XSQ v LLD

In the Small Claims Tribunals, the claimant sought $14,328.00 in damages from the respondent over the purchase of the cryptocurrency TerraUSD, which had lost nearly all its value during the 2022 "crypto winter," alleging the respondent's website misled her into believing the investment was relatively safe; the respondent denied ever selling her TerraUSD. The Assistant Registrar held that the Small Claims Tribunals lacked jurisdiction, finding that cryptocurrency did not fall within the definition of "goods" under section 61(1) of the Sale of Goods Act 1979, that no contract for services arose since the claimant had not paid the respondent to perform work, and that the transaction instead resembled a deposit giving rise to a thing in action. The claim was accordingly discontinued pursuant to section 17(3) of the Small Claims Tribunals Act 1984, with no decision made on the merits.