Cryptocurrency

Overstock.com Digital Coins and Blockchain Blunders Securities Class Action

Overstock.com, Inc., an online retailer announces that it is going into digital currencies—and its stock rises more than 500% in five months. Is this a rise in real value? No, the complaint for this class action says, and alleges that the company was in violation of the Securities Exchange Act of 1934 because it did  Read more

Vircurex Exchange Frozen Accounts Fraud Class Action

Vircurex was founded in 2011 as an online exchange where users could deposit US dollars and Euros to buy, sell, and exchange digital currencies. The complaint for this class action claims that on March 24, 2014, the company froze users’ accounts by preventing them from withdrawing Bitcoin (BTC), Litecoin (LTC), Terracoin (TRC), and Feathercoin (FTC).  Read more

Giga Watt Cryptocurrency Unregistered Securities Class Action

SEC Chairman Jay Clayton has described initial coin offerings (ICOs) for cryptocurrencies as “fertile ground for fraud on investors” and it appears that some investors are belatedly awakening to the value of securities regulations. The complaint for this class action alleges that during its ICO, for each investment, Giga Watt said it would provide either  Read more

Monkey Capital Cryptocurrency Fraud and Unregistered Securities Class Action

At issue in this class action are nearly $4 million worth of investments the plaintiffs believed they were making into a new cryptocurrency from Monkey Capital prior to its initial coin offering (ICO). The investments were made primarily in bitcoins. The complaint contends that cryptocurrencies are actually unregistered securities and asks for relief from Monkey  Read more

Kraken Liquidated Ether Virtual Currency Class Action

Ether is a virtual currency that may be traded for normal currencies via online exchanges such as Kraken, the defendant in this case. This class action alleges that a systems problem occurred at Kraken, leading to it locking customers out of their accounts and liquidating the Ether holdings in margin accounts. Had Kraken’s systems been  Read more

Cryptsy Cryptocurrency Access Class Action Settlement

The plaintiffs in this lawsuit allege that the Cryptsy acted unlawfully by denying users the ability to withdraw or use the funds in their accounts and by stealing the digital currency held in the Cryptsy customer accounts for their own use. Cryptsy operated an online business for general consumers and the public to exchange, invest, and  Read more