The logo of Liti Capital. ©Liti Capital

Asian Tech Press (Aug 23) -- The Swiss litigation finance firm Liti Capital SA will fund a case against Binance, the world's biggest cryptocurrency trading platform, Business Wire reported last Thursday.

On May 19, 2021, Bitcoin and other cryptocurrencies plummeted and Binance's platform went down. As a result, at least 700 people's trading accounts were effectively untradeable for hours, leading to losses for traders that could exceed $100 million.

There have been attempts by many of the affected traders to resolve the issue with Binance, without pursuing legal claims, but so far they failed.

Previously, Ms. Aija Lejniece, a French arbitration attorney, and several of the traders who suffered losses formed a steering committee which provides guidance and information on the claims process against Binance.

The Steering Committee has arranged for Liti Capital to provide funding to enable individual traders who have suffered losses to handle the claims process.

With Liti Capital's funds, affected individuals are able to pursue claims, including, if necessary, in arbitration, for compensation against Binance. The US-based law firm White & Case LLP has been retained to represent the affected individuals in the claims process.

The Steering Committee includes Ms. Lejniece, Mr. David Kay of Liti Capital, and three affected traders.