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Publicly Traded Cryptocurrency Exchange Stole my funds. What are my options? Finance, Investments

Discussion in 'Banking, Finance, Investments' started by Alex M, Aug 21, 2022.

  1. Alex M

    Alex M Law Topic Starter New Member

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    Jurisdiction:
    California
    A cryptocurrency exchange that I use was recently having a promotion where they were promoting staking ETH to ETH 2.0. I saw an ad on their mobile app that was offering a 10% staking bonus up to $500 if I agreed to stake my ETH into ETH 2.0. I figured that this was a pretty good deal and so I invested the max that the program offered and converted my $500 from ETH into ETH 2.0.

    I have yet to receive any of the bonuses that I was promised, and since then the value of my staked ETH 2.0 has appreciated almost 100% leaving me with a balance of just around $1000.

    To make matters worse converting my ETH balance into ETH 2.0 has resulted in my funds being "locked up" and now I am unable to either unstake my balance, withdraw it, or use it in any other way. Nowhere in the ad or subsequent pages that I went through mentioned anything about my ETH 2.0 balance being locked up or unusable.

    I have been emailing, calling, and chatting with support on this issue for over a month. The phone support reps are unable to help me. They keep telling me that the department that handles these cases can only be reached by email. The email support reps have stopped responding to me, and it has been over two weeks since they last provided me an update.

    At this point I am starting to get worried. I was tricked into locking up my Balance and promised that I would get a benefit for doing so that I never received. I am not an expert by any means but this is starting to appear to be a case of theft by deceit. My concern is that since this is still such a small amount of money they know it is not worth me paying to peruse any legal action against them and therefore have no incentive to respond, or help resolve the issue.

    I am really kind of stuck here. I have begun to feel like I was taken advantage of which upsets me greatly. What are my options? Am I just S.O.L. or can anything be done to incentivize them to take me seriously?
     
  2. adjusterjack

    adjusterjack Super Moderator

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    Cryptocurrency is a scam and you got scammed by crooks. You can sue and they'll fold up their tents and slip silently into the night.

    My guess is, yeah, you're S.O.L.

    It's what happens to people who fall for get-rich-quick schemes.
     
  3. army judge

    army judge Super Moderator

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    Cryptocurrency is the 21st century version of the 19th century snake oil (as in miracle cure "folk medicine" scam).

    The "snake oil" was comprised primarily of harmless herbs and ALCOHOL. In some cases, the "cure" was laced with an opium derivative.

    If someone offers you a get rich INSTANTLY scam, don't fall for it.

    Why?

    No one but the conartist AKA scammer gets rich after your loot has ended up in his greedy paws!!!

    The contrapositive reveals you're busted, pal!!!


    There are thousands of legends and fantasies, as in millions of civil war gold, or the "lost Dutchman's Mine".

    The only true instant way to riches is winning a lottery.

    Otherwise, hard work, drudgery, frugality, and thrift is the only time rested way to save, and perhaps accumulate wealth.

    Read it and weep, because you ain't reapin', pilgrim.

    You've been fleeced.



    ....






    New tech, old scams: Don't fall for these crypto and NFT ripoffs

    NFT scams, toxic 'mines' and lost life savings: the cryptocurrency dream is fading fast | David A Banks

    Top 10 NFT Scams (2022) - Scam Detector

    MCN Insights: NFTs are a scam. – MCN

    The backlash against NFTs: Why one artist says they’re a “classic Ponzi scheme”


    Ponzi schemes ain't no dream, they're a nightmare!!!


    raf,750x1000,075,t,oatmeal_heather.jpg
    .......
     
  4. adjusterjack

    adjusterjack Super Moderator

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  5. Alex M

    Alex M Law Topic Starter New Member

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    Well I understand many people's hesitation on here to invest in cryptocurrency, I am not looking for the advice of people who do not understand the technology behind the crypto market. While we would agree that there are a lot of shady cryptocurrencies and even more shady cryptocurrency companies, we would disagree that applies to the entire asset class. Regardless, all of this is besides the point. The company that is holding custody of my property without my consent is a publicly traded entity currently with a market cap that exceeds 18 Billion dollars. As a public company there are a host of rules and regulations they are subject to. In my original post I was asking what could legally be done.

    Regardless of the value you assume the Cryptocurrency I have (or had) in my wallet SHOULD be. The fact still remains that if it was not held against my will I would otherwise be able to sell it instantly for around $1000 USD. Theft is theft. Regardless of the assumed value you personally place upon the items that were stolen.
     
    Last edited: Aug 24, 2022
  6. adjusterjack

    adjusterjack Super Moderator

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    Simple. If they won't give it back you sue them.

    Good luck getting anybody arrested.

    That's small claims court. You can do that without a lawyer.
     
    Alex M likes this.

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