According to the law firm press release, the case alleges that BitConnect held itself out as “the cryptocurrency revolution” purported to “[b]uild trust and reputation in [a] bitcoin and cryptocurrency ecosystem with [an o]pen-source platform.” BitConnect stated that “Investing on BitConnect platform . . . is a safe way to earn a high rate of return on your investment without having to undergo a significant amount of risk.” The case further alleges that BitConnect willfully and fraudulently failed to disclose material facts when offering the BitConnect investments, which caused its price to plummet drastically.

On April 18, 2018, this case was transferred to the Southern District of Florida.

On June 20, 2018, the Court issued an Order consolidating cases and appointing Co-Lead Plaintiffs and Counsel. This case was consolidated under Docket 18-CV-80086. Co-Lead Plaintiffs filed an amended Complaint on July 3. On October 11, Co-Lead Plaintiffs filed an amended consolidated Complaint.

On February 27, 2019, the Court issued Orders further consolidating cases. On August 23, the Court issued an Order granting one of the individual Defendants' Motions to Dismiss.

Co-Lead Plaintiffs filed a second amended consolidated Complaint on September 13, 2019. On November 15, the Court issued an Order dismissing the claims against two of the Individual Defendants.

Co-Lead Plaintiffs filed a third amended consolidated Complaint on December 5. On January 9, 2020, the Court issued an Order dismissing all but three of the remaining individual Defendants. On March 31, the Court issued an Order dismissing the third amended Complaint with prejudice. Co-Lead Plaintiffs filed a notice appealing the Court's Dismissal Order on April 30.

On June 8, 2022, the Court of Appeals affirmed in part and reversed in part the District Court's dismissal and remanded the case for further proceedings. Co-Lead Plaintiffs filed a fourth amended consolidated Complaint on August 18, 2022.

On November 22, 2022, Co-Lead Plaintiffs voluntarily dismissed the case.