- Crypto investors are suffering significant losses, such as $3.7B in 2022
- It results in fraud and attacks around the blockchain, leading to a class-action lawsuit
- An investigation is now underway involving compensation for US investors
A class action lawsuit from US crypto investors who have suffered from fraud around crypto and lost their assets is under investigation.
They can join the lawsuit and expect compensation under certain conditions.
Details Regarding the Incidents and the Lawsuit
In 2022, more than $3.7Bin cryptocurrency was stolen from investors using various techniques.
These include:
- Investment scams
- Romance scams
- Job impersonators
- Celebrity impersonators
- Blackmail scams
It is a reminder that while the mechanisms underlying cryptocurrencies provide a high level of security, vulnerabilities can occur outside of the blockchain itself, throughout the infrastructure within which it operates, and human error can always be exploited.
Moreover, the encryption and decentralization mechanisms designed to ensure security can be used by attackers to their advantage, making the trail of their theft very difficult to trace.
Conditions for Participation In the Lawsuit:
- First, it is only available to investors from the United States
- Also, the loss must be at least $250,000 in the last 12 months
- You have lost funds to malicious acts of third parties, i.e., hacking, fraud, or theft
If you meet these criteria, you can join a class action investigation.
Conclusions
It is worth remembering that in any young industry that is not yet fully established and most people are still uneducated, some may want to exploit it.
It is also worth remembering that although the crypto industry was initially designed with security and sustainability in mind, people remain the most significant vulnerability of any system.
That’s why you should always be educated about technology, its developments, capabilities, and limitations. There always will be things you need to be responsible for and pay attention to.
