Why is Elf getting sued?

I've recently heard that Elf, a well-known cryptocurrency exchange, is facing legal action. Could you please elaborate on the reasons behind this lawsuit? Is it related to alleged fraudulent activities, security breaches, or perhaps non-compliance with regulatory requirements? Are there specific allegations that have been made against Elf, and if so, what are they? I'm particularly interested in understanding the potential impact this lawsuit could have on the cryptocurrency market, as well as the reputation and future operations of Elf. Thank you for providing a clear and concise explanation of the situation.