As if to prove my point, on January 24, 2018, plaintiffs filed yet another cytptocurrency-related lawsuit in the Southern District of Florida. The complaint, which can be found here, was filed on behalf of a class of persons who invested in cryptocurrencies with BitConnnect, a U.K. company that promised traders outsized-returns of up to 40% per month and minimum 1% gains on a daily basis. The company and its affiliates relied on a Ponzi-like scheme to recruit additional investors and to pump promised returns. At its peak, the company had a market cap of over $2 billion. However, when the company shut down operations on January 17, 2018, investors experienced a decline of over 90% in their holdings.
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