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Top 5 Ways To Recover Funds From Cryptocurrency Scam

Crypto Scams are on rise and many people have fallen prey to these scams. The scammers have lured innocent people via WhatsApp group, Telegram Group, Instagram etc. In this article, we will discuss top 5 ways to recover funds from cryptocurrency Scam.

As you know, Cryptocurrency has become a popular digital asset used for several transactions in today’s digital world. To avoid fees and maintain anonymity, an increasing number of people are using cryptocurrency to purchase products and services and conduct payment transactions. Not only that, but investors also hold different digital currencies as investments to gain more profit.  

For these reasons, cryptocurrency has also caught the attention of many scammers in the digital world. Primarily, a cryptocurrency scam refers to an illegal scheme that involves stealing your digital assets through phishing, blackmail, Ponzi schemes, and fake exchanges, among others. 

If you’ve been scammed, you’d feel devastated because of what happened, and you’d ask yourself whether the stolen funds could be recovered. Although there’s no 100% guarantee of recovery, there are ways to increase your chances of getting back your money.  

Below are the top five ways to recover funds from the crypto scam: 

1) Look For The Transaction Identification (ID) Code

Before you can possibly get your cryptocurrency funds back, you’ll need to find the transaction ID code used by the scammers to steal your money. 

These ID codes will enable you and the authorities to trace the money and see where it’s going. Even if it’s still possible to follow your money without the codes, having this information can speed up the investigation and boost the odds of recovering your funds from the cryptocurrency scam.  

To get the transaction ID code, you should look for the unique string of numbers and letters that show cryptocurrency movement from a particular address to another. When you have these ID codes, you and the Police can obtain information on the sending and receiving addresses, fees, and transaction amounts. Consequently, the scammer can be identified as quickly as possible.  

However, if you want to understand better how crypto scams work and how you can recover money from these then you can contact us and schedule an appointment with us so that we can guide you appropriately. Please note that all consultations are paid consultations. We support clients from all over the world and we have a very good success rate.

2) Monitor Your Credit  

After knowing that a cryptocurrency scam has victimized you, the first thing you should do is check your credit score and report. This is to identify and obtain information on certain fraudulent accounts opened in your name. You can use the details of the fraudulent accounts to track down the scammers and potentially recover your cryptocurrency funds.  

On top of that, it’s also essential to add a fraud alert to your credit report to safeguard your account from scammers. With the alert in place, cybercriminals will no longer use your identity to open a new account in your name. To file a fraud alert, make sure to contact the credit bureaus in your country.

3) Document The Scam Properly  

Losing track of vital information about the cryptocurrency scam can significantly affect your ability to recover your money from the scammer. Because of this, it’s crucial to document the situation accurately and properly. Whether it’s text messages, emails, or other correspondence, make sure to keep track of these sources of information for fund recovery purposes.  

To ensure proper documentation of the cryptocurrency scam, you should collect the following information: 

  • All transaction ID codes involved; 
  • Any information regarding the scam, including the scammers involved, how the scam started, the amount of money lost, exchanges involved, and when the scam happened; 
  • Other relevant information necessary for the investigation.  

Moreover, you should also secure access to the accounts where the funds originate. This is especially true when the Polices will require you to prove the ownership of the cryptocurrency account to expedite the investigation. 

Our Firm can help you with this documentation.  

4) Notify The cryptocurrency Exchange About The Scam  

 

If you use a specific exchange to fund your cryptocurrency account and send funds to a scammer, it’s best to report the scam to them. Tell them that the recipient of your money is a scammer so that the exchange platform can provide added security to your account.

Although this step doesn’t guarantee recovery, it can help increase your chances of getting your funds back by encouraging them to look for patterns that will help trace the scammers. Moreover, notifying the exchange will also make it more challenging for cybercriminals to scam other users in the future.  

5) Report The Scam To The Police & Law Enforcement Authorities  

Although it doesn’t assure fund recovery, it’s also best to report the cryptocurrency scam to Police or your area’s designated law enforcement authorities. 

Typically, when you report a scam, the government will track down the criminals and get your funds back for you. Hence, don’t hesitate to work with your government.  

For example, suppose you’re a U.S. citizen. In that case, you can report any fraudulent activity involving cryptocurrency to the U.S. Securities and Exchange Commission, the Commodity Futures Trading Commission, and the Federal Trade Commission. 

And if you are in India, you can also call the helpline 155260 to report these frauds. This is an emergency line started by the ministry of home affairs and the RBI and has all major public and private banks onboard. It also has online wallets like Paytm, PhonePe, Mobikwik, Amazon and Flipkart.

Alternatively, you can log a case with Cybercrime Portal of Police: The portal enables citizens to report cybercrimes online and it was launched in to counter the rampant increase in the number of such cases. The national cyber crime reporting centre is located in New Delhi.

All the cyber crime-related complaints will be accessed by the concerned law enforcement agencies in the states and UTs for taking action as per law. The link to this portal is as follows:

https://cybercrime.gov.in/Webform/Crime_AuthoLogin.aspx

If you’re living outside the U.S. or India, try to check where you can report a cryptocurrency scam to recover your money.  

Conclusion

Dealing with a cryptocurrency scam can be frustrating, especially if you have no idea how to get your funds back. But, by keeping the information mentioned above in mind, you, with the help of the police, may be able to track and seize your money from the scammer in no time. Our firm can also assist you in this dealing with this scenario.

Contact us and schedule an appointment with us if you have been scammed. The Wild West atmosphere of cryptocurrency and ICO markets can lure even careful investors into fraudulent schemes. We will work to help you recover your crypto investment losses. Cryptocurrency fraud harms thousands of investors every year. Don’t be a statistic. Take action against the perpetrators and recover your money from cryptocurrency scams. Please note that all consultations are paid consultations.

DISCLAIMER

 
Crypto Scams | Recover Money | Legal Advise | Crypto CA | International Taxation Crypto| Cryptocurrency Fraud | Crypto TDS | Crypto Tax

 

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