Stolen cryptocurrency is not a new concept, unfortunately. With the amount of money that people are spending on cryptocurrencies nowadays and their relatively low value, it’s no wonder stolen coins have been taken before. Discovering how to recover your lost funds can be tricky but here at CryptoSlate we can help you find some steps in recovering any crypto assets.
The “how to get bitcoin back from scammer” is a guide on how to recover stolen cryptocurrency. It includes steps on how to stop your coins from being transferred and what you should do if they are already gone.
Around 19 percent of survey respondents stated they had been hacked on exchanges, and another 15% indicated they had been victims of bitcoin theft, according to a Kaspersky research on cryptocurrencies released in 2019.
This implies that if you’ve put money into Bitcoin or another digital currency, fraudsters are want your money. Is it, nevertheless, feasible to retrieve stolen bitcoin in the event that the worst happens?
When you have your digital wallet’s private keys, it’s almost impossible to recover stolen cryptocurrency or bitcoin. Digital assets are intended to be used in one-way transactions only. Unauthorized transactions involving stolen money have the same level of protection as legitimate transactions. The use of safe measures may help avoid future theft.
But don’t give up. This tutorial will explain what you can do if you become a victim of fraud, as well as how to avoid being a victim in the future.
Why Recovering Stolen Bitcoin & Other Cryptos is Hard
It’s quite unlikely that you’ll be able to restore your virtual money if it’s been taken. Theoretically, you can track your stolen crypto by looking at the blockchain, but this is difficult in practice owing to the system’s anonymity and the fact that the thief would almost probably convert the money to cash quickly through a bitcoin exchange.
Yes, most transactions leave a trail that you may be able to follow to find out who the offender is. However, since most cryptocurrencies are decentralized, there are limited possibilities for retrieving the money even if you successfully track the data via public ledgers.
Determine whether or not recovery is worthwhile.
Because trying to recuperate is generally quite costly and emotionally taxing, crypto is a nice option to think about before going that way. It’s a personal choice whether it’s worth the time and effort to engage a professional recovery service or to simply let it go and pay the tuition to learn how to properly manage and retain crypto. This is especially true if you haven’t invested a large portion of your available assets in this asset class.
The solutions below might assist you in recovering your misplaced Bitcoin.
Use a Bounty Hunter or a Crypto Recovery Service.
There are websites where you may place a bounty if you’re willing to pay a fair amount to get your money back. Expert blockchain investigators will investigate the theft to see whether the coins may be retrieved for a fee. Bitcoin Bounty Hunter and similar sites are excellent places to begin. These services, however, may be expensive, and they typically do not provide any further information beyond what is publicly accessible.
Blockchain explorers like Blockcypher may also be used to keep track of your money’s journey. The user’s bitcoin address would be provided by the website. The bitcoin address is then checked to discover who owns it at http://www.bitcoinwhoswho.com/.
Other Options for Attempting to Recover Your Stolen Cryptocurrency
Make a police report.
Although filing a formal complaint is unlikely to help recover stolen cryptocurrency, having a case number or papers isn’t a terrible idea. You never know whether you’ll be the subject of an insurance settlement or a lawsuit. Evidence showing you took the loss seriously will assist you make your case if you need to prove it.
Please contact the coin exchange.
If you suspect your cryptocurrency has been taken, maybe as a result of a hacking attempt on your account, you must act quickly. By delaying the tracing method, the hackers may be able to move your funds to a cold wallet and subsequently send them to other exchanges, disguising their tracks.
Pay attention to the money.
Transactions on blockchains create a ‘trail’ that may be tracked. It’s also rather simple to figure out the thief’s wallet address.
You can keep track of the wallet address to which your funds were sent and track their transactions. If the fraudster tries to move the funds from the account to an exchange, immediately Please contact the coin exchange..
Before converting crypto into fiat money or trading, most exchanges need traders to provide KYC (Know Your Customer) data, such as addresses and identities. If you report the situation, the platform may be able to assist you in locating the fraudster. Another reason why a police report is crucial is because of this.
Again, blockchain explorers like as Blockcypher may assist you in tracking down your cash. The website will provide you with the criminal’s bitcoin address, which you can look up on www.bitcoinwhoswho.com to find out who owns it.
Keep in mind, however, that this procedure does not ensure that you will receive your money back. You may, however, warn them that you will report them to the appropriate financial authorities.
Please contact customer support.
If your exchange is huge and well-known, you’re more likely to get help. Depending on the stage or degree of the theft, the exchange may be able to freeze your funds if you respond fast.
Keep in mind, though, that many exchangers aren’t compelled to help. Some exchanges are situated in countries with little limitations on cryptocurrency. Furthermore, several countries do not see cryptocurrencies as an asset, reducing the likelihood of government help.
Tips to Prevent Future Bitcoin or Cryptocurrency Theft
Don’t mention your digital currency ownership in public.
You are more likely to be targeted if a cybercriminal discovers that you hold cryptocurrency via your social media account. So keep your secrets to yourself.
Multi-factor authentication should be used.
Check to see whether multi-factor authentication is turned on. Instead of SMS, use an authenticator program. Please eliminate the SMS authentication option if possible.
Set up the crypto account using a new email address and a unique password.
It’s best to set up a separate, clean email address that you’ll use just for your virtual currency account. Your email account will be less likely to be used to target you as a result of this.
Use a ‘cold or hard wallet,’ as the case may be.
Keep your cryptocurrency in a “cold or hard wallet” while you’re not using it. This is not a brand, but rather a notion for holding digital currencies away from the internet to reduce the risk of online theft by hackers.
Distribute your cryptocurrency among many exchanges.
A number of electronic exchanges have been compromised. Diversify your assets between exchanges to mitigate the damage.
Make sure you’re safe.
Spend some time enhancing your online security in general. Learn about good security and how to enhance it by visiting sites like Data Overhaulers.
Defend what’s left.
If you still have money in your compromised wallet, get it out as soon as possible. Replace the wallet with a new one and delete the old one.
As soon as possible, reset all passwords related with your exchange account. You need switch your email accounts. If you suspect that the device you used to access your account has been hacked, reformat it or, better yet, cease using it.
The “my bitcoin was stolen” is a common problem that many people experience. Here are some steps to take if your cryptocurrency has been stolen.
Frequently Asked Questions
Is it possible to recover stolen Bitcoin?
A: No, it is not possible to recover Bitcoin that has been lost or stolen.
Can scammed Bitcoin be recovered?
A: Unfortunately, there is no way to recover Bitcoin that has been lost due to a scam. There are several methods one can take in order try and recover their loss, such as contacting the police or claiming it on coinbase which will most likely not work either.
How do I recover lost Bitcoins?
A: The most common way to recover lost bitcoins is through a hard fork or software update that changes the protocol rules. This is not always possible, but there are some factors you can take into consideration as well.
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