You can file a lawsuit against Fidelity Crypto if your account has been hacked and money has been stolen, but arbitration is the default and more likely path. In fact, filing a lawsuit in such a situation is rare, as Fidelity Crypto disputes are generally subject to mandatory arbitration under the customer agreement.Â
If you discovered unauthorized transactions in your Fidelity Crypto account or money suddenly disappeared due to a hack, you’re not alone. Cybercriminals are increasingly targeting investor accounts on major platforms, including Fidelity.Â
These incidents often involve sophisticated methods such as SIM swapping and bypassing two-factor authentication. Let’s take a closer look at the alternatives to filing a lawsuit against Fidelity Crypto and how a skilled cryptocurrency hacking and theft lawyer can help you.
Understanding the Alternatives to Filing a Lawsuit Against Fidelity Crypto
As mentioned earlier, it’s highly likely that you won’t be able to file a lawsuit against Fidelity Crypto. That’s because disputes involving Fidelity Crypto accounts are generally governed by the platform’s customer agreement, which requires mandatory arbitration rather than court litigation.Â
In many situations, Fidelity Crypto’s customer protection and reimbursement program is the first and most realistic path toward potential recovery. That said, coverage under these programs is limited and does not apply to every loss. For example, if the losses were caused by user actions, you most likely won’t be able to make a meaningful recovery.Â
Whether arbitration or another form of legal action is available depends on the specific facts of the incident, the terms of the customer agreement, and how the loss occurred. Consulting with an experienced attorney can help you figure out what your best course of action is after losses caused by a crypto hack.
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SIM Swapping and Fidelity Crypto Hacks
SIM swapping is one of the most common tactics used by hackers against crypto investors. SIM swapping starts when a criminal transfers your phone number to a SIM card they control. Once they control your phone number, they intercept two-factor authentication codes sent by text message.
Then, the hacker uses those codes to reset your passwords and gain access to your Fidelity Crypto account. Finally, the hacker moves your funds into a crypto wallet that they control. Understanding SIM swapping can help you protect yourself from future hacks that target cryptocurrency.
If you believe SIM swapping was involved, it doesn’t necessarily mean that you’ll be able to file a lawsuit against Fidelity Crypto or seek remedies through arbitration. That’s because these situations often involve your wireless provider or errors made on your end. That said, reaching out to a lawyer can clear this matter up and shed light on factors that could lead to legal action.
Steps to Take Immediately After Discovering a Fidelity Crypto Hack
Realizing that your crypto account has been hacked and your funds have been stolen can be incredibly stressful. At a time like this, it is best to remain calm and take steps to document the hack. Here’s what you should do immediately after discovering a Fidelity Crypto hack:
- Report the unauthorized activity to Fidelity Crypto immediately.
- File a report with the Internet Crime Complaint Center (IC3).
- Contact your mobile carrier to lock down your mobile account and prevent further SIM swapping.
- Freeze or monitor your other investment accounts.
- Preserve all records of unauthorized transactions and suspicious communications.
Once you’ve taken these steps, you’ll want to speak to a skilled cryptocurrency hacking and theft lawyer. While it’s not likely that you’ll be able to file a lawsuit against Fidelity Crypto, an attorney can walk you through other options and determine which course of action is best for your unique situation.
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How a Lawyer Can Help After a Fidelity Crypto Hack
Losing money in a crypto hack can be a devastating experience, especially if you lost a significant amount of funds. Fortunately, you don’t have to handle Fidelity Crypto’s reimbursement program or arbitration by yourself. A knowledgeable attorney can guide you through this process and work to protect your interests.
Here’s what an attorney can do to help you after a crypto hack
- Meet with you for a free consultation and explain the alternatives to filing a lawsuit against Fidelity Crypto
- Investigate the hack and gather evidenceÂ
- Work with forensic accounting experts to strengthen your case
- Assist you with Fidelity Crypto’s customer protection and reimbursement program
- Represent you during arbitration
- Keep you updated throughout the process
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Since 1999, Meyer Wilson Werning has represented thousands of investors nationwide and recovered more than $350 million in damages. If you’ve lost more than $100,000 due to a crypto hack involving SIM swapping or other methods, you can turn to our team for legal advice and advocacy.
Contact us today to schedule a free consultation with a cryptocurrency hacking and theft lawyer and learn more about your legal options after a crypto hack. We’ll meet with you to discuss your losses, answer your questions, and explain the alternatives to filing a lawsuit against Fidelity Crypto. We look forward to meeting with you soon.
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