Getting caught out in a crypto con can be embarrassing and upsetting and you might be wondering what you can do if you get scammed and how to get your money back.
There’s no doubt it can be tough to do. After all, the scammers go to great lengths to stay one step ahead of the law, such as using bitcoin mixers.
> Free advice on crypto scams if you’ve lost more than £10,000/$10,000
So, are there people who can help you to get your money back from a crypto/Bitcoin scammer and recover your stolen cryptocurrency?
Here I look at whether crypto recovery experts can help find your lost coins.
Can stolen Bitcoins or crypto be recovered?
Despite what you may have heard, Bitcoin and other cryptocurrencies aren’t completely anonymous.
There are many different ways that blockchain transactions can be traced, especially if you hire a team of reputable crypto forensic experts to examine your case.
Following the coins isn’t always straight forward however.
There are apps called Bitcoin mixers which are often used by crypto scammers and thieves to launder stolen coins.
But some experts argue that even mixers do not completely hide Bitcoin transactions from those trained to track them.
Other cryptos are harder to trace, especially so-called privacy coins.
One of these which has drawn controversy and has been delisted from some exchanges because of the anonymity it offers is Monero.
This is much harder to trace. Crypto scammers often ask victims to deposit the stablecoin Tether (USDT) to fake platforms, before converting it to Monero and moving it to anonymous wallets.
Even though some coins are far more traceable than others, and the destination wallets can be discovered, it’s no easy task to actually return your coins.
The reality is that it’s incredibly difficult to get your crypto back from scammers, no matter what a crypto recovery firm might tell you.
However, that’s not to say it’s impossible and there have been some genuine success stories.
But it’s important to manage your expectations if you use a crypto recovery firm no matter how desperate you may feel.
Bitcoin and crypto recovery experts
Today there are many firms who help people recover Bitcoin and cryptocurrency lost in scams.
These are known as crypto recovery experts, and they offer a wide range of services to help trace stolen coins.
Many of them claim to employ ex-intelligence agents, such as those from MI6 and Mossad, and regular ex-police officers to help them track crypto scammers and stolen Bitcoin.
> If you've been scammed and lost more than £10,000 / $10,000 see our free scam help page.
So, if you’re wondering ‘how can I get my money back from a crypto scammer?’ then this may be the answer.
Firstly, though, a word of warning.
Scammers lurk in all corners of the cryptosphere, and the area of crypto recovery is no different.
Amidst the genuine Bitcoin and crypto recovery firms and experts, you’ll find firms set up to steal your coins.
It’s crucial that you research any crypto recovery company thoroughly before engaging them.
Make sure you search the internet for reviews and check out the company’s history and team before signing up.
Scammed crypto recovery – firms’ fee structure
There are two distinct types of crypto recovery companies on the market – those that charge an up-front fee and those that work on commission.
Either way, the fees can add up, but it might be worth it if you’ve lost a lot of money.
Most firms set a minimum threshold in terms of the value of crypto lost as working to trace and recover small sums is not financially viable.
I’ve read mixed reviews about many of the crypto recovery firms operating right now.
True success stories are few and far between, although way more people write reviews if they’re unhappy than those who’ve had a good experience.
So, if you’re wondering ‘How can I recover my stolen crypto?’ and if stolen Bitcoins can be recovered then employing a specialist recovery firm could be the answer, but you need to tread carefully.
Also, you need to be sure you’re getting the service you want.
Many companies will offer to trace your coins but can do no more than that.
Others say that if the scammer uses a crypto exchange, which is entirely possible, they can recover their details because they are likely to have given their real details during the KYC/AML part of sign up.
Know Your Customer (KYC) and Anti-Money Laundering (AML) processes are now employed by all major exchanges to prevent fraud and criminal behaviour.
Actually recovering your money will be down to you which could prove to be a virtually impossible task, especially if the crooks are based in another country to you.
Warning signs that a crypto recovery firm might be a scam
Finding a legitimate scam recovery firm can tough as I’ve said, so here are a few things to look out for:
- Upfront fees. It’s quite normal for legitimate companies to do this, but it’s also a common tactic employed by scammers so make sure you check a company’s credentials first.
- No ‘real world’ contact details. Companies that don’t have a registered office or phone number should be avoided, especially those that only want to communicate via social media or email.
- Asking for your crypto wallet details. There’s no reason for a firm to have this information, unless it was used as part of the scam.
- Glowing testimonials. Unfortunately some scammers are quite good at their own PR and engage review farms to create fake testimonials and sometimes press releases about their success.
- Unsolicited approaches. It may be the people who originally scammed you are now pretending to be able to help you get your crypto back. It’s best to ignore all unsolicited communication from scam recovery firms.
List of crypto recovery firms
We can help guide you towards a legitimate crypto recovery/crypto tracing firm that can help with your issue.
> Contact us for more information
What do you do if you get scammed in crypto?
The first thing to do is to break off all contact with the scammers.
They often hound victims for more money, even becoming aggressive and making threats if they don’t get what they want.
In some cases they threaten to report the victim to the authorities for so-called illegal financial activity.
This can be frightening for people, especially if they’re in a country that takes a dim view of crypto trading.
But you should ignore the threats as the last thing the crooks want is contact with the authorities.
Report the scam to the police or fraud hotline in your country, and contact your bank to explain what’s happened.
You should also contact any crypto exchange that you signed up to in order to send coins to the scammers.
You might be feeling embarrassed at what’s happened, especially if you’ve borrowed money from loved ones or friends to fund your investment.
But don’t give up hope. Check out my post on other things you can try to get your money back from a crypto scam.
Can you get back scammed crypto?
If you’ve lost money to a con and are wondering if you can get back scammed crypto then, as I’ve said already, it’s important to realise it’s very difficult.
The companies above, and others, will help you to a point and some may be able to actually recover your funds.
But finding where your coins have ended up and actually seeing them sent back to your crypto wallet are two different things.
If the scammers live in your own country, it might be easier and you could even consider employing a private investigator to help if the authorities can’t.
Crypto fraud can be complex and the law is a grey area, especially as the crypto world is still largely unregulated.
As such, it might be difficult for the police to get involved and, even if they do, it might take many months before any progress is made on your case.
If you realise you’re being scammed, keep detailed records of all the people you’ve spoken to, their social media profiles and any Transaction Identification (ID) codes which can help trace your crypto.
How do I report a crypto scam?
The first thing to do is to contact your local police force to see if they can help.
You can then contact Action Fraud to report what’s happened and to see what can be down.
It’s important to realise that you can report a crypto scammer but actually recovering your coins is a different matter.
However, it’s crucial that you do report it because it helps the authorities build up a database of scams and ultimately formulate a better process for tackling them.
Also, if ever they do manage to catch the scammers and recover stolen crypto they’ll have your details on file and will be able to return your coins to you.
If this fails, you might consider using one of the Bitcoin scam recovery experts that I’ve mentioned above.
Common crypto scams
Since setting up this blog I’ve written about many different crypto scams and have created a list of the ones I’ve heard about.
Many of these might already have been shut down as the scammers tend to move on once they’ve made all they can from a particular scam platform.
One common theme that often features in the scams I’ve written about is love, which is why I’ve written a specific feature on romance scams. Also, many crypto cons fall into the category of pig butchering scams.
The scammers know that people who are looking for a partner can be emotionally susceptible to amorous advances.
The sad thing is that the scammers hide behind fake profiles so you never really know who you’re taking to.
They also work in gangs, so if you’re ever directed to a social media channel on Telegram or similar which ‘proves’ the scam is legitimate you’ll often see lots of messages raving about what a good investment opportunity the scam is.
This is where you need to employ your common sense and always think – if something seems too good to be true, it probably is.
Are the returns offered realistic? Why would someone you’ve only just met be offering this fantastic opportunity? Have you really checked out who they are?
You can read more about how to spot a crypto scam here.
If you come across a crypto scam, please let me know so that I can add it to the list.
Locked out of a crypto wallet?
It’s also worth mentioning that crypto recovery experts help people who’ve lost access to their crypto or Bitcoin wallet as well.
They use a wide variety of techniques to gain access to your lost coins and have had some significant successes.
So, if you’ve got a Bitcoin fortune sitting on a wallet that you can’t access, don’t give up hope as there are people that can help.
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