As of May 2024, the cryptocurrency market remains active and dynamic. Investors continue to face risks from cryptocurrency account hacking, SIM swap scams, and other forms of fraud. The cryptocurrency loss attorneys at Marin, Barrett, and Murphy Law Firm are actively reviewing and evaluating potential claims for investors who have suffered significant financial losses in digital assets. Whether your loss involves Bitcoin, Ethereum, or any other cryptocurrency or non-fungible token, our law firm may be able to help you recover your losses through litigation.

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As of May 2024, the cryptocurrency market remains active and dynamic. Investors continue to face risks from cryptocurrency account hacking, SIM swap scams, and other forms of fraud. The cryptocurrency loss attorneys at Marin, Barrett, and Murphy Law Firm are actively reviewing and evaluating potential claims for investors who have suffered significant financial losses in digital assets. Whether your loss involves Bitcoin, Ethereum, or any other cryptocurrency or non-fungible token, our law firm may be able to help you recover your losses through litigation.

These trends highlight the ongoing fluctuations and opportunities within the cryptocurrency market. If you have experienced significant losses in virtual currencies, it may be due to market manipulation or security breaches. Legal action, including potential class-action lawsuits, can be pursued to recover your crypto assets. Contact us to discuss your case and explore your legal options

If you have lost your investment in any virtual currencies including in the stablecoin market, it is possible that your losses are the result of manipulation or other security crime.  There may still be time to take legal action, including a potential class-action lawsuit, to recover your crypto assets.

Some individuals may have suffered losses due to cryptocurrency trading platform issues and problems.  Liability for those trading platform losses may fall on an individual cryptocurrency exchange such as Coinbase GDAX, Coinbase Pro, Kraken, Poloniex, Gemini, Binance, Binance.us, Binance US, Cash App, eToro, Crypto.com, Voyager, Robinhood.  Some claims against these platforms include allegations that the platform froze their cryptocurrency accounts leading to severe financial losses.  Other claims including allegations that individual an crytpo trading platform may have failed to adequately protect their accounts from hacking and theft.

Other substantial losses have resulted from the stablecoin market collapse due to the implosion of TerraUSD, the algorithmic stablecoin linked to Luna.  The Terra USD coin’s $40 billion crash created a panic that spread to the rest of the stablecoin market.  The TerraUSD is now under investigation by the New York Attorney General Letiticia James who alleged that “Tether’s claims that its virtual currency was fully backed by U.S. dollars at all times was a lie.  These companies obscured the true risk investors faced.”  If you lost your investment in the TerraUSD implosion or the collapse of algorithmic stable coins, contact the cryptocurrency loss attorneys at the Marin, Barrett, and Murphy Law Firm for a no obligation case evaluation. We are available 24/7 at (888) 348-2735 to take your call, provide legal counsel, and fight for you.

Types of Cryptocurrency Claims We Are Reviewing

  • FINRA broker investment losses;
  • Trading platform disputes including disable accounts, frozen accounts, locked or lockouts, customer service disputes;
  • Flash crash losses;
  • Alt-coin and ICO issuance fraud;
  • Cryptocurrency theft liability and recovery;
  • Phishing and hacking losses;
  • SIM card swap hack losses;
  • Losses due to technical errors, bugs, or malfunctions

Did You Lose Your Cryptocurrency in a SIM Card Swap Hack?

In a few high profile cases, crypto investors suffered significant financial losses after their cell phone company allowed a hacker unauthorized access to their account. Allegedly, cell phone company’s gross negligence in allowing the hacker to repeatedly infiltrate their security systems resulted in the loss of $8.7 million in cryptocurrency.

Prior to these high profile cases, the Federal Trade Commission warned about the potential for fraud at cellular carriers, referred to as a SIM Card Swap Hack or SIM Swap Scam. Hackers, use several strategies to overcome the cellular provider’s two-factor authentication security measures obtaining a new data-rich SIM card with all of the customer’s information.

The information is transferred by the cellular company to a device controlled by the hacker who then uses it to gain access to their personal and financial accounts. The outcome is generally a total loss of digital investments which are quickly transferred to the hacker’s account. Our investment loss attorneys can help you hold your cellular company accountable for failing to take additional measures to protect their customers from fraud.

Types of Cryptocurrency Fraud

Cryptocurrency losses can come in many forms, including:

Scam Initial Coin Offerings
The first offering of a particular cryptocurrency for sale, called an Initial Coin Offering or ICO, can be a means of preying on the unsophisticated. These ICO’s skirt the US securities laws and the Securities and Exchange Commission and can result in the defrauding and loss of millions of dollars from crypto investors. Many ICOs are completely fabricated, with phony bios of nonexistent team members and technical whitepapers copied from other, legitimate cryptocurrencies.

Pump and Dump Schemes
Crypto can provide a new variation of the classic pump and dump scheme, where owners of a stock try to drive the price up before selling off their holdings at an artificial peak. In the crypto world, this is common at the ICO stage, or even beyond, whenever false claims can hype up demand and permit the originators or dominant holders of the cryptocurrency to earn massive phony profits.  Once again, these bad actors are able to skirt the traditional financial services laws and regulation from the Securities and Exchange Commission in perpetration of their crimes.

Market Manipulation
Fraudsters can attempt to manipulate the markets where cryptocurrencies or related derivative products are traded. Improper market manipulation may include spoofing, front-running, churning, and other schemes.

Ponzi Schemes
Crypto investments can also be used as the vehicle for a traditional Ponzi scheme, where new adopters are necessary to give artificial returns to the early adopters. Purported investments in emerging crypto markets can also serve as the supposed goal for Ponzi schemes. Given that crypto is widely misunderstood, it can be the perfect cover for a bogus scheme.

Broker Dealer Fraud
The SEC has examined exchanges and funds investing in cryptocurrencies, which may, depending on the circumstances, require financial institutions to register as broker-dealer or crypto exchange.

Unscrupulous Promotors
The SEC famously fined Floyd Mayweather and DJ Khaled for failing to disclose payments they received for promoting investments in Initial Coin Offerings (ICOs).

Cryptocurrency Loss Litigation Attorney, 2024 Update

Cryptocurrency litigation can be brought in the form of a class action or an individual digital token lawsuit.  If your account has been hacked or you have suffered losses due to an unauthorized SIM swap, contact the Marin, Barrett, and Murphy Law Firm law firm for legal advice and legal representation and a no obligation case evaluation today at (888) 348-2735.  We represent most cryptocurrency users on a pure contingency fee basis.  This means that unless our clients recover some or all of their cryptocurrency losses, we do not get paid a fee for our services.

FAQ Section: Cryptocurrency Lawsuits

1. What is a cryptocurrency lawsuit? A cryptocurrency lawsuit involves legal action taken due to fraud, hacking, or disputes related to digital assets. Cases can be filed against exchanges, ICO promoters, or individuals. Legal actions may cover misrepresentation, breach of contract, security failures, and unauthorized access.

2. Who can file a cryptocurrency lawsuit? Any party that has suffered financial loss or fraud involving digital assets can file a lawsuit or commence an arbitration proceeding. This includes individuals, investors, and businesses affected by fraudulent activities, security breaches, or breaches of contract.

3. What types of cryptocurrency fraud exist? Fraud types include Ponzi schemes, phishing attacks, misrepresentation during Initial Coin Offerings (ICOs), exit scams, and exchange hacking incidents. Each type has unique characteristics and legal implications.

4. How do I know if I have a valid case? Consult with a cryptocurrency lawyer to review the specifics of your situation. A lawyer can help determine if there is sufficient evidence of fraud, misrepresentation, or negligence to build a strong case.

5. What evidence is needed for a cryptocurrency lawsuit? Evidence may include transaction records, blockchain analysis, communications with the accused party, expert testimonies, and any documentation related to the digital asset transactions in question.

6. Can I sue a cryptocurrency exchange? Yes, if the exchange is responsible for negligence, breach of contract, or security failures leading to your loss. Legal claims may involve inadequate security measures, failure to prevent hacks, or mishandling of funds.  Under some circumstances, these may need to be brought as an arbitration proceeding instead of a civil lawsuit.

7. How long do cryptocurrency lawsuits take? The duration varies based on case complexity, jurisdiction, and court schedules. It typically takes several months to years, from filing to resolution. Preliminary stages, such as discovery, can be lengthy.

8. What compensation can I expect? Compensation can include financial restitution for losses, recovery of stolen digital assets, and sometimes punitive damages. The amount depends on the extent of the loss and the specifics of the case.

9. Are there any legal precedents for cryptocurrency lawsuits? Yes, several cases have set precedents, including rulings on exchange liability, ICO fraud, and investor protections. These cases provide a legal framework for future lawsuits and influence judicial decisions.

10. How much does it cost to hire a cryptocurrency lawyer? Costs vary; many lawyers offer contingency fee arrangements, meaning they get paid only if you win the case. Hourly rates and flat fees are also common, depending on the lawyer and the case’s complexity.

11. How do I get started with a cryptocurrency lawsuit? Contact a specialized cryptocurrency lawyer to discuss your case. Provide all relevant information and documentation to help the lawyer assess the situation and outline potential legal strategies.

12. What are the risks involved in filing a cryptocurrency lawsuit? Risks include legal fees, time investment, and the uncertainty of the case outcome. Additionally, there may be challenges in enforcing judgments, especially if the defendant is in a different jurisdiction.