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How to recover crypto from a scammer

How to recover crypto from a scammer?

  • 14 August 2022
  • 90 View

Cryptocurrency is stored in a digital wallet, which can be online, on your computer, or an external hard drive. A digital wallet has a wallet address, which is usually a long string of numbers and letters. If something happens to your wallet or cryptocurrency funds — like your online exchange platform goes bust, you send cryptocurrency to the wrong person, you lose your digital wallet password, or your digital wallet gets stolen or compromised — you’re likely to find that no one can step in to help you recover your money. You may have trouble storing your digital currency and give your digital currency to Scammers. In this article, we will show you How to recover crypto from a scammer.

How to avoid cryptocurrency scams

Scammers are always finding new ways to steal your cryptocurrency funds. To avoid a crypto scam, here are some things you should know.

Only scammers ask for payment in cryptocurrency. No legitimate company will require you to send cryptocurrency in advance – not to buy anything and not to protect your money. This is always a scam.

Only scammers guarantee profits or big returns. Don’t trust people who promise you can make money quickly and easily in the crypto markets.

Never mix online dating and investment advice. If you meet someone on a dating site or app and they want to show you how to invest in crypto or ask you to send them crypto, that’s a scam.

Detect crypto-related scams

Scammers use some tried-and-true scam tactics – only now they are demanding payment in cryptocurrency. Investment scams are one of the most common ways scammers use to trick you into buying cryptocurrency and directing you to scammers. But scammers also pose as corporations, government agencies, and love interests, among other tactics.

Investment fraud

Investing scams often promise you can “make big bucks” with “zero risk” and often start on social media or online dating apps or websites. Of course, these scams can also start with an unexpected text message, email, or phone call. And when it comes to investment fraud, crypto is central in two ways: it can be both the investment and the payment.

Here are some common investment scams and how to spot them.

A so-called “investment manager” contacts you out of the blue. They promise to grow your money – but only if you buy a cryptocurrency and transfer it to their online account. The investment website they are directing you to looks legit but it is fake and so are their promises. If you log into your “investment account” you will not be able to withdraw your money at all or only for a high fee.

A scammer pretends to be a celebrity who can multiply any cryptocurrency you send them. But celebrities don’t contact you on social media. It’s a scammer. And if you click on an unexpected link they send or send cryptocurrency to a so-called celebrity’s QR code, that money goes straight to a scammer and it’s gone.

Investment fraud

An online “love interest” wants you to send money or cryptocurrency to help you invest. This is a scam. As soon as someone you meet on a dating site or app asks you for money or offers you investment advice, you know they’re a scammer. The advice and offers to help you invest in cryptocurrency are nothing but scams. If you send them crypto or money of any kind, it’s gone and you usually don’t get it back.

Scammers guarantee that you will make money or promise big payouts with guaranteed returns. Nobody can give these guarantees. Much less in a short time. And there is no “low risk” in cryptocurrency investing. So: if a company or a person promises you profit, that is fraud. Even if there is a prominent recommendation or testimonials from satisfied investors. They can easily be faked.

Scammers promise free money. They promise free cash or cryptocurrency but free money promises are always fake.

Scammers make big claims with no details or explanations. Whatever the investment, find out how it works and ask questions about where your money is going. Honest investment managers or advisors will want to share this information and will back it up with details.

Before investing in crypto, search online for the company or person name and the cryptocurrency name, as well as words like “review,” “scam,” or “complaint.” See what others are saying. And read about other common investment scams.

How to recover crypto from a scammer: Top 5 Ways

Below are the top five ways to recover funds from cryptocurrency scams:

Look for the transaction identification code (ID)

Before you can get your crypto funds back, you need to find the transaction ID code used by the scammers to steal your funds. These ID codes allow you and the authorities to trace the money and see where it is going. Even if it’s still possible to track your funds without the codes, this information can speed up the investigation and increase the chances of recovering your funds from the crypto scam. To get the transaction ID code, you should look for the unique string of numbers and letters that indicate crypto movement from one specific address to another. If you have these ID codes, you and the investigator can get information about the sending and receiving addresses, fees, and transaction amounts. This allows the scammer to be identified as quickly as possible. However, if you want to better understand how cryptocurrency scams work and identify them, you can check some reliable resource websites for more information.

Monitor your credit score

The first thing to do after you know you’ve been the victim of a crypto scam is to check your credit report. This is to identify and obtain information about certain fraudulent accounts opened in your name. You can use the fraudulent account details to track down the scammers and potentially recover your crypto funds. Additionally, it’s important to add a fraud alert to your credit report to protect your account from scammers. With the warning in place, cybercriminals will stop using your identity to open a new credit account in your name. To file a fraud alert, be sure to contact your local credit bureaus.

Properly document the scam

Losing important cryptocurrency scam information can seriously affect your ability to recover your money from the scammer. For this reason, it is important to document the situation accurately and correctly. Whether it’s text messages, emails, or other correspondence, make sure you keep an eye on these sources of information for refund purposes. To ensure proper documentation of cryptocurrency scams, you should collect the following information:

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

In addition, you should also secure access to the accounts from which the funds originate. This is especially true when investigators ask you to prove ownership of the crypto account to expedite the investigation.

How to recover crypto from a scammer

How to recover crypto from a scammer: Notify the crypto exchange of the scam

If you use a specific exchange to fund your crypto account and send money to a scammer, it is best to report the scam there. Let them know that the recipient of your money is a scammer so the exchange platform can provide extra security to your account. While this step doesn’t guarantee recovery, it can increase your chances of getting your money back by encouraging them to look for patterns that will help track down the scammers. Moreover, notifying the exchange will also make it harder for cybercriminals to scam other users in the future.

How to recover crypto from a scammer: Report the scam to law enforcement

While this does not guarantee the recovery of funds, it is also best to report the cryptocurrency scam to the appropriate law enforcement agencies in your area. When you report a scam, the government usually tracks down the criminals and recovers your money for you. Therefore, do not hesitate to cooperate with your government. Assuming you are a US citizen. In this case, you can deny any fraudulent activity with U.S. crypto. Securities and Exchange Commission, the Commodity Futures Trading Commission, and the Federal Trade Commission. If you live outside the US, try checking where to report a crypto scam to get your money back.

How to recover crypto from a scammer: Wrap up

Dealing with a cryptocurrency scam can be frustrating, especially when you have no idea how to get your money back. However, if you keep the above information in mind, with the help of the investigators, you might be able to track and confiscate your funds from the scammer in no time.


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