Got rugged? Unfortunately, being scammed by a dodgy crypto project isn't nightmarish enough; the legal battle to recover funds (if at all) is an odyssey in and of itself. (Via CointelegraphZN)
. Corbett explains that such claims fall under securities law, being civil claims as opposed to those brought by the likes of the SEC classifying projects like Ripple as securities., which are often “not registered anywhere and don’t have any kind of legal personality, and individuals are just working on their behalf.
If the state isn’t going to fund it and you can’t afford to drop seven figures on the uncertain outcome of a court case, what can you do? When there are a large number of potential claimants, class-action lawsuits can pool them together into a single case. These are often undertaken by law firms as entrepreneurial undertakings, where the law firm does not charge claimants, who instead agree to give the firm a share of any settlement or winnings.
Determining the jurisdiction in which a case can be tried can also be a huge challenge in itself. In his own litigation funding research, Tilley has come across a perplexing trend of crypto-mystery. “We’ve looked at some crypto cases where just nailing down the jurisdiction is a nightmare — they’ll have multiple entities domiciled in multiple countries,” he recalls. Crypto law is not an easy industry to crack.
It is also important to have legal teams, consultants and experts with a proven track record in the subject matter.
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