Understanding the Future of Cryptocurrency Law with Trial Lawyer Tibor Nagy

Approximately 16 percent of Americans currently use cryptocurrencies, according to Money-zine, and this number is only expected to continue increasing. As society navigates this brave new world of cryptocurrency, many are wary of legal nuances regarding the phenomenon.

With this influx of new crypto users, there is also a new wave of lawyers that are tackling the many novel legal issues that the growth of cryptocurrency has created. Tibor Nagy is one of these trial lawyers that is facing these new technologies, and their related legal challenges, head-on. As a founding partner at boutique law firm Dontzin Nagy LLP, — which he co-founded in 2012 — Nagy is a highly respected trial lawyer who is passionate about winning high-stakes, challenging lawsuits.

Whether representing a plaintiff or defendant, and whether they be from a Fortune 500 company, hedge fund, small business or even be a lawyer themself, Nagy has experienced every type of litigation out there. His multifaceted experience is evident in every case he wins in the courtroom, and he does not limit his work to just a singular type of client.

For many lawyers, their main objective is to maximize “billable hours” and increase their own profit. However, Nagy instead focuses on winning the case for the client. His fee structure reflects this: Nagy is a leader in alternative fees, basing the majority of his compensation on success, rather than hours. While many lawyers utilize alternative fees for plaintiffs, Nagy does so for his clients on both the plaintiff and also the defense side.

Nagy’s success is also proven in many high-profile wins for major clients such as ConsenSys, J.P. Morgan, and William Penn Life Insurance Company. “We hired Tibor the week before trial started in a bet-the-company case,” said Bryan Newcombe, General Counsel of William Penn Life Insurance Company.  “Opposing counsel had been on the case for 5 years, but by the time trial started, it was clear that nobody knew the facts better—or spoke more convincingly to the judge and jury—than Tibor.  The jury deliberated for less than an hour and came back unanimously in our favor.” 

As Web3 concepts are on the rise, Nagy is very hopeful about them, understanding that  there are lots of industry-shaping cases coming in the future regarding ideas such as cryptocurrency. Matt Corva, General Counsel at blockchain software technology company ConsenSys, gave a highly regarded statement about Nagy. “With litigation on the rise in our industry, we are lucky to have Tibor Nagy as trusted counsel and friend of ConsenSys. If you think of the best solidity developer – that’s how we view Tibor to his field,” said Corva. “In the face of rising litigation against companies in our industry, I’d strongly recommend Tibor.”

Nagy recently filed a class action suit against Binance, and is going forward with mass arbitrations against other exchanges, like Coinbase.  Nagy is seeking to help purchasers of UST and LUNA recover their losses, which he believes were caused by unlawful conduct by the exchanges.

Nagy was named to Benchmark Litigation’s “Under 40 Hot List” recently, and he was named an “Elite Boutique Trailblazer” by the National Law Journal. To learn more about Tibor Nagy and his boutique law firm, please visit their site here.