Can I File a Lawsuit Against Kraken?

Yes, you can file a lawsuit against Kraken in some situations. If your Kraken account was hacked and your cryptocurrency stolen, you’re likely feeling betrayed, angry, and unsure of what to do next. 

Whether the breach happened through SIM swapping, phishing, or another form of unauthorized access, you deserve to find out if you have the right to sue. While Kraken’s terms make traditional lawsuits difficult, that doesn’t mean you’re powerless after a hack. 

In many cases, users can still pursue financial compensation. That said, doing so can be incredibly difficult without help. An investment fraud lawyer can review the details of your case and explain your options moving forward. 

Understanding Whether You Can File a Lawsuit Against Kraken

Kraken’s Terms of Service include a mandatory arbitration clause. This means that when you accepted Kraken’s service terms while creating your account, you also agreed not to sue the company in a traditional courtroom setting. Instead of filing a lawsuit, the agreement says that you will settle legal disputes through private arbitration.

By signing the terms of service, you also gave up your right to join a class action lawsuit against Kraken. That means you must pursue your claim as an individual, not as part of a group of users who were affected by a similar incident. While these restrictions make it more difficult to hold Kraken accountable for your losses, you still have options at your disposal. 

Figuring out how to get your money back after getting your Kraken account hacked can be challenging. Fortunately, a skilled lawyer can review the details of your case, answer any questions you have about filing a lawsuit against Kraken, and advise you on your best course of action.

Taking Action Against Kraken SIM Swapping

SIM swapping is one of the most common tactics hackers use to break into crypto accounts. In this kind of attack, a fraudster impersonates you and contacts your mobile provider. 

Then, the hacker tricks the provider into transferring your phone number to a SIM card they control. The hacker uses the SIM card to intercept your Kraken two-factor authentication codes and reset your login username and password.

Once the attacker gains control of your Kraken account, they can log in and transfer funds out of your account and into their own. If you believe you’ve lost funds due to a Kraken SIM swapping hack, don’t wait to file a report with Kraken and enlist the help of an attorney. A lawyer will offer further advice on whether you can file a lawsuit against Kraken and help you move forward.

What to Do if Your Kraken Account Was Hacked

If you have reason to believe your Kraken account was hacked and funds were withdrawn, you’re probably worried and wondering whether you can file a lawsuit against Kraken. At this time, there are several steps you can take to support any legal action you decide to take in the future.

Make sure to take the following actions after a Kraken hack:

• Document the incident by saving emails, transaction logs, screenshots, and messages with Kraken’s support team.
• Change your Kraken login information and contact support to find out if you can place a freeze on your account.
• File a police report to create a legal record of the incident.
• Notify your mobile provider if you believe SIM swapping was involved.
• File a report with Kraken.
• Reach out to an attorney to discuss your legal options.

How a Lawyer Can Help You After a Kraken Hack

While you may not be able to file a lawsuit against Kraken, there’s a possibility that you can pursue compensation via arbitration. A lawyer can review the details of your case, determine if you’re eligible to pursue financial remedies, and help you build a strong claim for compensation.

Here’s what a dedicated attorney can do to help:

• Gather evidence of your Kraken hack and losses
• Advise you on your legal options and rights
• Calculate how much your case is worth
• Organize evidence and build a compelling case on your behalf
• Fight for the damages you need to put this incident behind you
• Provide compassionate counsel and clear advice throughout the process

Meet With a Skilled Investment Fraud Lawyer for Free

At Meyer Wilson Werning, we have over 75 years of combined experience handling cases for victims of investment fraud. If a financial advisor, broker, or investment firm’s negligence led to your losses, our team is here to provide the diligent assistance and focused representation you need to get your money back.

We’ve won over $350 million in damages for investment fraud victims, and we’re ready to fight for you, too. Contact us today to schedule a free consultation with a skilled attorney. We’ll offer more information on whether you can file a lawsuit against Kraken and answer any questions you have about the legal process.