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Crypto markets have witnessed numerous absurdities despite their short history. One of these recently came to an end. The fact that cryptocurrency is a new technology makes it highly vulnerable to legal challenges. While some governments make discriminatory decisions, we can also witness unjust rulings in seemingly ridiculous cases. However, the tide seems to be turning these days.
Ridiculous Crypto Lawsuits
The latest ridiculous crypto lawsuit was filed against the Uniswap team. The Southern District of New York Court in the United States announced its decision against the group claiming to be victims of UniSwap. This class-action lawsuit held UniSwap responsible for the fraudulent tokens on the exchange. As expected, the lawsuit filed against Uniswap Labs, its CEO, foundation, and venture capital supporters was dismissed.
The lawsuit was initiated by six individuals who purchased tokens from Uniswap between December 2020 and March 2022. These individuals claimed that Uniswap Labs was responsible for their losses on behalf of a “nationwide class of users.”
Uniswap Lawsuit Verdict
In the judge’s decision, it was stated that both parties were unaware of the identities of the fraudsters and that the plaintiffs filed the lawsuit against the defendants due to statements made on social media, rather than filing a lawsuit against the fraudsters who made illegal demands.
The court directed the victims to Congress due to regulatory uncertainty. In fact, in many crypto cases, judges have made similar statements, claiming that existing laws are not binding for cryptocurrencies.
“The Court declines to stretch federal securities laws to cover the alleged conduct and concludes that Plaintiffs’ concerns are better directed to Congress than to this Court.”
The judge also made more general comments. Regarding the plaintiffs’ claims about core and directing agreements, the judge said the following:
“It is illogical to hold a person who prepares the computer code underlying a particular software platform liable under Section 29(b) of the Exchange Act for the misuse of that platform by a third party.”
Since the lawsuit was definitively dismissed, it will not go back to the judge and has reached a clear conclusion.