MAY 12th, 2023 UPDATE - We are NO LONGER ACCEPTING CLAIMS for individuals who have fallen victim to a SCAM. This includes, but is not limited to: ponzi schemes, trading scams, scams requiring payment of taxes or additional deposits, pig butchering scams, fraudulent investment broker or any other fraudulent scheme.
Free Cryptocurrency Hacking and SIM Swap Case Evaluation
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The recent cryptocurrency crash of 2022 has left many investors in crypto, digital currencies and digital assets with extremely large financial losses as the result of cryptocurrency account hacking and SIM swap scams. The cryptocurrency loss attorneys at Marin and Barrett, Inc. are reviewing and evaluating potential claims for crypto investors who purchased these blockchain technology digital assets and suffered losses in the crypto market, with some losses reaching into millions of dollars. Whether your loss was in Bitcoin, Ethereum, TerraUSD or any other coin or non-fungible token, our law firm may be able to help you recover your losses or hold those responsible accountable through cryptocurrency litigation.
Devastating Cryptocurrency Losses
As of June 14th, 2022, the cryptocurrency markets have sustained losses of more than $1 trillion dollars and Bitcoin has fallen more than 55% year to date. Last weekend alone, Bitcoin and cryptocurrency losses topped $200 billion. 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 Marin and Barrett, Inc. 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.
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.
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.
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, 2022 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 and Barrett, Inc. 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.