Cryptocurrencies are the most volatile asset class that the financial sector has ever seen. Day by day, the masses are moving towards adopting this new form of monetary system. However, as the public doesn’t have in-depth knowledge about the way things work in terms of blockchain technology, the scammers are exploiting the loophole and are making a fortune.
In the past couple of years, the number of online investment, ICO, shopping and other types of scams have skyrocketed. The number of victims are increasing exponentially and sadly many of them don’t even know the ways of confronting the crooks. In this informative article, we are going to talk about the common ways used by the scammers to lure in the public.
More importantly, we are also going to show you the ways and means of getting your money back from them. Remember, as the cryptocurrency intelligence firms are young, the success ratio is not at 100%. Nonetheless, they will be able to help you in most cases and at the time of publishing this article, the success ratio is above 82% which is huge.
What is Bitcoin?
Bitcoin in simple words is nothing more than a decentralised monetary system. Basically, this form of payment will enable the public to send and receive funds from any entity or party without the fear of being monitored by big banks, institutions or any other third party. The real identity of the creator of Bitcoin is still a mystery, but the person goes by the pseudonym Satoshi Nakamoto.
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We don’t want to bore you by talking about the mathematical and real world aspects and comparisons as you can find them online through a quick Google search. However, we do like you to know a few important facts about them. For starters, Bitcoin has the largest market cap in the cryptocurrency markets and the correlation between BTC and altcoins is something which is highly unlikely to break any time in the near future.
More than 90% of the bitcoins are held by less than 2% of the account holders and that’s the main reason behind wild price swings. The institutional interest in cryptos is also growing and thanks to the additions of crypto derivatives on CME, the public’s interest in the asset class are driving the underlying coins to all-time highs.
Lastly, the mining process which was initially something which excited a lot of retail investors are not worth it anymore due to stiff competition and rising costs and unless you have millions of dollars, the numbers won’t be in your favor.
Are Cryptocurrencies Traceable?
Ever since the early 2017, the public’s interest in cryptocurrencies is immense, but sadly that is the time when the breed of online scammers turned into creating lucrative traps. The soaring price of Bitcoin and a wave of new millionaires made people think that cryptos are their way to the riches.
As always, the reality disappointed the people who didn’t know the entire landscape and as regulators were also taking a passive approach, many crooks earned themselves a fortune by blatantly looting the public. After a lot of research and efforts from big institutions the tracking of cryptocurrencies is now made possible.
By using proprietary techniques and other metrics, the flow of funds can now be traced and the culprits are made to pay for all the damages they have caused. We are going to discuss more about the recovery process later in this post.
How to get back Bitcoin sent to a scammer(Recover Stolen Bitcoin)?
First and foremost, if you have ever lost money to a fraudulent firm or individual online, report them to the authorities. Though regulators do not act on every complaint, they will begin to collect and store data which will help them recognize the patterns used by the criminals.
Secondly, make yourself and the incident heard by posting the details on forums such as Trustpilot or other related niche platforms. Also, don’t forget to collect as much information as possible to make the recovery process easy. Once you have all the details, get in touch with a recovery service and let them handle the situation from there.
As of now, no firm has made their forensic tools public, but that is quite understandable. So, for best results hire a firm and before making any payment, run a thorough background check and deal with only reputed services.
Tumblers are the biggest obstacle which prevents the tracking of Bitcoin in particular. Many criminals and crooks often use the tumblers which can be accessed through Tor to launder money or to remove any elements which helps authorities in tracing them. Generally speaking, these kinds of platforms take a high percentage of fees which ranges from 3% to 5% for their services.
As regulators and more institutions look into the matter closely, in the near future tumblers might get obsolete. However, for the time being it is effective enough to fool some on-chain elements, but not all of them.
Situation with Altcoins
Almost daily there are new ICOs entering into the market and all of the virtual coins collectively are called Altcoins. Just like Bitcoin, altcoins for the most part follow the same protocols which means they are traceable as well.
There might be few exceptions like Monero, but for the most part, they are easy to track and thanks to the KYC process done by many exchanges and firms, the crooks can easily be caught down the road.
We at Cyber Scam Review understand the agony experienced by people who have lost money to online scams. To rectify the situation, we have come up with an intuitive way which will help all of the victims and the best part is that our services are free.
All you need to do is get in touch with us by filling the contact form below and let us know certain details about the incident. Our team consists of skilled Cyber scam investigators who have over 35 years plus combined industry experience.
Once our experts have the information you have presented, they will assess the best course of action and get back to you with all the options available. Over the years, we get two kinds of requests that are common and they are as follows.
Recovery – This is the main reason as to why people get in touch with us? The on-chain analysis of many cryptocurrencies are still very young. As a result, we can’t trace any funds which amounts to less than $5,000 due to the technological restrictions.
On the flip side, for any value above the figure we mentioned before, tracing can be done quickly and on average the funds can be recovered within a couple of weeks. Note that, there is no fixed time for the recovery process and it depends upon a variety of factors such as nature of the scam, location, etc,.
Platform Assessment – Till now people had to rely on either reviews or online testimonials in order to make an informed decision on the internet. Whenever a new service is launched, usually there will be no coverage on the internet and by the time information is gathered, it might be too late. So, to reduce the risk of the investors and to make everyone’s life easier, we have come up with the best solution.
Regardless of whether you are dealing with a GPT, PTC, ICO, Investment sites, Online brokerages or shopping platforms, before making the payment, input the url on our site and we will do a dedicated post on the topic. In other words, you can learn about the authenticity of a firm or a service without putting your money at risk.