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What To Do If You Lost Money To BitConnect

Feb 14, 2023
Shamis & Gentile, P.A.
What To Do If You Lost Money To BitConnect

Crytpo scams are on the rise as more people start to buy Bitcoin and other currencies in the hopes of creating lucrative investments. Naturally, criminals have targeted these investors, as they stand to make considerable sums from the unwary. If you have fallen for one of these scams, such as the recent BitConnect case, you can take action. Once you have realized you have fallen victim to this scam, you can immediately take action to minimize the damage. Here is what you need to know about this particular scam and others like it. 

BitConnect Class Action Lawsuit

After some deliberation and argument, a U.S. appeals court has ruled that victims of BitConnect may bring a class action lawsuit against the promoters of the scam. The possibility of the lawsuit was previously ruled out when a Florida court decided that the defendants were not liable for securities fraud because they had targeted victims through online mass communication platforms. The appeals court has ruled differently, saying that the promoters had still violated securities laws, regardless of the platform they used. 

What To Do If You Were a Victim

If you were a victim of this scam, you can approach a BitConnect class action lawyer and file your suit. Before you do so, you should take the following steps.

Find your transaction ID

Since BitCoin transactions take place on a blockchain, each and every movement of funds from one payer to recipient is recorded and has a unique transaction ID. Before building your case, first, locate the transaction IDs marking any transfers of funds that you made to the BitConnect scammers. These will allow your lawyer and the court to trace your money and see exactly where all your cryptocurrency went.

You can source your transaction IDs by locating the address you sent your Bitcoin to. Paste this address into the search bar of any open-source blockchain explorer, which will then display all incoming and outgoing transactions to and from that address. Go through the list and look for the date, time and amount corresponding to your transactions. When you find a match, you can identify your ID by locating the hash associated with the transaction.

Prepare to prove your ownership/loss of income

Law enforcement and the courts will require you to prove your ownership of the original source of the funds. Ensure that you still have access to all the accounts from which you sent funds to the scammers. You can do this by signing a specified message with your private key or sending a micro transaction to a designated crypto address.

Contact an attorney

Once you have your transaction IDs and are prepared to prove ownership, contact an attorney who can help you build your case and add you to the ongoing class action against BitConnect.

Hire Our Team If You’re Entitled to Compensation

Shamis & Gentile, P.A. provides outstanding legal services in Florida and New York. We distinguish ourselves because of our experience and resources, which we combine to handle any kind of case involving personal injury, personal injury protection, and class actions/mass tort, among others. We are accepting qualified clients to bring claims against the BitConnect Ponzi scheme. If you have lost money to these scammers, contact us and book a consultation with a BitConnect lawyer.

Submit a Class Action Claim

Submit a class action claim today; there are no associated fees or expenses unless we manage to win the case on your behalf.