Crypto Class Action Suits Are Piling Up

While crypto adoption is spreading across the globe, companies operating in the industry have increasingly become the target of class-action lawsuits.

According to a recent report from economic and financial consulting firm Cornerstone, the number of class-action lawsuits opened against crypto firms in the first half of 2025 has nearly matched last year’s total.

Investors are still holding crypto firms accountable despite the 180-degree turn in enforcement attitudes from US financial regulators such as the Securities and Exchange Commission under the administration of President Donald Trump.

Cornerstone’s findings just represent securities-related class-action suits. Crypto firms are also facing class actions related to consumer protection and fraud. Some of these firms have even touched high-level politicians like the president of Argentina. 

Here are six major crypto cases that made headlines in the first half of 2025.

Bakkt accused of violating securities law

American cryptocurrency exchange Bakkt, which is headquartered in Georgia and New York, is facing a class-action lawsuit in which the plaintiffs claim the exchange made false or misleading statements and failed to disclose certain information.

Filed on April 2, lead plaintiff Guy Serge A. Franklin called for a jury trial for Bakkt, senior adviser and former CEO Gavin Michael, CEO and president Andrew Main and interim chief financial officer Karen Alexander.

The plaintiffs allege that Bakkt violated US securities laws and lacked transparency around the loss of Bank of America and Webull as clients. 

The filing claimed there would be a “73% loss in top-line revenue,” as Webull made up 74% of Bakkt’s crypto services revenue from 2023 and 2024, and Bank of America made up 17% of its loyalty services revenue from January to September 2024.

Bakkt “misrepresented the stability and/or diversity of its crypto services revenue,” per the complaint. 

Coinbase faces class action on multiple fronts

Major American crypto exchange Coinbase and some of its executives are facing several class actions in multiple states. 

In February, Coinbase shareholder Wenduo Guo filed a complaint in a federal court in New Jersey, accusing the exchange of failing to disclose that customer assets can be considered part of Coinbase’s bankruptcy estate, which makes retail customers unsecured creditors.

The complaint noted the slew of exchange collapses…