What Are Crypto Recovery Scams? – Check Out Our Research

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Ever since Bitcoin showed up on the financial market in 2009, cryptocurrencies have been the focus of both investors and scammers. Numerous fraudulent crypto exchanges vanished after they collected sufficient funds. So did fake online trading brokers and cryptocurrency hackers. All of them impose a threat to your digital currencies.

However, there’s a new threat out there in the form of crypto recovery scams. Numerous companies nowadays claim they can help victims deal with Bitcoin scammers and regain their virtual currencies.

In fact, they’re exploiting the situation to steal even more money from already desperate people and disappear. While cryptocurrencies are possible to recover, you cannot expect any positive outcome from a fraudulent firm.

If you’ve fallen into a Bitcoin scam, there’s a high chance that Bitcoin recovery scammers may also target you. These people look for inexperienced investors with an adverse acquaintance with the financial market, often with fake online trading platforms.

They usually post ads via social media and Google Ads, promising assistance with Bitcoin investment scams. Supposedly, they can get your crypto back from the fraudster, but you need to pay upfront for their services.

Once you sign up for the ad, they will show you fake success stories of all the clients they have helped in the past. Then, they’ll ask to cover the fees for the alleged crypto investigation and legal process that they will start under your name.

Sometimes, they may present themselves as employees of a certain crypto exchange you used or as financial authorities.

Their utmost goal is to get you to transfer them funds, preferably via a crypto wallet. They might sell you a story of the necessary wallet verification, e.g., that you must prove that a certain crypto wallet belongs to you so that they can refund you. In other cases, they might ask you to confirm your banking details or a credit card number before they send you money.

Don’t fall for these stories. Always check who’s on the line. Confirm that you’re dealing with an actual exchange employee or someone working for a legitimate chargeback firm, not someone providing fake crypto recovery services.

Losing money to a Bitcoin scam is nothing to be ashamed of. However, you should be quite aware that those who have scammed you once can prey on you again. Not once have we heard of fraudulent brokers selling clients’ data to alleged recovery firms or trying to carry out recovery scams themselves.

None of the authorities or genuine crypto recovery companies can know the details unless you give them. If you receive a call out of the blue and the person on the other side knows too much about your case, you should immediately be on alert. Further, if they ask to communicate via Telegram or a similar app, it’s suspicious.

If you’re wondering whether recovering stolen Bitcoins is possible, the answer is yes. There are several ways to do so.

First, you can contact the exchange platform you used to transfer Bitcoin or any other digital currency to a scammer. If the exchange is legitimate, you can tell them your story and provide them with as much information as possible.

If you fall victim to a fake exchange or a scam broker, you can contact them directly and ask for a refund. Although, this method will rarely give any results.

Additionally, you can contact regulators and local authorities, depending on who’s in charge of regulating the financial market in your country.

Lastly, you can contact recovery experts such as Global Fraud Protection. The company has broad experience dealing with financial swindlers and helping victims recover their stolen Bitcoins.

You must submit all the relevant documents if you’ve contacted the legitimate exchange. If they can prove that you have been scammed, there’s a high chance that they’ll approve your refund request. After all, no legitimate business wants to be associated with criminals and scam activities.

If you’ve submitted a refund request directly to a fake exchange/scam broker, you can only wait for their response. But we’d say it’s a long shot.

Suppose you’ve filed a report to local authorities. You should know regulators cannot reimburse you if a brokerage isn’t under their license. While the police and banks can take certain steps, it might be a long way before they’re able to recover your funds. It’s all due to the complexity of crypto transactions and their anonymity.

If you decide to contact a legitimate recovery company, they might help you use various crypto tracking techniques and crypto forensics.

As mentioned, getting your money back is possible, and legitimate companies are fighting for justice. One such is Global Fraud Protection. Our employees use various crypto-tracing techniques, including CipherTrace software, to help you follow the transaction. Once we know where your money is, we can help you submit a legal demand letter for fund recovery.

Every piece of evidence you share with our specialists can help not only you but everyone in your situation. Contact us now, and let’s begin the procedure!

The post What Are Crypto Recovery Scams? – Check Out Our Research appeared first on Global Fraud Protection.


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