A recent case marks a significant milestone in investor protection in the crypto space, with Calder & Wren LLP initiating litigation against Changelly.
Incident of Frozen Funds
In late 2024, a Changelly client initiated a conversion of $1 million USDT (ERC-20) into BTC. Despite the transaction being executed correctly and confirmed on the blockchain, the funds were never delivered. Over a six-month span, the client made multiple efforts to resolve the issue by reaching out to customer support, submitting KYC documents, and providing evidence.
Beginning of Legal Actions Against Changelly
After months of no meaningful response from Changelly, the client reached out to Calder & Wren law firm. The team conducted a technical audit of transaction data and examined the operating structure of the platform, uncovering its legal presence in Europe and the USA.
Resolution and Conclusion
Following the filing of a legal notice, Changelly refunded the frozen $1 million USDT within 72 hours. The platform acknowledged the dispute without admitting liability and closed the case. Beverly Carter, a partner at Calder & Wren, noted the significance of the case for legal accountability in the digital asset market.
This case serves as an important example of legal accountability in the cryptocurrency space, highlighting the need for transparency and responsibility among operating platforms.
