Top Crypto Lawsuits in the World Ranked!

After the arrival of the crypto tokens and crypto technology, it appears that it’s all there is to the world. Surely enough, the Web3 technologies have already presented an Extended Reality (XR), which is only dawning with time. Amidst these innovations and the urgency to adopt digital ownership, there have been plenty of Crypto Lawsuits.

If one were to dissect them all to discover the root of their causes, the common element would be greed. It’s certainly nothing new, but the Crypto Hype after 2020 has put riches into everyone’s pockets. Those riches are ultimately stolen by crypto scams and frauds, rampant worldwide, even after years of its inception.

Why are Worldwide Crypto Laws & Legal Issues a Concern?

Blaming human nature hardly answers why Crypto Market is always in the headlines for suspicious activities by bad actors. Reading or learning about the Crypto Lawsuit Update has reinvigorated the profession of Journalism while wiping off billions in wealth!

So, here are the baseline reasons why Crypto Laws & Legal Issues exist and might prevail until 2023-24.

Check our Crypto News Daily Section and read about the latest Crypto Lawsuit News!

crypto lawsuits


Is Crypto an asset? Is Crypto a currency? What exactly do NFTs offer? All such questions are a concern for nations because tokenomics is a whole other modern subject. Witnessing the polarity between countries regarding how to classify crypto is an everyday major news topic.

The disarray of how crypto holds value is either based on word of mouth or lit hype. Taking advantage of the latter, combined with the curiosity and the opportunity to acquire capital from an Ape investor, is the leading cause of Crypto Lawsuits.

  • Crypto Regulations discrepancies can change for the EU after MiCA is finalized by 2023.
  • The IOSCO and FSB have set in motion the plans to centrally govern and regulate crypto by 2024.
crypto lawsuits

Free Reign

A handful of countries like UAE, Monaco, Thailand, etc., have long announced accepting crypto as a form of payment or an alternative to the fiat currency legal tender. In contrast, superpowers like China and India are leaning towards a complete ban or strict regulation. The former accept it because it’s not centrally governed, while the latter oppose it for the same reason, among others.

The divide between these two types of regulations benefits sneaky Crypto Exchanges or Web3 Crypto firms. Using them, crypto trading third-party exchange services are provided to citizens in nations where it is banned due to FEMA and AML regulations.

  • Out of the many Crypto Lawsuit Updates and news, over 60% of them are registered with the British Isles or other similar countries’ governance.
crypto lawsuits

Huge Marketing

Crypto is mainstream now, after the end of the global pandemic, attracting audiences by the billions. On top of it, crypto companies and organizations are utilizing mass marketing tools and mediums to lure new customers. Adding new users will naturally bring these firms profits, as they will be tempted to invest their capital.

The allure of Crypto gains from the mainstream media coverage of the Crypto rise is one of the major causes of Crypto Lawsuits. Most sullied names of crypto companies have banked on this audience behavior and performed everything from rug pulls, wash trading crypto, scams, and other illegal activities.

  • Only a few days ago, the Bitcoin blockchain registered its 1 billionth address, which was only 40 million in February 2022.

Top Crypto Lawsuits Ranked Globally!

Before glancing over the top Crypto Lawsuit Update and information, it’s vital to remember that only a few are identified. It is rationally possible that a Crypto scam might occur every day.

Irrespective of it, the global and national authorities, with their Finance Board, have arrangements to monitor such activities and apprehend the culprits. So, check out these five top value Crypto Lawsuits!

1. Mirror Trading International Proprietary Limited – $1.7B BTC Fraud

The US regulator charges Cornelius Johannes Steynberg with the biggest Crypto Lawsuits over international marketing scheme fraud. Cornelius, the founder of Mirror Trading International Proprietary Limited (MTI), operating in South Africa, has solicited, accepted, and pooled $1.7B worth of BTC and assets from over 23,000 participants.

Although there is no report regarding the 29,421 BTC Cornelius took from the participants, Interpol did apprehend him from Brazil.

crypto lawsuits

2. Binance Glitch Crypto Lawsuit – $1.5B

The Legal and consulting firm Lexia Avvocati filed a lawsuit against Binance, the world’s biggest crypto exchange, on 5th July 2022. The subject of the lawsuit concerns the power outages suffered by the platform on six different days, including the day when Tesla Inc. announced accepting bitcoin currency.

The Crypto Lawsuit Update mentions Binance offering basic compensation against the losses, but not as much as the $1.5B class action lawsuit against it.

crypto lawsuits

3. SEC USA Against Ripple (XRP) – $1.3B

The Crypto Lawsuits against Ripple filed by the US SEC accuses it of offering unregistered securities. The class action lawsuit alleges that Ripple raised $1.3 billion, whose outcome sees XRP delisted from crypto exchanges like Bitstamp, OSL, Crosstower, and Beaxy.

Proceedings against it are yet to arrive at any conclusion, as the case is between a financial authority and a large blockchain firm. In the meantime, the investors are on the border about exchanging it, and a loss could mean the Ripple token could collapse completely.

4. SOL Unregistered Security – $1.3B Crypto Lawsuit

Solana Network and Solana Labs are both filed under a lawsuit by the U.S. District Court by Mark Young. The lawsuit claims the SOL token to be a security and includes the names of CEO Anatoly Yakovenko, Multicoin Capital Management LLC, Kyle Samani, and Falconx LLC.

Its Crypto Lawsuit News was quick to spread on July 1st, 2022, which claims the SOL tokens’ total circulating supply was presented falsely, in addition to its decentralized nature.

5. OAG vs Bitfinex Crypto Lawsuit – $850M

Bitfinex Crypto Exchange is also named to have allegations against it like the other Crypto Lawsuits in this list. The New York Office of the Attorney General claims the Bitfinex platform has concealed the information regarding its $850 million loss. Thus, Bitfinex is held on charges of fraud and misleading investors.

The Supreme Court Judge of New York County has denied the motions to terminate investigations. The allegation on Bitfinex by the OAG also includes the name of an associated stablecoin firm, Tether. 

The Takeaway

Within the years 2020-22, there have been several more Crypto Lawsuits against exchange platforms and crypto firms. Post the terra LUNA crash, the number of lawsuits has grown exponentially since it also caused several crypto exchanges to file bankruptcy along with VC firms.

To Learn more and get all the Crypto Lawsuit News, keep watching this space!


Can you sue for cryptocurrency?

It is possible to pursue litigations against a cryptocurrency via a class action or a single suit. Crypto Lawsuits can be filed against the entire crypto exchanges as a single class or even the crypto firm issuing them.

How do I File a claim against Crypto?

It is vital to first thoroughly review the contract before filing a complaint against any crypto firm. In most cases, their contracts limit the users’ legal options, which is why one must read the terms and conditions of the agreement carefully before accepting.

Alternatively, to file a complaint against, please visit the Better Business Bureau website, and click on Start Your Complaint.

Can Bitcoin be seized in a Judgment?

Depending on the outcome of the Crypto Lawsuit Update, the judgment creditors can garnish the crypto assets. It is possible when the bitcoin or crypto accounts are held at U.S. institutions like Coinbase, etc.

Can I take legal action against Coinbase?

One must vitally note that using Coinbase services requires agreeing to a contract, which itself limits your options to make a legal case against it. The two possibilities are filing a complaint with Coinbase at the Small Claims Court or taking it up to the Consumer Arbitration.

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