One thing I find interesting is the amount of complaints here of money vanishing from people’s accounts whether it’s by a sophisticated hack, a simple phishing scam or other. And you see the comments such as “go to a lawyer” or “don’t let them get away with this” etc.
The biggest problems I can see is the burden of proof would be with you to prove negligence of the exchange. The next biggest problem id imagine is people don’t want to take the risk against a massive power house exchange with infinite money and resources to defend itself where the risk to them is minimal V the risk to you is life changing. A third problem I see is most people probably reside in a different country to the exchange and would need to travel to attend any court dates which may arise. Do the exchanges rely on these fears so people will just forget about it?
Im curious, has anybody lost funds (stolen, hacked, etc) that were on a crypto exchange and successfully, through litigation, won the battle? Or has anybody even attempted it? Has anybody threatened it via a letter from a lawyer and had a successful outcome? If there’s one thing that grinds my gears it’s when large multinational, multibillion dollar companies **** on the ordinary man/women knowing there be likely no consequences.
I do see most exchanges are insured to a certain value which implies to customers it’s a solid, safe place to do business… but what good is insurance if they refuse to pay out.
Tldr: have you lost money? What did you do? What was the outcome?
I’d also love if there was a lawyer / barrister etc here that could chime in and give a proper response on the problems people would face and the likely cost…
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