After the monumental collapse of the Terra USD "algorithmic stablecoin," investors wanted to understand the legal obligations and liabilities of players in the cryptocurrency market. Many investors who held their savings with companies like Stablegains, Alice, and Kash.io, had their investments wiped out without even realizing Terra USD was in their portfolios.
Matt Levin of Marketplace interviewed EKO's Kevin Osborne for a story that aired June 9th about the toll on investors who unwittingly put their money in Terra USD. You can read the full piece at:
EKO has partnered with Millberg in a case against the cryptocurrency exchange Coinbase for its role in promoting Terra USD and misleading investors about its stability. EKO previously filed other cases involving liability for cryptocurrency losses, including a case against Coinbase and the Japanese internet conglomerate GMO Trust for the de-pegging of the yen-backed stablecoin GYEN. You can find details of the case here.
There are many unsettled questions about the legal landscape of cryptocurrency. Nevertheless, the law holds companies that issue, promote, and transact digital assets accountable when they mislead investors. EKO represents investors harmed by financial fraud. If you have information about these cases or questions about other instances of fraud or financial abuse, contact EKO.