In the first half of 2025, companies in the crypto industry faced a rising number of class action lawsuits, reflecting significant changes in enforcement and investors' responses to the market. This can have serious financial and reputational repercussions for the companies involved.
Lawsuits Against Bakkt: Allegations of Securities Law Violations
The American cryptocurrency exchange Bakkt is facing a class action lawsuit in which the plaintiffs claim the exchange made false or misleading statements and failed to disclose important information. Lead plaintiff Guy Serge A. Franklin is calling for a jury trial against Bakkt and its executives.
The plaintiffs allege that Bakkt violated US securities laws and failed to provide information about the losses from major clients such as Bank of America and Webull. The filed documents claim a 73% loss in revenue, significantly impacting the company’s income.
Multiple Lawsuits Against Coinbase
Cryptocurrency exchange Coinbase and some of its executives are facing multiple class action lawsuits across different states. In February, Coinbase shareholder Wenduo Guo filed a complaint, asserting that the exchange failed to disclose that customer assets could be considered part of the company's bankruptcy estate, making retail customers unsecured creditors.
Moreover, in May, lawsuits were filed related to violations of biometric privacy law, with plaintiffs claiming that Coinbase illegally collected biometric data for compliance purposes, violating the BIPA.
The situation worsened following a customer data breach, involving cybercriminals bribing support staff.
Unusual Cases: LIBRA, Pump.fun, and Nike
The LIBRA token project, backed by Argentine President Javier Milei, faces a class action lawsuit from disgruntled investors, alleging fraudulent launch practices.
Additionally, the memecoin platform Pump.fun is under legal scrutiny for allegedly operating a scheme resembling a rigged slot machine. Plaintiffs seek rescission of all transactions and compensation for damages.
Nike is also facing allegations of a "rug pull" after shutting down its NFT platform RTFKT, resulting in significant user losses.
The growing number of class action lawsuits against crypto firms highlights the importance of legal compliance and transparency in this sector. These cases may lead to prolonged legal battles with serious implications for the reputations and finances of the companies involved.
