The deadline for going to court and recovering cryptocurrencies is set by law. This is called statute of limitations or statute of limitations.
The law provides for a predetermined deadline for filing a lawsuit, and once this deadline has passed, it will no longer be possible to discuss it in court.
It is important to know that the law protects the consumer – as long as we are aware of the deadlines for filing complaints about potential problems a product/service has raised.
Therefore, if you as an investor need legal support for a harmful situation related to cryptocurrencies, you should pay attention to the deadlines set by law.
This is exactly what we will explain to you in the topics below.
OVERVIEW:
- Something’s wrong? notify immediately
- Error in delivering the defective product or service?
- What is the deadline for claiming? How is the count done?
Something’s wrong? notify immediately
The most common situations among cryptocurrency investors are cryptocurrency theft.
Imagine most investors use exchanges to perform their operations, there are several ways in which the hackers to bypass the security system of the brokerages and, once the user’s account is penetrated, they execute trades and deduct the entire amount invested in the wallet there.
As we have already explained in some articles here on the site about legal issues with cryptocurrencies, there is already one understand in fairness that the responsibility of brokers is the same as that of operators of the financial system in general.
And about this it is worth looking at the articles:
- Mobile phone theft, cryptocurrency theft, and the responsibility of exchanges and banks
- How to sue a foreign cryptocurrency exchange?
- I got hacked and lost my cryptocurrencies, 5 steps to recover
It is also worth noting that in the relationship between customers and cryptocurrency exchanges, the Consumer Protection Code applies.
In that sense, the Consumer Protection Code is clear: the deadline for claiming a faulty service has passed 5 (five) years, from the knowledge of the damage, in accordance with art. 14(1) and 27:
Art. 14. The service provider, regardless of the fault, is responsible for redressing damages caused to consumers by defects related to the provision of services, as well as insufficient or insufficient information about their enjoyment and risks. § 1° The service is defective if it does not offer the certainty that the consumer may expect, taking into account the relevant circumstances […]
Art. 27. Prescribes in five years claim for compensation for damage caused by the fact of the product or service provided for in Section II of this chapter, starting by counting the period from the knowledge of the damage and its authorship.
soon, The statutory term of 5 years starts from the date on which the investor becomes aware of the damage.
Lack of service delivery or poor service? What is the difference?
Here it is worth clarifying the difference between these two institutes.
When we talk about a defect in the provision of the service, in accordance with the provisions of Art. 26, item II of the Consumer Protection Code, we are talking about the qualification of the service, ie whether it was a service that was provided in accordance with the expected quality.
Therefore, the addiction is directly linked to the quality of service, it only concerns the addiction when it does not work as expected.
For example, imagine that the investor is unable to work in the brokerage system due to an error in the “click buttons” from the platform. It’s an operational thing, the service doesn’t work, but it doesn’t hurt the consumer’s heart.
If we are talking about faulty service, According to Art. 14 §1 of the Consumer Protection Code, which we are talking about something more serious and delicate.
The defect is a greater damage than the addiction, because it is not only a problem for the service, but it is an “additional problem” that ultimately causes harm to the consumer, be it his material, moral, aesthetic or physical assets. your picture.
At this point, we can give an example of the security flaw in a cryptocurrency platform. case one hacker can you hack into an account stock exchange and stealing values, damaging the investor’s equity. A concrete example is the case in which the Ministry of Justice ordered a stock exchange to repay almost BRL 600,000 to a hacked investor.
This means that it went beyond a “simple” flaw in the platform and ended up hurting the consumer financially.
Therefore, the defect is a little more devastating, as it goes beyond a problem in the service, it ultimately affects the consumer in its wider legal heritage. The defect has consequences for the consumer.
Therefore, if we are talking about a legal provision where a stock exchange and cryptocurrencies, especially in the case of fraud, we are talking about poor service.
This is because, in this case, in addition to the service provided which did not provide the security that the consumer expected, as the law says, the damage caused went beyond – it finally reached the consumer’s material and moral assets; caused him some harm, affected his well-being, the “physical plane” of the consumer.
What is the deadline for claiming? How is the count done?
You must be wondering why the difference we explained in the above topic is so important as the Public Health Service supports the consumer in both situations be it addiction or defect.
They exist two different deadlineswhat will depend on it defective or addiction with the service provided.
In cases of addiction visible in the service, the CDC provides a 90 days complain (Art. 26, point II), while in cases of faulty servicethere is a period of 5 years (art. 27 Civil Code).
Therefore, we understand that, if the investor has suffered any loss as a result of security failure on the broker platform, the term to collect your rights would be 05 years.
The count of this The period of 05 years starts on the day the damage becomes known.
Despite this legal term, we always advise you to take immediate measures if you find it, to even run the risk of lapse or prescription of the right.
Keep an eye out and if you need legal support in light of rights violations, first try to learn more about the subject in legal articles on cryptocurrencies and if you need it, find a trusted professional, preferably a lawyer specialized in cryptocurrencies, in order to better assist you.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
