The Morrison Cohen Cryptocurrency Litigation Tracker
Commercial law firm Morrison Cohen LLP has recently launched a Cryptocurrency Litigation Tracker that meticulously compiles details from over 300 crypto-related court cases dating back to 2013. Talk about an overachiever! This handy tool not only serves as a timestamp for the wild ride of digital currencies but also provides insight into the murky waters of crypto litigation.
What’s Inside the Tracker?
Launched on a Tuesday (because when else would you publish something so exciting?), the tracker includes case developments involving major regulatory bodies such as the United States Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and the Department of Justice (DOJ). In addition to providing juicy case summaries, it intelligently combines a treasure trove of articles, webinars, and podcasts you never knew you needed in your life. Spoiler alert: Yes, they’re as riveting as they sound.
Caught in the Crossfire: Noteworthy Cases from 2022
According to the tracker, 2022 has been a blockbuster year, with about 17 notable court cases either filed or finalized. Suit up, as we dive into the high-stakes drama:
- SEC v. Barksdale Siblings: Allegations of a $124 million fraudulent ICO? Yes, please!
- SEC v. BlockFi: The platform paid a hefty $100 million fine for failing to register its crypto lending product. Ouch!
- Department of Justice v. Lichtenstein & Morgan: This husband-wife duo faces charges related to the infamous 119,756 Bitcoin hack from 2016, with a jaw-dropping 94,000 BTC seized during their arrest.
What Lies Ahead: An Increased Focus on Enforcement
For those lookin’ for more legal drama, the SEC is raising the ante! They aim to expand the Crypto Assets & Cyber Unit to a staggering 50 positions. The hearts of enforcement agents are firmly set on keeping an eye on crypto markets amid rising concerns from investors. As they say, “The only thing more constant than crypto volatility is the enforcement of its legalities!”
Class Actions: Pump and Dump Schemes Galore!
Most of the drama, however, is spilling into the private/class action territory, with the infamous SafeMoon project attracting significant attention. The project was slapped with a lawsuit over allegations of a classic pump-and-dump scheme, allegedly featuring celebrity endorsements from the likes of Nick Carter, Soulja Boy, and Jake Paul. When your token rides the celebrity train, you better be prepared for a pit stop at the courtroom!
Under the Radar: Unique Cases in the Crypto Realm
Some cases are more obscure, providing the true essence of the wild west that is crypto litigation. One such case involves Halston Thayer versus Matt Furie and others, claiming fraudulent inducement over an NFT sale that plummeted in value post-release of identical tokens for free. Just think, paying over half a million dollars for digital art that depreciates faster than a brand-new car driving off the lot!
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