New York law firm Morrison Cohen LLP has launched a special cryptocurrency legal tracker containing information on all active litigation in the United States in the field of cryptocurrency and blockchain technology.
MoCo Cryptocurrency Litigation Tracker offers reliable and complete information on legal proceedings against crypto companies and private crypto investors. It will maintain a comprehensive database of rulings, private litigation and claims relating to cryptocurrencies, initial coin offerings (ICOs) and litigation related to blockchain technology.
Morrison Cohen plans for the legal tracker to become a clearinghouse for the industry, helping track trends and developments in the crypto space to prevent future litigation, and to develop defenses against ongoing misconduct. The service will enable investors to immediately check the company's reputation in the register of legal proceedings. All available documents, including final court decisions, are available in the service’s extensive database.
The tracker already lists 63 cases of litigation related to the crypto industry. Among them are lawsuits against Coinbase, Bitconnect, Bitfinex.
One of the most recent and egregious lawsuits is against the defunct Burmese securities exchange BitFunder and its founder Jon E. Montroll. The US Securities and Exchange Commission (SEC) said that BitFunder operates as an unregistered online securities exchange. The regulator also alleges that BitFunder and Montroll defrauded investors by pocketing their bitcoins and failing to disclose a cyberattack on BitFunder's system that resulted in the theft of more than 6,000 bitcoins.
The consumer research group Valuepenguin previously published an analysis of complaints filed with the Consumer Financial Protection Bureau (CFPB) between June 1, 2017 and March 1, 2018. The number of consumer complaints increased almost sevenfold after the price decline for cryptocurrencies.
The most popular of them are complaints about restrictions on the withdrawal of personal funds, problems with transactions and fraud on crypto platforms.
Morrison Cohen LLP believes that Tracker will help lawyers and regulators in legal issues of crypto business.
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