Blockchain and distributed ledger technology hold great promise for advancements in logistics and supply chain management, health care, finance, and many other aspects of business and personal life. Smart contracts are revolutionizing digital asset trading, decentralized finance, corporate governance, and even the practice of law. Cryptocurrency markets—though currently challenged by startling devaluations, bankruptcies, and regulation by enforcement—still attract substantial interest from traditional financial institutions and retail investors. However, litigators should be mindful of recurring malfeasance and resulting legal claims concerning cryptocurrency and other digital assets. Hackers and other bad actors have long focused on cryptocurrency markets, and continue to steal digital assets from trading platforms and the market participants who use them. However, telecommunication service providers, commercial retailers, banking institutions, and other entities have not been spared. Plaintiffs have filed several lawsuits claiming that the defendants acted negligently by failing to prevent unauthorized transactions and theft of digital assets.
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