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Legal Help for Crypto Fraud and SIM Swap Scams

What To Do if You’re the Victim of a Cryptocurrency Fraud or Scam

There is a prevalence of fraud in the growing cryptocurrency world. Investors should be careful in their transactions and communications. If your account is breached or your investment turns out to be fraudulent, you need to contact lawyers that know this evolving field.

As a former Financial Regulator for the State of Illinois, attorney Jordan Matyas works with a variety of financial institutions and clients. Jordan has specific expertise in achieving quick resolution in customer service disputes between customers and exchanges and trading platforms.

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Learn More About Cryptocurrency Scams

Cryptocurrencies Like Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), Cardano (ADA) and others have become very popular for investors and consumers.

These new crypto consumers caught the attention of hackers and thieves. How can they steal your money? Here are some of the most popular scams:

SIM Swaps

This theft occurs when thieves obtain access to a consumer’s phone and then reset a user’s password and gain access to trading accounts like Coinbase and steal your money. These thieves often change your email passwords and take other steps to prevent you from receiving Two-Factor Authentication (2FA) alerts.

ICO Initial Coin Offering (ICO) Scams

Criminals will create fake companies and profiles to sell coins for phony companies. In other cases, the thieves will sell coins to a real company, and then take action to devalue the investment.

Fake Cryptocurrencies and Fake Websites

Countless crypto assets get created every day, but sometimes the cryptocurrency itself is completely fake. Thieves will create a website and other material that look legitimate but is actually all smoke and mirrors.

Crypto Mining Scams

The investments or jobs will sound like life-changing opportunities. However, they only begin once you start paying fees and give them access to your bank account.

Red Flags you should always avoid:

  • Promises of love and free crypto
  • “Guarantees” of big paydays
  • Scammers impersonating well-known companies

Even consumers that are very vigilant can become the target of criminals. If you were the victim of a scam, contact 1818 today and we will help determine if there is a way to recover any lost or stolen money.

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Frequently Asked Questions

Is cryptocurrency fake money?

Cryptocurrency is any form of currency that exists digitally and uses cryptography to secure transactions. Webster defines money as “something generally accepted as a medium of exchange, a measure of value, or a means of payment.” Bitcoin and other currencies can be used as a means of payment and can be exchanged, so while it is new, it’s not fake.

What are some crypto scams?

  1. Romance cryptocurrency scams – by playing with people’s emotions, thieves create trust which allows them to abuse the victim.
  2. Fake Coins, Fake Platforms and Fake Apps – What is real on the internet is becoming harder to identify. Fake apps, platforms and coins are designed to deceive potential victims, so they will look and react like the real version.
  3. Pump-and-dumps – Wrongdoers will use social media to create rumors about a coin’s future value. The goal is to drive up the price and then these individuals sell their coins for a profit before the retail investors, with the price tanking when they sell.

What is a crypto SIM-swap scam?

SIM-swap thieves get access to a user’s phone through their wireless carrier. Sometimes they will have the actual phone, but more commonly they can get access remotely. Using this phone access, they can sometimes reset the user’s password on a cryptocurrency exchange and then steal the assets. Once a hacker takes over your phone, they can change your email password and prevent you from receiving 2FA alerts.

What is a crypto SIM-swap scam?

New coins are constantly being minted, and when new coins hit the market, it’s known as an initial coin offering (ICO). ICOs have become a prime opportunity for scams. When you see ads like “once-in-a-lifetime opportunity” or “guaranteed 1,000% returns” you should stop and do more research.

What do I do if someone steals my cryptocurrency?

  1. Contact the authorities – they will log the crime.
  2. Change your login details – if you can login, change your password and enable two-factor authentication, preferably in a means not using text message verification.
  3. Notify the exchange of the theft.
  4. Contact a qualified lawyer who understands the cryptocurrency space.

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