If there is one thing that crypto traders all over the world are scared of, it is the fear of getting scammed of their assets. Imagine going to bed with the amount of Bitcoin you have in your wallet and waking up with nothing. The reactions to such experiences are usually similar amongst the victims, but some are peculiar as everyone processes loss differently. You will only really understand what it feels like once you’ve been stolen from or scammed. No wonder crypto traders are now asking if stolen Bitcoin can be recovered. Well, can it?
Over the years, scammers have devised new tactics to lure unsuspecting crypto traders and scam them. The latest tactic is the pig-butchering scam, where the scammer pretends to be in love with the target. After the scammer must have established a faux well-meaning romantic or friendly connection, they convince the target to transfer all their assets to them. And just like that, the Bitcoin is gone!
The difficulty in recovering stolen bitcoin and other crypto assets lies in the anonymity of the blockchain. While this is supposed to be one of the numerous advantages of trading cryptocurrency, it has recently become a downside. The Anonymity of the blockchain makes it challenging to track the money flow and pin down the offenders. Since there is no single blockchain operator, its decentralized nature makes it more difficult to recover stolen bitcoin.
Some guaranteed steps to recover stolen bitcoin
More often than not, stolen bitcoin is hardly recovered, but there are specific steps one can take to help. These steps are discussed below.
Contact the Scammer
The first step to recover your stolen Bitcoin is to email the investment company that scammed you. Threaten to report them to the financial authorities if they don’t return your money. If the company still wants to continue their crypto exchange business, they will return it. However, if the company was set up with the sole purpose of scamming traders, the other steps will have to suffice.
You’ll have to go legal if the email threat doesn’t work. Contact the financial authorities and make a detailed report. Victims of Bitcoin theft must report the crime to law enforcement agencies focusing on financial cybercrimes. Collaborating with the law increases your chances of recovering your stolen assets by at least 40%.
Publish your story online
Never underestimate the power of social media. Many traders have found their scammers online without stress by publishing their stories online. An excellent way to start is by publicizing the name of the investment platform or broker on Quora, Facebook, Twitter, or Reddit to see if others have information on this company or any clues as to how you could get your money back. This may also help prevent others from falling prey to the scam as well.
You can also convince influencers with a large following to help you publish your story so that it can reach a wider audience. You need to try every channel available because you can never tell where help will come from.
Notify Your Crypto Wallet Provider
Contact your Bitcoin wallet/crypto wallet provider. Let them know that the crypto company is a scam and is refusing to give your money back. This will raise awareness and ultimately jeopardize the scam’s relationship with the crypto wallet, which may also help prevent others from being scammed.
It is easy for scammers to play on the intelligence of many crypto traders because they are always looking for more. Crypto traders are always looking for easier ways to earn money, and that is what these scammers capitalize on. It is why they always come bearing ridiculous rates that no sane person would want to turn down. That is why you must be alert! It is okay to want to make a profit but don’t lose gold while picking stones. Research any platform or project before investing your money to prevent scams.
Hire a Bitcoin Recovery Expert
Hiring a Bitcoin recovery expert is usually the last resort for many victims. Bitcoin recovery experts usually use tech tricks and different tactics to help victims recover their stolen Bitcoin. There are different Bitcoin recovery experts. These experts usually charge a merger fee for their services, so you have to prepare your pockets accordingly. Choose one that is reliable and trustworthy so that you don’t lose at both ends.
Exchange Bitcoin for money on the safest platform in Africa
If hearing about crypto scams has deterred you from trading Bitcoin for cash, this is your sign to do away with that fear. Dart Africa is an innovative crypto exchange platform that is known for its tight security measures to ensure that its users never get scammed. The Dart Africa website is fortified with world-class security technology to ensure that your assets and personal information are always safe. In addition to being absolutely safe, Dar Africa sells cryptocurrency at the best rates, has an automated rates calculator, and makes trading easier for everyone.