The Massachusetts Appeals Court Confirms Santander Bank Not Liable for Customer's $750,000 Cryptocurrency Fraud Loss

In an unpublished ruling, the Massachusetts Appeals Court confirmed that the lawsuit filed by plaintiff Lourenco Garcia against Santander Bank has been dismissed. The plaintiff sought to hold Santander Bank responsible for losses over $750,000 incurred in a cryptocurrency scam associated with a fraudulent crypto platform named Coinegg.

The Massachusetts Appeals Court determined that although Santander Bank has the ability to refuse or halt transactions, it was not under any obligation to do so. Additionally, the plaintiff authorized each transaction individually and found no breach of any contract terms or legal obligations by the bank.