COBIN Claims: New “Crypto Damages” Campaign for Investors Affected by Crypto Market Turmoil

Action initially allows for thorough damage assessment/reporting office to then carry out targeted actions for the injured party – not only in the case of FTX

Vienna (OTS) After the recent turmoil in the crypto markets, the non-profit collective legal protection platform COBIN is launching an action for affected investors: “We first need to evaluate the total damage before we can take individual legal steps for those affected,” says Chairman Oliver Jaindl. Most recently, in the “da Vinci” campaign, the association made a significant contribution to the neutralization of a (suspected) Bitcoin fraud cell operating from Vienna; there was a criminal conviction in that connection – thanks to the association. Furthermore, the association for those affected in the event of fraud “OneCoin” is active.

With the “Crypto Damages” campaign, the association is starting a damage investigation to record all damage patterns on the crypto market. Victims who have suffered harm related to cryptocurrency in general can join the campaign through the website. The association has, among other things, has specialized in detailed data research/evaluations for mass claims in recent years. These provide an in-depth basis for further legal intervention by lawyers and provide the necessary overview of a harmful event. It is therefore necessary that as many affected people as possible come forward (free of charge) and report damage. These are zT. IT-supported evaluation before legal action is taken specifically for those affected.

The case of the collapse of the FTX exchanges is very topical. Above all, media reports on the movement of money from investors and the dubious quality of issued tokens as bearers of value suggest that sooner or later not only a connection to insolvency proceedings in the US must be organized for those affected, but that contacts must also be established so that investors from Austria and the EU have access to international criminal cases and class actions,” says Jaindl.

According to Roman Taudes, a lawyer specializing in cryptocurrency cases and member of the COBIN claims advisory board, the events surrounding FTX are currently making headlines, but are far from the only case of abuse in the crypto world. Complaints about damages from crypto trading (CFDs, futures, etc.) as well as fraudulent brokers or fake trading platforms have been increasing for a long time. Taudes: “New cases directly or indirectly related to cryptocurrencies are reported to us by aggrieved investors almost every day. Thanks to our know-how in tracking crypto transactions (both on Bitcoin, Ethereum and Tron blockchains) and our wealth of experience related to derivative transactions, we can usually take the necessary steps for the injured party within a very short time set investors. As with traditional investor cases, the formation of interest groups has also proven its worth in crypto cases. On the one hand, it can compensate for the information asymmetry, and on the other, individual costs can be kept down.”

COBIN claims was founded in 2017 from the middle of civil society. To date, around 10,000 people affected by various mass claims (VW, Wirecard, Wienwert, etc.) have contacted the association. COBIN claims it is striving for the right to sue based on EU Directive 2020/1828 – around 2,400 campaigners have now signed a parliamentary petition for the association to get this new power.

Questions and contact:

Mag. Oliver Jaindl, chairman: 01/ 376 00 31 – 100
Lawyer Mag. Roman Taudes, Advisory Board: LL.M.: 01/ 391 23 45

Leave a Comment