James Lundy Explores Legal Hurdles Following Cryptocurrency Hack

Foley & Lardner LLP partner James Lundy was quoted in Bloomberg Law’s article, “Binance Hack Raises Prospects of Legal or Regulatory Actions,” examining legal and regulatory consequences arising from the Binance.com cryptocurrency platform hack.

Lundy noted the jurisdictional challenges, stating, “The US entity was not impacted in any way. This was the international entity,” which could create hurdles for claims involving allegedly harmed U.S. individuals.

Turning to potential class actions, he highlighted damages as a key factor in whether private plaintiffs pursue claims. “With apparently 95 to 98% of the tokens replenished, the value proposition for plaintiffs — and the plaintiff’s bar supporting it — to pursue large class actions is also relatively remote,” Lundy added.

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