Lately, we have seen more and more news about clients falling for crypto scams. According to one blockchain research group, scammers stole over $6 billion in digital currencies in 2021.
While crypto promised users anonymity and tracking coins was hard, the world realized the need for some sort of control. Especially after child traffickers and drug sellers started abusing virtual invisibility in any payment system.
That’s how we came to CipherTrace, a unique crypto-tracking tool. Using it, people can now track their transactions, see the whole path of funds and determine which exchange is the one receiving their funds.
Major crypto exchanges, such as Luno, Binance, and Coinbase, fall under certain regulations. Showing them that their business has links to criminal activities could lead to a successful resolution and refunds.
Simply put, you can use CipherTrace in any case involving the loss of cryptocurrencies. The most common case is online trading fraud.
Scam brokers often use crypto as their primary or even only available payment method. Once customers transfer cryptocurrencies to the broker’s wallet, they have slim chances of recovering funds through chargeback or recall.
Those who have no crypto wallet are instructed on how to open the wallet or purchase crypto through an ATM, then transfer it to a broker.
Once clients deposit their crypto, they have no clue where the money goes. They simply put the recipient’s wallet ID and click on the transfer button.
This all has changed with CipherTrace. Now, you can use the transaction ID number to follow your transfer and find the wallet. Then, you can link this wallet to a certain exchange.
If the business is regulated in a Tier 1 jurisdiction, you have solid chances of recovering your money.
As explained above, once the customer agrees, they will transfer funds to a specific wallet without information about the exchange or the wallet owner.
Other than that, scammers may use tools such as AnyDesk or TeamViewer and gain access to your device – a PC or a mobile phone. Through a remote desktop access app, they can log in to your online banking or a crypto wallet.
Then, they can simply transfer your crypto to their wallets with no questions. Often, older people tend to forget to turn off their PC after usage. This is an ideal opportunity for scammers to connect and wipe off all the accounts.
Finally, they may try and convince you that you need to confirm your wallet with the transfer matching the withdrawal amount. This is crucial for them to approve the withdrawal request or a refund.
Once you agree and transfer an amount to a fraudulent firm, you’ll never hear from them again.
Up to now, there have been very few solutions for these cases. Authorities could not start any legal actions as firms rarely gave real details. Often, they use offshore headquarters and register through third-party agencies, so prosecuting anyone is difficult.
On the other hand, wallets ensured the anonymity of participants.
Thanks to CipherTrace, all the victims can follow their transactions and find the end destination.
CipherTrace enables blockchain analytics and finding the transaction path. Like you can follow funds moving from one bank account to another, and now you can see crypto movement as well.
You can see the wallet ID and whether this wallet is a high risk. If yes, it means numerous others have filed the same report, or the wallet was already connected with the dark market. Getting to the face behind the fraud is a bit easier in such cases.
Other than that, CipherTrace can tell whether the wallet has been linked to the dark market, gambling, fraudulent exchanges, broker firms, and more.
If a regulated exchange, such as Binance, received the funds, you could send them a legal notice. Show the crypto movement, link the wallet to criminal organizations, and request for the wallet to be frozen.
Additionally, you can request reimbursement. Since most legal exchanges wouldn’t like anyone to associate them with scammers, they can ban particular wallets and refund customers.
And that’s what we needed all along – help to deal with crypto cyber fraud.
Of course, if you’re not tech-savvy, using a sophisticated tool such as CipherTrace may be overwhelming and quite expensive. Besides, it requires dedication and time to learn all the features, collect the information, and then send a legal letter to an exchange.
That’s why our experts are here. We want to ensure that you get the proper assistance at the right time. Using CipherTrace, crypto forensics, and other advanced methods, we can collect enough evidence and help you seek justice in front of all the relevant authorities.
CipherTrace is crypto tracing software. Using crypto analytics, it can connect the wallet ID to a specific crypto exchange. Since exchanges require KYC, they can find the wallet owner.
CipherTrace can follow the transaction through transaction ID and trace your funds. Once you know which exchange has received them, you can request a refund.
You can use CipherTrace as an individual, but that usually requires lots of learning. Instead, you can let professionals assist with the matter and trace your funds.
CipherTrace is a legit crypto tracking software cooperating with 150 banks, VASPs, regulators, and other agencies. It has seven offices worldwide and impeccable score. You can contact them and learn everything about the services they provide.
CipherTrace is crypto tracing software. Using crypto analytics, it can connect the wallet ID to a specific crypto exchange. Since exchanges require KYC, they can find the wallet owner.
CipherTrace can follow the transaction through transaction ID and trace your funds. Once you know which exchange has received them, you can request a refund.
You can use CipherTrace as an individual, but that usually requires lots of learning. Instead, you can let professionals assist with the matter and trace your funds.
CipherTrace is a legit crypto tracking software cooperating with 150 banks, VASPs, regulators, and other agencies. It has seven offices worldwide and impeccable score. You can contact them and learn everything about the services they provide.
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