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New Crypto Lawsuit Tracker Reveals Details of Hundreds of Court Cases

New Crypto Lawsuit Tracker Reveals Details of Hundreds of Court Cases

Last updated 29th Jun 2022
Disclosure
  • So far in 2022, 17 cryptocurrency-related cases have been resolved or brought before a court of law
  • The highest-profile case is SEC v. digital asset platform BlockFi
  • The ongoing DOJ v. Ilya Lichtenstein and Heather Morgan case is the most notable

A new crypto lawsuit tracker published by commercial law firm Morrison Cohen LLP reveals details of more than 300 active and settled court cases in the past decade or so, Coin Telegraph reported.

The tracker contains case developments related to the Commodity Futures Trading Commission (CFTC), U.S. Securities and Exchange Commission (SEC), and the Department of Justice (DOJ) as well as some private and class action lawsuits.

So far in 2022, 17 cryptocurrency-related cases have been resolved or brought before a court of law according to the tracker.

High Profile Cases

The SEC, CFTC and DOJ collectively account for seven of those cases. Among the highest-profile ones is the SEC v. digital asset platform BlockFi, who agreed to pay a $100 million penalty for not duly registering its crypto lending product.

Another is the case of SEC v. the Barksdale siblings, who allegedly conducted an illegal initial coin offering (ICO) worth $124 million.

Lichtenstein and Morgan Case Most Notable

Without a doubt, the ongoing DOJ v. Ilya Lichtenstein and Heather Morgan case is the most notable.

The husband and wife are charged with alleged conspiracy to launder funds in connection to the Bitfinex hack 6 years ago, in which almost 120k Bitcoin was lost. So far, DOJ special agents have seized 94k BTC.

On May 3, SEC tweeted:

We’re bolstering the unit responsible for protecting investors in crypto markets and from cyber-related threats. The newly renamed Crypto Assets & Cyber Unit in the Division of Enforcement will grow to 50 dedicated positions.

SafeMoon Drew the Most Attention

However, most action has been in the private and class action area. SafeMoon drew the most attention after facing a class action suit for pumping and dumping in a rug pull scheme.

SafeMoon, which ran on BNB Chain, allegedly attracted a number of celebrities to draw in investors with misleading information. Soulja Boy, Nick Carter, Lil Yachty and YouTubers Ben Phillips and Jake Paul are all believed to have promoted the token.

About Thayer v. Furie, Creator of Pepe the Frog

This case mostly flew under the radar, but it’s very interesting. The case of Halston Thayer v. Matt Furie, PegzDAO, and Chain/Saw LL was filed in March.

The defendants are accused of fraudulent inducement after selling a unique NFT whose value plummeted. Before that, an identical NFT had been dropped for free.

Morrison Cohen of the law firm wrote:

Plaintiff alleges that defendants fraudulently misrepresented the value of a Pepe the Frog NFT. Plaintiff paid $537,084 for a Pepe the Frog NFT created by Furie and sold through PegzDAO. A few weeks after the sale, PegzDAO released 46 identical NFTs for free, which allegedly reduced the value of Plaintiff’s NFT.

Daniela Kirova

Daniela Kirova

Daniela is a writer at Bankless Times, covering the latest news on the cryptocurrency market and blockchain industry. She has over 15 years of experience as a writer, having ghostwritten for several online publications in the financial sector.