What To Do If You've Lost Money In A Cryptocurrency Scam?

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What can you do if you've lost money in a cryptocurrency scam?

You're not out of luck. There may be steps you can take if you've lost money in a cryptocurrency scam.

Even if you've done thorough due diligence, there's no guarantee of safety when placing any amount of money online and this doesn't just refer to netting a profit off your investment. You're placing your money at risk. Sometimes a company will unexpectedly take their profits and close their doors, locking investors out, and stealing their money.

If you invested in a company such as Bitconnect, PlexCorps or Bitgrail, or one of hundreds of others, there may be steps you can take. If you were defrauded, here are a few tips to try before you give up hope that you're money is gone forever:

If a company appears to be questionable, take your money out of those investments while you can.

Report the companies to the authorities. File a complaint with the SEC. According to Slate.com, the SEC has filed a complaint stating that PlexCorps, a cryptocurrency firm was engaged in defrauding customers and not following laws regarding security offerings.

The SEC is cracking down on cryptocurrency companies that are making unrealistic promises of returns on investor's investments.

Find out if there is a class action lawsuit against the company. You may be able to join the lawsuit for a minimal amount of money since the legal fees are spread out across many clients.

Forums are a great place to find other investors who may have suffered and lost money in the same scams. A community may be able to share information and possibly join together to file a class action lawsuit.

Contact an attorney to learn more about joining a class action lawsuit.

Tips for the future:

Unfortunately, there are lists of people who fell for scams that get emailed to other scammers. If you've been involved in one scam, there's a high probability that other scammers may target you. Avoid opening emails from people you don't know.

Never invest any money that you cannot afford to lose. If you have to take out a loan to invest in a cryptocurrency, you most likely cannot afford it. Even without being a scam, investments in cryptocurrency fluctuate wildly. Can you afford to wait it out, even if it takes several months or years, to overcome a downward trend?

Take a look at online resource lists siting known cryptocurrency scams.

For more information, send us a message.


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