Recover Funds from Crypto Scams
The legal framework regarding crypto-currencies is yet to be laid down. RBI has not given any licence/authorization to any entity/company to deal with any virtual currency. There is No International Tax on cryptocurrencies. In the absence of a legal framework, it is advisable for individuals to exercise caution while dealing with virtual currencies such as Bitcoins, USDT, etc. Crypto can be sent overseas quickly with limited oversight. Crypto is a volatile investment. The value can go up or down quickly and there are no guaranteed returns.
Scammers use cryptocurrencies, like bitcoin or USDT, because they are not easily recovered. Though recently, clients have been able to recover their crypto funds with our help.
The most common crypto scams are as follows:
- Investing in a fake crypto exchange, website or app - also known as Pig Butchering Crypto Scam
- Fake crypto tokens, investments or jobs trading crypto
- Crypto P2P scam - Fake cybercrime complaint
- Fake Crypto Trading Platform Scam
- Fake Job scam
- Fake Tasks scam
If you feel you are or have being in any of the situations above, then you can contact us to schedule a paid consultation. We offer consultation and counseling for Recovery of Funds from Crypto Scams. We provide valuable support by guiding you through the steps to recover your stolen funds.
Legal Landscape and Common Scams
Typically associated with criminal activities on the dark or hidden web, these currencies are not commonly utilized by legitimate businesses. Therefore, any requests for business transactions involving cryptocurrencies should be treated with suspicion.
Individuals engaging in Bitcoin and other cryptocurrency transactions via various platforms must exercise caution. Fraudsters abound, often using fake identities to deceive individuals during the buying and selling of cryptocurrencies. Hence, vigilance is crucial when navigating these transactions to avoid falling victim to scams.
Pig Butchering Crypto Scam
Originating from WhatsApp, Telegram or other social media platforms
Originating from Southeast Asian countries like Hong Kong, China, Malaysia, etc this fraudulent scheme typically begins with the scammer initiating contact with the victim through social media, dating apps, WhatsApp or Telegram, using a fabricated profile. They gradually build trust and rapport with the victim, casually mentioning their substantial profits from cryptocurrency investments.
When the victim expresses interest in making an investment, the scammer guides them to what seems like real cryptocurrency exchange websites, but in reality, the scammer has full control over them. These are NOT real or genuine cryptocurrency exchange platforms but fake ones which are directly controlled by scammers and all details you see on those websites are fabricated.
Gaining the trust of the victim
The victim often goes to a well-known exchange like Coinbase, purchases stable coins like USDT, USDC, etc, and transfers few small investments to the fake platform's wallet. The scammer proceeds to post modest profits and even allows the victim to make small withdrawals a few times, thereby solidifying the illusion of a legitimate platform. They allow these small withdrawals with sole intention of gaining the trust of the victim.
Once convinced of the platform's authenticity and the legitimacy of gains, victims start investing larger sums, sometimes exceeding Lakhs or Rupees. Many victims acquire these funds through personal savings, Loans from friends & family, Loan against Property and Retirement funds like Provident Fund and PPF.
Abrupt surprise during withdrawal
When victims attempt to withdraw their substantial investments, the scammer denies their requests, claiming that a percentage (typically 10-30%) must be paid as Crypto taxes before the withdrawal can proceed. This tax requirement is a deception. The primary intent behind imposing this requirement is to obtain additional funds from the victim.
Even if the victim complies and pays the alleged taxes, the scammer continues to obstruct fund withdrawals, citing various reasons.
Ultimately, the scammer disappears, breaks all contact with the victim, and absconds with the invested funds, resulting in another successful instance of the "pig butchering" crypto scam.
Our Service
We offer consultation and counselling for recovering your stolen crypto for victims of the 'Pig Butchering' Scam. We provide valuable support by guiding you through the steps to recover your stolen funds. Please Note: we are NOT Recovery Agents and do not take on any contingency assignments to recover your lost funds. Note that all consultations with the our experts are paid consultations.
We have provided consultation and guidance to individuals, some of whom have been able to recover the funds with the help of Police. Click here to read all about it in this post.
We offer consultation and counseling for recovering your stolen crypto for victims of the 'Pig Butchering' Scam. We provide valuable support by guiding you through the steps to recover your stolen funds. Please Note: We are NOT Recovery Agents and do not take on any contingency assignments to recover your lost funds. Note that all consultations with the our experts are paid consultations.
Fake Crypto Trading Platform Scam
The fake crypto trading platform scam typically involves fraudulent websites or apps that claim to offer cryptocurrency trading services. These scams often target inexperienced investors or individuals looking to make quick profits in the cryptocurrency market.
Here's how the scam typically works:
Fake Websites or Apps: Scammers create websites or apps that mimic legitimate cryptocurrency exchanges or trading platforms. These platforms often have professional-looking designs and may even appear in search engine results or advertisements.
False Promises: The scammers lure victims by promising high returns or guaranteed profits with little to no risk. They may use tactics such as fake testimonials or celebrity endorsements to make their platform seem more legitimate.
Deposit Requests: Once a victim signs up for the platform, they are usually asked to deposit funds into their account to start trading. The scammers may accept various forms of payment, including cryptocurrencies and fiat currency.
No Withdrawals or Access: After depositing funds, victims may find it difficult or impossible to withdraw their money from the platform. The scammers may block access to accounts, ignore withdrawal requests, or come up with excuses for why withdrawals are not possible.
Disappearance: Eventually, the scammers may shut down the fake platform and disappear with the funds that were deposited by users. Victims are left with little recourse to recover their money, as the scammers often operate anonymously and may be located in jurisdictions with weak consumer protection laws.
To avoid falling victim to fake crypto trading platform scams, it's essential to conduct thorough research before using any platform for trading or investing. This includes verifying the legitimacy of the platform, checking reviews and user feedback, and being wary of promises of guaranteed returns or unrealistic profit opportunities. Additionally, it's crucial to only use reputable and well-established cryptocurrency exchanges for trading activities.
A cryptocurrency peer-to-peer (P2P) scam involving fake cybercrime complaints typically operates as follows:
Initial Contact: The scammer initiates contact with the victim through a P2P platform or messaging app, posing as a legitimate buyer or seller of cryptocurrency. They may present themselves as interested in conducting a transaction and may provide fake credentials to gain the victim's trust.
Transaction Setup: After establishing communication, the scammer proposes a cryptocurrency transaction involving a significant amount of funds. They may offer to buy or sell cryptocurrency at an attractive rate to entice the victim into participating.
Fake Cybercrime Complaint: At some point during the transaction process, the scammer claims to have been a victim of cybercrime, such as hacking or unauthorized access to their account. They may fabricate a story about losing funds or facing legal consequences due to the alleged cybercrime incident.
Pressuring the Victim: To further manipulate the victim, the scammer may claim that their funds are frozen or inaccessible due to the supposed cybercrime complaint. They may pressure the victim to expedite the transaction or take specific actions to help resolve the situation.
Request for Assistance: The scammer may request financial assistance or personal information from the victim under the guise of resolving the fake cybercrime complaint. They may claim that providing funds or sensitive information will help expedite the release of their frozen assets or prevent legal repercussions.
Loss of Funds or Data: If the victim falls for the scam and provides financial assistance or personal information, they may suffer financial losses or become victims of identity theft or fraud. The scammer may disappear once they have obtained what they wanted, leaving the victim with little to no recourse for recovering their funds or data.
To avoid falling victim to a cryptocurrency P2P scam involving fake cybercrime complaints, it's essential to exercise caution when engaging in transactions with unknown parties online. Be skeptical of individuals who claim to be victims of cybercrime and request financial assistance or personal information. Additionally, only conduct transactions through reputable and secure platforms, and never provide sensitive information or funds to strangers without verifying their identity and intentions.
We offer consultation and counseling for recovering your stolen crypto for victims of the 'Fake Crypto Platform' Scam. We provide valuable support by guiding you through the steps to recover your stolen funds. Note that all consultations with the our experts are paid consultations.
Crypto P2P scam - Fake cybercrime complaint
Initial Contact: The scammer initiates contact with the victim through a P2P platform or messaging app, posing as a legitimate buyer or seller of cryptocurrency. They present themselves as interested in conducting a transaction and sometimes provide fake credentials to gain the victim's trust.
Transaction Setup & Execution: After establishing communication, the scammer proposes a cryptocurrency transaction involving a significant amount of funds. They may offer to buy or sell cryptocurrency at an good rates to lure the victim and execute it.
Fake Cybercrime Complaint: At some point after the transaction process, the scammer claims to have been a victim of cybercrime, files a cybercrime compliant with the Police. They fabricate a story about losing funds due to the alleged cybercrime incident.
Pressuring the Victim: To further manipulate the victim, the scammer may claim that their funds are frozen or inaccessible due to the supposed cybercrime complaint. They may pressure the victim to expedite the transaction or take specific actions to help resolve the situation.
Request for Assistance: The scammer may request financial assistance or personal information from the victim under the guise of resolving the fake cybercrime complaint. They may claim that providing funds or sensitive information will help expedite the release of their frozen assets or prevent legal repercussions.
Loss of Funds or Data: If the victim falls for the scam and provides financial assistance or personal information, they may suffer financial losses or become victims of identity theft or fraud. The scammer may disappear once they have obtained what they wanted, leaving the victim with little to no recourse for recovering their funds or data.
To avoid falling victim to a cryptocurrency P2P scam involving fake cybercrime complaints, it's essential to exercise caution when engaging in transactions with unknown parties online. Be skeptical of individuals who claim to be victims of cybercrime and request financial assistance or personal information. Additionally, only conduct transactions through reputable and secure platforms, and never provide sensitive information or funds to strangers without verifying their identity and intentions.
We offer consultation and counseling for victims of the 'Fake Cybercrime Complaint' Scam. We provide valuable support by guiding you through the steps to recover your frozen funds. Note that all consultations with the our experts are paid consultations.
Fake Job scam
As the name suggests, scammers target people online on the pretext of offering a job and later stealing their money. It is similar to fake tasks scam listed below