The number of investor-driven class-action lawsuits in the United States involving cryptocurrency and artificial intelligence is rapidly approaching the total filings recorded in all of 2024.
According to a recent report by Cornerstone Research, the first half of 2025 saw AI and crypto as leading subjects in securities class-action complaints. Specifically, there were 12 filings related to AI and 6 related to crypto, both nearing the full-year count from the previous year.
This surge comes despite the total number of securities class actions filed for shareholder losses remaining steady, with 114 lawsuits in the first half of 2025 compared to 115 in the latter half of 2024.
The data indicates that investors continue to pursue legal action against crypto firms, even as U.S. regulatory authorities like the Justice Department and the Securities and Exchange Commission have eased crypto-related enforcement under the current administration.
Crypto Class Actions Approaching 2024 Levels
In 2024, there were seven crypto-linked class-action lawsuits filed, and with six already lodged in 2025, the pace signals a potential doubling of last year’s total by year-end. Half of these new lawsuits targeted crypto issuers, while others named crypto miners and companies adjacent to cryptocurrency operations, such as those selling mining equipment or collaborating with crypto businesses.
Notably, the law firm Burwick Law filed half of the crypto-related complaints this year, including significant cases against Pump.fun and the controversial LIBRA memecoin.
Max Burwick, founder of Burwick Law, emphasized that civil litigation often serves as an essential route to accountability, particularly in the evolving cryptocurrency space where other remedies may lag.
Other filings came from firms such as Pomerantz LLP and Glancy Prongay & Murray, showcasing continued legal scrutiny within the sector.
The Rise of “AI-Washing” as a Litigation Driver
The report also highlights a significant rise in AI-related securities lawsuits. With 12 cases filed in the first half of 2025, these almost match the 15 filed throughout 2024.
Joseph Grundfest, a Stanford law professor and former SEC Commissioner, pointed to “AI washing”—where companies exaggerate or misrepresent their AI capabilities—as a central reason behind this increase. Such practices can lead to investor losses once the truth emerges, prompting legal actions.
Grundfest succinctly stated that this phenomenon explains the surge in AI-related securities litigation.
