Helbiz Coin Class Certification Denied; Case Continues as Individual Claims
On Wednesday, July 8, 2026, the United States District Court for the Southern District of New York denied class certification for purchasers of Helbiz Coin, significantly altering the course of the ongoing legal battle.
The court's decision hinges on the complexity of proving a domestic Racketeer Influenced and Corrupt Organizations Act (RICO) injury, which would necessitate an individualized examination of each class member's transaction history and coin storage.
The court found that determining where each of the 2,338 purchasers acquired their coins—across seventeen cryptocurrency exchanges, including thirteen based internationally—and how they stored them—in U.S. or foreign software wallets, or hardware wallets—would be an overwhelming task.
This is further complicated by the fact that 205.8 million coins remain held on four foreign exchanges, with their ownership status unknown. The named plaintiffs themselves purchased coins on foreign exchanges located in Lithuania, the United Kingdom, Panama, and St. Vincent.
Furthermore, the court rejected the plaintiffs' theory that the defendants' alleged obstruction prevented Securities and Exchange Commission (SEC) enforcement and the creation of a Fair Fund. This causation theory was predicated on Helbiz Coin being a security sold through fraudulent means.
The court determined that this claim constituted securities fraud, which is barred by the RICO Amendment, despite the plaintiffs' attempt to frame their claims under the strict liability provisions of the Securities Act Section 5, rather than Section 10(b) fraud.
The court also denied the plaintiffs' motion to strike the defendants' expert reports, deeming one such report speculative and lacking a reliable methodology.
The case will now proceed as an individual action brought by the four named plaintiffs.
Please contact BlockTribune for access to a copy of this filing.
