Ever since Bitcoin reached an all time high of around $20,000 in the early 2017, the whole world appears to be fascinated by it. Over time, the crypto sector has evolved at a rapid phase and the retail side of the market participants are heavily involved with it.
While the future of cryptocurrencies is still uncertain and volatile, a lot of scammers are taking advantage of the enthusiasm of naive people to make a fortune for themselves. In reality, it is almost impossible to prevent the scams on the internet which means the actual way to combat the problem is by educating the masses.
In this article, we are going to be discussing a few normal and popular types of scams involving cryptocurrencies and the methods you can employ to recover your funds back from them.
Thanks to the technological advancement and solid research methodologies made by crypto recover agencies, now it is possible to trace the flow of funds. However, the system is not completely flawless, but at the end of the day it has a success ratio of over 80% which is huge.
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Major Types of Scams involving Cryptos
As a rule of thumb, if you come across any offers which sound way too good to be true and are not backed up by any solid evidence, then it is safe to assume that it’s a scam. The age old types of frauds on the internet such as the lottery scam, fake investment offers promising you immense returns within a ridiculously short period of time haven’t changed a bit.
However, the crooks are just creating narratives including the name of popular cryptocurrency such as Bitcoin, Ethereum, Monero, Ripple, etc, to capture the attention of the viewers. Let us have a close look on the most viral scams which burned a huge hole in the pocket of the victims.
Doubler – This hustle came into existence around 3 years ago and till date it is the one which gets the most newbies entering the crypto sector. Basically, it promises to double your money using some kind of miraculous hacks or software exploits. The crooks behind the fraud ask money from people and promise to double it within 24 hours, but once they have received the funds, you will never hear back from them.
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Nowadays, doubler hustles have become creative and they feature screenshots showing profits, but do not let photoshopped images fool you. All in all, their only motive is to loot you and they will go to extreme lengths to convince you.
Investment Programs – Just like the doubler scam, this type of scheme will also promise high returns. However, their narrative will contain professional terminologies and twisted narratives which are convincing enough for the average joe.
On top of realistic explanations, they might even edit a few excel sheets or trading data to present them as proof to their viewers. Regardless of what they claim, never trust them with your money especially if they make bold claims without being regulated.
Giveaways – People running this type of con will often use video clips of famous people or pick a cause which seems legitimate enough to capture the general public’s attention. Once they have intrigued the victims, they will offer a prize or some kind of bargain bonuses for the purchase you make with them on that particular day.
They are mainly trying to create a sense of urgency and are making the best use of greed which is in all of us. If you ever feel like you are pushed towards making a quick decision, then probably you are on the verge of being the victim and you should do anything it takes to not give in to their sweet talk.
Recently the people who run these nasty offers are using Youtube to reach the public and they are making use of names of famous people such as Bill Gates, Elon Musk to build trust with the viewers. Obviously, there is no connection between the schemes and the celebrities, but due to the sophisticated nature of the scam, people are having a tough time in recognising the con.
Donations – While all kinds of cons are bad, the people running this specific form of deception are the worst. They use the names of natural disasters or genuine causes and raise money from the public, but at the end of the day, the money will never reach the actual official accounts of appropriate authorities.
In simple words, they will portray themselves as mediators for the transactions and once they receive the money, they will do everything it takes to get away with it.
Cryptocurrency Recovery Methods
In the initial days of the cryptocurrency bloom, most people thought that it was hard if not impossible to trace the transactions and there were many debates on this specific topic. Thanks to the continuous research made by many experts in the sector, it is clear that it is possible to trace the transaction upto a certain extent with precision.
While the exact protocols or methods used by any agency is not made public yet for obvious reasons, based upon the data and statements made by a lot of clients, it indeed is a lifesaver for many. According to many reports, it is within the realm of reality to track upto 800 virtual assets by using the established recovery or risk assessment services.
Cryptocurrency Intelligence Firm
Cryptocurrency Intelligence Firms are the next hot space in the decentralised finance system. Their main aim is to assess the origin of the funds, to verify whether any kind of illicit transactions are happening and to help recover the funds in case of thefts or massive hacks.
The advancement in this niche will help bring the cryptocurrencies under proper regulatory supervision and ultimately make them as safe as traditional payment options. For any reason, if you want to employ their services and work with the most trusted ones out there, then let us know by dropping your questions or queries on the comments thread.
One reply on “Cryptocurrency Scams – How to Recover Funds!”
They are heartless scammers, they ruined my life, by making me develop interest to invest my hard earn money. I deposited 97,000eur in June 2019,which was R1,755,714.29 in Rands, there was an impressive improvement in few days, 2 months later I had a car accident and needed money to pay my insurance access, Suddenly I was been send from Pilar to post, they cut the live chats and got harassed from 1 to the other, until they told me that I will forever be poor its their JOB to help me with withdrawal. I was depressed for months!