The volume of investor-driven class-action lawsuits in the U.S. tied to cryptocurrency and artificial intelligence has surged, nearly matching the total number filed in all of 2024 during the first half of 2025 alone.

According to a report released Wednesday by Cornerstone Research, AI and cryptocurrency dominated complaint categories in the first six months of 2025, with 12 AI-related and six crypto-related filings. Both figures significantly surpass the totals seen in any single year for these categories prior to 2025, and are approaching the cumulative numbers from 2024.

Crypto class actions near 2024 total

Cornerstone Research reported seven crypto-related class actions across the entirety of 2024. The six filed in the first half of this year signify a sharp increase, poised to eclipse last year’s total.

Filing targets among the crypto cases included two issuers, one miner, and two entities referred to as “cryptocurrency-adjacent companies,” such as vendors of mining equipment or firms partnering with crypto entities.

Max Burwick, founder of Burwick Law—one of the top firms involved—stated, “Civil actions, especially those related to crypto, often provide a vital path to accountability when other remedies have yet to catch up.” Burwick’s firm led five of the six crypto cases examined. The remaining filings were handled by Pomerantz LLP (one case) and Glancy Prongay & Murray (one case).

AirAI litigation followed a similar trajectory; the 12 filings in the opening months of 2025 are nearly catching up to the 15 filed in 2024.

Joseph Grundfest, a Stanford law professor and former SEC Commissioner, attributed the litigation surge to companies overstating their AI capabilities—a phenomenon termed “AI washing.” This misleading publicity often prompts civil action when operational reality fails to meet investor expectations, leading to financial losses.