Crypto Hack Lawsuits Rise as Theft Victims Try Untested Claims

Lawsuits against cryptocurrency exchanges, digital wallet providers, and mobile service companies following cyberattacks reached a new high in 2022, as hacking victims increasingly test unproven legal claims to recoup their crypto losses.

At least 50 individual lawsuits and proposed class actions have been brought since 2017 by victims—and occasionally companies—against entities they blame for failing to protect their crypto assets from hackers, a Bloomberg Law analysis of federal court dockets found. Fewer than 10 suits were being filed annually before the total jumped to 17 in 2021 and rose to 20 in 2022, the data show.

The cases against businesses like Apple Inc., Coinbase Inc., Gemini Trust Co. LLC, and AT&T Inc. claim losses ranging from as low as $4,600 to as high as $55 million—though roughly half allege crypto losses above $400,000.

Source: Crypto Hack Lawsuits Rise as Theft Victims Try Untested Claims