Crypto Industry Sees Surge in Lawsuits as Investor Losses Pile Up - WSJ

Kenneth Donovan, 27 years old and a plaintiff who began investing in cryptocurrency in 2019, said he bought $335,000 worth of GYEN last year after reading its white paper and learning the New York Department of Financial Services had authorized GMO-Z.com to issue stablecoins in the state. In a matter of hours, he said, his investment plummeted to $3,000, wiping out nearly his entire life savings.

Not an investment.