Property Dealer in the United States Files a Lawsuit against Coinbase after Million-Dollar Bitcoin Theft

Titus William is an American businessman hailing from Springfield. He is a known business personality in the area and serves as President of the real estate agency Prosperiti Partners. He has recently filed a complaint against the cryptocurrency giant Coinbase in a court of law. His lawyer claims that a whopping amount of Bitcoin holdings have been stolen from his wallet without his knowledge and authorization. 

Williams invested about $1.8 million in Bitcoin in February. As visible from the proceedings of his case in the courtroom, it is clear that this entire amount has been stolen from him. At the price point of Bitcoin in Feb 2021, he acquired about 33 Bitcoin units and placed them in a digital wallet. According to an article published in Forbes, it has been claimed that his private key and log-in credentials were leaked, and that enabled the bad actors to get away with cleaning out his Bitcoin holdings without his information.

When Titus Williams first heard about Bitcoin, he was not excited by the idea of blockchain technology. However, as the COVID-19 pandemic hit the market and money started to devaluate, Williams started to look at his options to find a better store of value. He was once again reminded about the flagship cryptocurrency as tabloids and financial newspapers were filled with talks about Bitcoin. Therefore, like many other business persons, he decided to invest a big amount of his savings into Bitcoin.

After purchasing 33 Bitcoins, Williams transferred his crypto treasure into a digital wallet provided by blockchain.com. When he got up the next morning, all of his 33 Bitcoin had been transferred to other wallet addresses. One of these addresses belonged to an unnamed suspect who was using Coinbase in the UK. The details of the reason how the information was leaked remain unknown and unspecified.

Legal Consultants and Court have Prompted Williams to Approach European Courts to Get his Culprit

Titus Williams, who has lost his crypto investment since February, would have become a crypto billionaire by now. However, he is trying to get information from Coinbase officials about the theft address. The lawyers for Coinbase have told the court that the alleged criminal digital wallet contents have been frozen. However, the company does not wish to disclose the identity of its users due to its stringent privacy policies.

In this case, David Silver, the lawyer representing Williams, advised him to submit his complaints in the European courts and sue Coinbase Europe to get the required information. Meanwhile, the Springfield Police has also deployed their financial crimes unit to dig into the case details and collect information about the bad actors. It is very important to keep the private key and log-in credentials away from the reach of threat actors to ensure safety from such unfortunate incidents.