According to the Complaint, Dfinity USA Research, LLC on May 10, 2021, “launched” the “Internet Computer” network and simultaneously listed ICP tokens for sale to the public (including U.S. investors) through Coinbase, a California-based crypto-asset exchange, and other exchanges. Defendants have sold billions of dollars in ICP tokens to retail investors since that date.

The Complaint alleges that within the Class Period, Defendants promoted, offered, and sold throughout the United States unregistered securities called “ICP tokens,” and engaged in insider trading of such securities, in violation of federal law. The Complaint further alleges that Defendants did not register ICP as a security with the Securities Exchange Commission (“SEC”); did not qualify for an exemption from the registration requirements; materially defrauded investors in connection with the promotion, offering, and sale of ICP; and have transacted in ICP in the Class Period while in possession of material, non-public information.

On December 20, 2021, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an Amended Complaint on February 3, 2022.

On May 8, 2023, the Court issued an Order dismissing the previously appointed Lead Counsel. On December 15, the Court issued an Order appointing new Lead Counsel.

Lead Counsel filed a second Amended Complaint on January 29, 2024. Defendants filed a Motion to Dismiss the second Amended Complaint on March 29.

On March 25, 2025, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiffs were given leave to amend the Complaint. The Plaintiffs elected not to amend the Complaint, and on April 9, the Court entered Judgment against the Plaintiffs.

Lead Plaintiff filed a Notice appealing the Court's Judgment on May 7, 2025.