Virtu Financial has vowed legal action against false reports of a fundraising using a digital token called VirtCoin, drawing further attention to the shadier side of the growing market for crypto-assets.

A press release dated May 1, seen by Financial News, claimed that Virtu — one of the world's leading electronic trading firms — would issue the "promising" token. Douglas Cifu, the chief executive of Virtu, was named as the contact person.