bank employee individual defendant Catherine Evans pending the FDIC administrative 25 review process, which Lee had not completed prior to filing this action. See Dkt. No. 59 (Prior Order). References to First Republic and Evans in this order are included for factual continuity 26 only.

27 2 The FAC inconsistently refers to “scammers” plural, and “scammer,” when explaining what 1 provided him with detailed instructions on creating and funding the account.” Id. ¶ 109. Patz then 2 created an account on Crypto.com. Id. At no point did Lee create an account on Crytpo.com or 3 use Patz’s account. 4 Patz “turned to his family’s bank accounts at First Republic” for funds to invest at the 5 scammers’ instruction. Id. ¶ 110. Up until January 2023, neither Lee nor Patz had ever made a 6 transaction at First Republic related to cryptocurrency. Id. ¶ 114. But “[w]ithin a matter of days, 7 and without making . . . a single inquiry for due diligence . . . First Republic wired almost a 8 million dollars of community property from the married couple’s checking account to Crypto.com, 9 where it was eventually transferred on to fraudsters.” See id. ¶ 116 (chart breaking down the wire 10 transfer amounts from First Republic to Crypto.com). 11 Patz told First Republic that he was making the transfers to “invest” in cryptocurrency. Id. 12 ¶ 119. Patz “swept funds from retirement and investment accounts,” which were “[a]ll” part of the 13 “married couple’s community property.” Id. ¶ 121. Not “one penny” of the funds at issue was “in 14 any way separate non-community property.” Id. ¶ 117. This money “had been aside with the help 15 of . . . [First Republic employee Catherine Evans] to help protect [Lee] and Patz’s financial 16 future.” Id. 17 When First Republic “transferred Plaintiff’s funds out of the banking system and onto a 18 cryptocurrency exchange, the next phase of the fraud was underway: converting the fraud 19 proceeds into cryptocurrency, laundering the funds once more, and transferring the funds to the 20 custody of criminals.” Id. ¶ 126. Crypto.com allegedly “assisted the fraudsters by converting the 21 fiat currency into Tether, a cryptocurrency known by Crypto.com to be a favored vehicle for 22 fraud.” Id. ¶ 130. 23 On February 20, 2023, apparently at the direction of the scammers, Patz registered a new 24 wallet as a “whitelisted” wallet on his Crypto.com account. Id. ¶ 148. During the “whitelisting” 25 process, which refers to the process by which an entity “identifies trustworthy agents, applications, 26 or sources that are then pre-approved for access to a system,” Crypto.com contacted Patz and 27 asked him questions about his account activity. Id. ¶¶ 149, 150. Patz answered that he was taking 1 confirmed a withdrawal to the “newly whitelisted” wallet for an amount of 10,759.74 USDT (the 2 symbol for Tether), which has approximately the same value in USD. Id. ¶ 154. Two hours later, 3 at 2:21 PM, Crypto.com confirmed a deposit of 35,916.34 USDT. Id. ¶ 155. 4 After the fiat currency was converted into Tether, Patz “saw his account balance begin to 5 grow at an exciting rate, prompting more and more investments,” but when he tried to withdraw 6 funds, “he was told he had to pay ‘fees’ to access them, totaling hundreds of thousands of dollars.” 7 Id. ¶¶ 134-136. At that point, the “scammer began suggesting that Mr. Patz liquidate other assets 8 and approach friends and family for more money.” Id. ¶ 137. 9 According to the pleadings, when Crypto.com made these conversions, “it knew that Patz 10 was in fact a victim of fraud.” Id. ¶ 131; see also id. ¶¶ 176-183 (alleging that Crypto.com knew 11 that the “scam wallet” interacted with the “destination wallet” to which Patz was sending fiat 12 currency when it enabled his transactions).3 In total, Patz spent approximately $1.25 million USD; 13 But it “was not until after his final transaction . . . that [he] noticed that the mirror site was not . . . 14 associated with Changelly,” and realized that he had been defrauded. Id. ¶¶ 141-142. Because 15 Crypto.com collects fees for its transactions, Crypto.com “obtained hundreds of dollars in fees for 16 transactions it allowed to go forward despite obvious red flag indicators.” Id. ¶ 158. 17 B. Procedural Background 18 On July 1, 2024, Lee filed this lawsuit against Crypto.com and the other defendants in 19 Superior Court. Dkt. No. 1-1.

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Lee v. Foris Dax, Inc., Counsel Stack Legal Research, https://law.counselstack.com/opinion/lee-v-foris-dax-inc-cand-2025.