FAQ

  1. What is Spicekit?

    Spicekit is a platform that enables decentralized, collective legal action. We facilitate class-action lawsuits by crowd-sourcing evidence and incentivizing law firms to take on risky cases for the benefit of consumers and investors.

  2. Who is behind Spicekit?

    Spicekit's team consists of legal technology experts, software developers, and blockchain researchers. We believe blockchain technology empowers individuals created a unique opportunity for individuals to take control of the systems they use

  3. What options do I have to fund a bounty?

    You can fund a bounty with any method of electronic payment either in FIAT or Cryptocurrency.

    • Ethereum/Bitcoin
    • Credit Card (coming soon)
    • Paypal (coming soon)
    • Electronic Bank Transfer (coming soon)

  4. Why should anyone trust Spicekit?

    They shouldn't. Spicekit is based on radical transparency, so there's nothing to trust: you can see everything for yourself. Our smart contracts run on the Ethereum blockchain, so every aspect of them is fully auditable. Moreover, all the evidence users collect is stored on a secure, public server that anyone can inspect at any time.

  5. What types of legal actions can qualify for this bounty?

    We'll be supporting new kinds of legal action as we grow, but for now our platform can be used to create bounties for the following causes of action:

    • Violation of Securities Act of 1933: Unregistered Sale. Issuer used means of interstate commerce to offer and sell securities that were not the subject of a registration statement filed with the SEC.
    • Violations of Securities Act of 1933: Intentional or Negligent Misstatements. Issuer knowingly made material misstatements or omissions in the offer and sale of unregistered securities, or Issuer negligently made material misstatements or omissions in the offer and sale of unregistered securities, in either case that were the cause of damage experienced by purchasers.
    • Violation of State Securities Laws. Issuer offered and sold securities to residents of a specific state that were not the subject of a registration statement filed with the proper governmental authority.
    • Contract Rescission. Issuer and purchasers entered into an investment contract that is unconscionable and illusory and purchasers are entitled to rescind the contract.
    • Insider Trading. Insiders within issuer acted on material non-public information in buying or selling securities. Unfair Trade Practices. Issuer engaged in unfair and deceptive acts offensive to public policy that resulted in damages experienced by purchasers.
    • Common Law Claims. Fraudulent inducement, fraudulent misrepresentation, negligent misrepresentation, unjust enrichment and conversion.

  6. What kinds of information does Spicekit collect?

    We collect only the information users submit through our questionnaire. We know that privacy is important to users, so all the questions are optional - you can answer as many or as few as you feel comfortable with. That said, all information you submit is extremely useful for lawyers, so complete answers are encouraged.

  7. What happens to the evidence I submit?

    Evidence is stored on a secure public server, where it can be accessed by anyone. This helps attorneys conduct investigations and makes it more likely that class members will get justice. You can access the repository of evidence from our website.

  8. How do I know my personal data is safe?

    All data you submit is public; if you have evidence containing personally-identifying information, you should indicate on the questionnaire that you prefer to be contacted by an attorney directly. Similarly, any contact information you provide will be public. We recommend associating a new email address with any evidence submission.

  9. What is the bounty used for?

    Our bounties are designed to encourage attorneys to take the risk of bringing class action lawsuits by rewarding them for reaching important litigation milestones. The most important milestones are Denial of Motion to Dismiss and Grant of Class Certification.

  10. Can I create a bounty?

    The bounty programs listed on Spicekit are carefully curated to ensure that the contracts are safe and secure. If you'd like to create a new bounty, let us know!

  11. How many people are required to contribute?

    Spicekit doesn't require a minimum number of participants. Bounties that raise at least 10 ETH will be considered Viable and will lock in funds. Until that point, backers can get a complete refund!

  12. Where are the funds kept?

    All funds are stored securely in an escrow smart contract until a litigation milestone is reached.

  13. How does Spicekit ensure that the funds are released to the right person?

    When a litigation milestone is reached, we check the identity of the person/organization claiming the bounty against public court records. If the attorney on the case matches the owner of the address, the funds will be released. Although Spicekit does not require it, attorneys can simplify this verification by including their ETH address in their court filings.

  14. What happens to the funds if no milestone is reached?

    Users can claim a full refund if the bounty is not claimed within the time specified in the smart contract.

  15. How do lawyers get assigned to a bounty?

    Spicekit is not a law firm, and does not refer class members or assign work directly to lawyers. Spicekit simply allows individuals to provide lawyers an additional incentive to take up cases; the first lawyer to reach a litigation milestone can claim the bounty.

  16. Do you charge for this service?

    Evidence may be submitted and stored freely. When a bounty is claimed, we charge a small transaction fee to fund our continued operation.