If you’ve suffered significant financial losses due to a hack or breach of your Coinbase account, and have reason to believe Coinbase was negligent in protecting your funds, pursuing legal action may be an option worth exploring.
However, taking on a powerful company like Coinbase in a lawsuit will require specialist legal support. In this article, we discuss the critical importance of hiring the right cryptocurrency lawyer to represent you and maximize your chances of success.
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Experience in DeFi and Crypto Law
With Coinbase being a leading cryptocurrency exchange, any case against them would revolve around issues like the duties of care regarding security protocols for virtual assets. The nuances of both cryptocurrency technology and the applicable legal framework can be complex. Therefore, your lawyer needs expertise navigating these topics.
Ideally, they have previously represented other clients in cases against cryptocurrency businesses or exchanges. Experience “suing coinbase” specifically is obviously most relevant but not essential as long as your attorney demonstrates proficiency with decentralized finance (DeFi) and related legal issues.
Understanding Coinbase’s Agreements
To build a strong argument that any liability disclaimers or limitations set by Coinbase in their user agreements should not apply in your individual case, your lawyer must completely understand the precise terms and conditions.
Cryptocurrency terms can involve specialized contractual language unfamiliar to most general business lawyers. Ensure the attorney you hire will devote significant effort into analyzing Coinbase’s financial services agreement and privacy policy down to the last detail. Only then can potential vulnerabilities or selective enforceability be identified.
Ability to Evaluate Evidence Thoroughly
Establishing Coinbase’s negligence is paramount. Your lawyer needs to assemble documentation around both the hack itself as well as your past interactions with Coinbase. Was 2FA properly enabled and configured? Did you receive suspicious login alerts as expected from their security systems?
Any failure to follow industry standards for virtual currency exchange security protocols must be evidenced. Cryptocurrency forensics may even be involved. Choose a lawyer capable of thoroughly investigating complex digital evidence trails surrounding your specific case.
Willingness to Litigate
Many lawyers will try settling pre-trial to avoid a drawn-out court battle. While leverage can come from threatening litigation, not all attorneys relish pitched court battles with deep-pocketed corporations. Make certain the lawyer you hire has a proven track record of seeing tough cases through to trial if needed. Being willing to fight all the way to an adversarial conclusion, if settlement talks fail to yield justice, separates the best advocates from the rest.
Affordability
Due to the specialized skills required, cryptocurrency lawyers typically charge competitive rates. However, legal costs should not be a barrier to pursuing rightful compensation, especially for sizable hacks. Discuss payment plans and alternative billing structures upfront. Also inquire if the lawyer takes crypto payments directly. Finding an affordable attorney-client relationship focused on results without financial stress is important.
Summary
In summary, thoroughly researching an attorney’s individual background, experience, negotiation style and financing options makes all the difference when “suing coinbase” or another major corporation.
For legal aid in such matters, consider consulting with highly knowledgeable lawyers like those at MDF Law who have a proven track record representing clients across all aspects of cryptocurrency, DeFi and related regulatory issues. Your choice of counsel can strongly impact the trajectory and resolution of any potential lawsuit against Coinbase.
Martin Wilson has been following the crypto space since 2013. He is a passionate advocate for blockchain technology, and believes that it will have a profound impact on how people live their lives. In addition to being an avid blogger, Martin also enjoys writing about developments in the industry as well as providing useful guides to help those who are new to this exciting frontier of finance and technology.
