According to a Cornerstone Research report, investors filed six crypto-related class-action lawsuits in the U.S. during the first half of 2025, nearly matching the seven cases recorded throughout all of 2024. This surge comes despite reduced enforcement by the DOJ and SEC under the Trump administration, indicating private litigation is becoming a primary recourse for investors.
Half of the 2025 lawsuits targeted token issuers, while others involved a mining company and "cryptocurrency-adjacent entities" like hardware manufacturers or firms with crypto partnerships. Law firm Burwick Law initiated three cases, including actions against meme coin platform Pump.fun (involving the PNUT token) and Metaplex, Solana's NFT infrastructure provider accused of improperly transferring 54,000 SOL tokens (~$7.3M). Other suits named Coinbase for alleged disclosure failures and MicroStrategy (now Strategy) over misleading statements about Bitcoin investments.
Overall securities filings remained steady at 114 cases in H1 2025, but crypto and AI litigation grew disproportionately. Legal experts warn companies to avoid exaggerated claims about blockchain or AI capabilities to prevent "washing" allegations.