What to Do if My Kraken Account Was Hacked

If your Kraken account was hacked, you should contact Kraken support and take several other steps to protect your assets and prevent further damage. Hiring an investment fraud lawyer may also be in your best interests. 

Let’s take a closer look at what to do if your Kraken account is hacked and how an attorney may be able to help.

Contact Kraken Support and Freeze Your Account

As soon as you realize your Kraken account has been hacked, you should report it through Kraken‘s official support portal. If you’re able to, flag the support request as urgent. You should also make sure to include relevant details, like suspicious withdrawals and unrecognized login activity.

Once you’ve reported the incident to Kraken’s support team, you’ll want to freeze your account. If you still have access to your account, turn on Kraken’s global settings lock and change your passwords. This will prevent the hacker from causing further damage.

Check for a SIM Swap Attack

If your Kraken account was hacked, you’ll want to check for a subscriber identity module (SIM) swap attack. A SIM swap attack occurs when a hacker tricks your mobile carrier into transferring your phone number to a SIM card that they have control over. 

Once the hacker has control, they are able to intercept your text messages and calls, which allows them to interfere with two-factor authentication (2FA) codes and potentially gain full access to your crypto wallet, giving them the ability to drain your account.

To check for a SIM swap, you’ll want to contact your mobile provider and ask them to determine if your SIM card was transferred to another device. You should also ask your mobile provider for a SIM swap lock, which will prevent future attacks.

Secure Your Other Accounts

If your Kraken account was hacked, there’s a good chance they have your information and may attempt to break into your other financial or personal accounts.

Therefore, you should change your passwords and enable two–factor authentication on all your other cryptocurrency exchange accounts, bank accounts, and other sensitive accounts.

Make sure to change your information on these platforms through a website or app. Using SMS to change your passwords could lead to further damage if the hacker has transferred your SIM card to another device.

File a Police Report and IC3 Complaint

Once you’ve taken steps to report the hack to Kraken and prevent further damage from occurring, you should look into notifying local law enforcement and the FBI’s Internet Crime Complaint Center (IC3). Filing reports with these authorities may lead to an arrest, allowing you to take legal action against the hacker for the funds you’ve lost.

Make sure to provide these authorities with a complete and accurate account of the hack. At this point, you may also want to consult with an investment fraud lawyer. If you believe that your crypto losses were caused by a financial advisor’s negligent or fraudulent handling of an account, an attorney may be able to help you seek compensation.

A lawyer can offer further information on what to do if your Kraken account was hacked. They’ll determine whether your losses were caused by a financial advisor’s misconduct. Reach out to an attorney today to learn more.

Consult an Investment Fraud Lawyer

As mentioned above, if your cryptocurrency losses were caused by misconduct of Kraken, an attorney may be able to hold them liable for the losses you’ve suffered. Here’s what a lawyer will do to help you get your money back:

• Explain what to do if your Kraken account was hacked.
• Investigate the cryptocurrency losses and gather evidence.
• Collect transaction records, investment agreements, communication records, proof of unauthorized trades, and other valuable pieces of information.
• Use evidence to build a strong claim on your behalf.
• Represent you during the arbitration.
• Work hard to get the compensation you need to make up for your cryptocurrency fraud losses.
• Keep you informed throughout your case and address any questions you have.

Learn More About What to Do if Your Kraken Account Was Hacked

At Meyer Wilson Werning, we have over 75 years of combined legal experience and have won more than $350 million in damages for victims of investment fraud. If your crypto losses were a direct result of a financial advisor’s negligence, we may be able to assist you in filing a claim and pursuing compensation for the losses you’ve incurred.

Contact us today to schedule a free consultation with a knowledgeable attorney. We’ll meet with you to discuss your situation, explain what to do if your Kraken account was hacked, and advise you on your best course of legal action moving forward.

We look forward to hearing from you soon.