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Blockchain, Cryptocurrency and Non-fungible Token Litigation Primer: A Tort Class Action | McGuireWoods LLP

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A Feb. 28, 2022, McGuireWoods alert discussing a recent case concerning non-fungible tokens (NFTs) and breach-of-contract claims suggested that future litigation over digital assets — especially as it relates to tort claims under deceptive trade practices — was likely on the horizon. Less than a week later, that prediction came true.

Cryptocurrency (crypto) is a digital currency without a physical form. It is generally decentralized and not issued by a government or a bank. Crypto is a tradable digital asset built on blockchain technology online. Since 2009, when bitcoin was initially released and introduced, over 1,000 cryptocurrencies have been developed and released. More than 380 crypto exchanges currently exist online as well.

Information Security and Uphold HQ

Uphold HQ Inc. brands itself as a multi-asset digital money platform offering financial services. It serves over 184 countries across more than 80 traditional and crypto currencies. Its website also details Uphold’s “state-of-the-art security” and asserts that “[w]e obsess about”…

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