There are thousands of cryptocurrencies currently on the market, but only a small portion have made waves with investors. These digital investments range in value from fragments of a dollar to tens of thousands in the case of Bitcoin. It is important to note that the crypto market can fluctuate dramatically. Bitcoin, for example, lost nearly half of its value after peaking at over $60,000 in Spring 2021.
For many investors, cryptocurrency and digital investments are extremely speculative. Crypto exchanges have also been plagued by Ponzi schemes, deception, and other fraudulent activities. There is litigation occurring throughout the country alleging that investors were defrauded by companies claiming to be a safe platform for cryptocurrency transactions, only to result in millions of dollars in losses for victims.
Some of the most popular types of cryptocurrency include:
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether (USDT)
- Stellar (XLM)
- Binance Coin (BNB)
- Cardano (ADA)
- XRP (XRP)
- Dogecoin (DOGE)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Chainlink (LINK)
- Polkadot (DOT)
- Monero (XMR)
- USD Coin (USDC)
CRYPTOCURRENCY SIM CARD SWAP HACK
In a recent case, a T-Mobile customer suffered significant losses after the company allowed a hacker unauthorized access to their account multiple times. The company’s gross negligence in allowing the hacker to repeatedly infiltrate their security systems resulted in the loss of $8.7 million in cryptocurrency.
A year prior to the customer’s cryptocurrency losses, the Federal Trade Commission (FTC) had warned about the potential for fraud at cellular carriers, referred to as a SIM Card Swap Hack or SIM Swap Scam. Hackers, as in the T-Mobile case, 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. Cellular companies who have taken no additional measures to protect their customers from fraud, must be held accountable.
If you have lost crypto assets because of a cellular company’s security breach, negligence, or other wrongdoing, or another cryptocurrency fraud scheme, call now at (855) 862-2306 or email contact@levinlawpa.com for a free case consultation.
ABOUT LEVIN LAW
Levin Law is a premier national securities and class action law firm with significant experience. Brian Levin, Levin Law’s founding attorney, has helped recover approximately $100,000,000 through securities arbitration and litigation for individual and institutional investors throughout the country and the world.
Levin Law represents retirees, individual investors, high-net-worth investors, ultra-high-net-worth investors, institutions, family offices, trusts, publicly held companies, and others.
