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This is another class action about shady business practices related to cryptocurrencies, this time Siacoin and Decred. Most of the complaint covers broken promises about mining equipment, but the legal allegations center on the charge of the sale of unregistered securities. 

Name "Coinbase" on Reflective Building

A 2010 Census Bureau report says that there are roughly 8.1 million visually-impaired people in the US, including 2.0 million who are legally blind. The Americans with Disabilities Act (ADA) tries to ensure that they can live mostly independent lives and take advantage of public accommodations offered to sighted people. But the complaint for this class action alleges that Coinbase, Inc. violates the ADA in maintaining a website that presents visually-impaired peoplee with barriers to use. 

Cloud With Me Logo

This class action concerns yet another initial coin offering (ICO), this time for a cryptocurrency called the Cloud token, sold by Cloud With Me Ltd. The complaint claims that the ICO was actually the sale of unregistered securities, in violation of the Securities Act of 1933.

Four Cryptocurrency Coins

How do people know which cryptocurrencies are worth their offering prices and which are simply scams? The complaint for this class action says that Julian (or Juvane) Spence, the seller of the Dark Ripple or DRIP token, implied that his tokens were related to a more established currency called Ripple. This and other false or misleading statements, the complaint says, were violations of the Securities Exchange Act of 1934 as well as common law fraud.

White Chair from, 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 not disclose all material information related to its initial coin offering (ICO) and other affairs. Specifically, its Medici unit was “hemorrhaging money” and the ICO might be illegal, if the coins were determined to be unregistered securities.

Image of Cryptocurrency Coins

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). It claimed that two hacks had depleted its funds. Although the company claimed to be slowly repaying the accounts from its income for some months, it has since ceased communication with account holders.

Artist's Idea of a Blockchain

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 (1) Giga Watt tokens that would give the investor the right to use the Giga Watt Project’s capacity for fifty years, or (2) mining equipment and power supplies, to be set up and hosted by the Project. However, investors would not be given these things until a specific batch of tokens or machinery was released. Many investors are now questioning whether they will ever see their tokens or equipment. The complaint contends that the ICO was an offering and sale of unregistered securities, in violation of the Securities Act of 1933.

Monkey Capital Logo

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 Capital’s alleged wrongdoing on that basis. According to the complaint, no ICO took place, and Monkey’s fundraising website disappeared. The complaint claims that cryptocurrencies are securities and that Monkey’s actions were an unregistered offer and sale of securities and fraud, among other things, in violation of the Securities Act of 1933 and Florida state laws.

kraken logo

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 operating properly, the complaint contends, a number of things could have occurred that would have made it unnecessary to sell the Ether at such extremely low prices; instead, it said, it left account holders with major losses.

image of cryptsy logo

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 trade in digital cryptocurrencies, such as “Bitcoin” and