Can I Recover My Money From Cryptocurrency Scam has to be one of the most worrying terms in the crypto world, whatever situation you might find yourself from losing the password to a crypto wallet, deleting a hard drive with your keys, and recovery phrases or is it that you were hacked and lost all your coins or you got caught in a bad investment and you want to recover your money back from the fraudulent actors?
Cryptocurrency scams have been around for a while, and cryptocurrency scamming is not playing with the rulebook. A variety of cryptocurrency scams exist phishing (to steal login information), Ponzi schemes, and exit scams ( when a cryptocurrency exchange or ICO runs away with investors’ money). Here we will discuss how cryptocurrency how investors can recover their funds if a cryptocurrency scam occurs.
What exactly is cryptocurrency trading?
Cryptocurrency trading is the act of purchasing, selling, or exchanging cryptocurrencies for any other form of individual or fiat currency.
The price differentials are not always huge, but they can still mean a lot when you’re in it just to make money, with an acceptable risk involved in the market fluctuation.
A profitable strategy may be to buy low and sell high, then wait patiently for your trade value to flip which will net you up to 100% profit if done correctly.
What’s key is that this methodology requires having some kind of instinctive sense about what type of cryptocurrency is worth buying at any given time so understanding how it moves in relation to the current rate is crucial before investing in it blindly.
Very few of the existing laws address cryptocurrencies. Since cryptocurrencies are encrypted digital currencies, most countries do not actually acknowledge them as real money (yet). This gives cryptocurrency investors very little legal protection.
However, cryptocurrency exchanges that engage in cryptocurrency trading scams can be held accountable. This remains true even if cryptocurrency exchanges are located abroad. However, this only applies to cryptocurrency traders who’ve successfully registered their personal information, although tracking of unlicensed and unregistered firms is also possible using special chargeback forensic experts.
The risks of investing in cryptocurrencies
As cryptocurrency investors have grown exponentially in number, so did the number of fraud victims. But what if you were defrauded of cryptocurrency assets? It may seem like an impossible task to recover your losses and even when you do, the fear that comes with cryptocurrency is hard to shake off, but fear not. With a little bit of effort and a lot of motivation, you can recover your cryptocurrency losses.
How To Identify Cryptocurrency Scam
The Federal Trade Commission points out this point to identify a crypto scam:
- Scammers guarantee you 100% that you will make money. Even if it seemed endorsed by a celebrity. ( That can be faked)
- The scheme guarantees a big return within a short time.
- You’re promised free money in cash or Cryptocurrency.
- Scammers make big claims without detailed explanation. People should understand how their interment works and where their money is going.
The cryptocurrency space is not only thrilling but also full of risks and pitfalls. Investors are constantly looking out for safe ventures which can give consistent returns, but cryptocurrency does not give them that kind of security. These financially aware people take help from cryptocurrency news sites to gain knowledge about it before they invest their hard-earned money into cryptocurrency projects.
Things you can do if you’ve been scammed by a crypto-currency investment.
There are some ways that can be done by cryptocurrency investors who were scammed of their cryptocurrency.
- Follow up with the cryptocurrency exchange where you bought cryptocurrency; If a cryptocurrency site is a scam, then cryptocurrency trading will be terminated and your investment will be lost forever. This means that once cryptocurrency has been scammed, you must make sure to do follow-up cryptocurrency from cryptocurrency exchanges where they have been purchased. Contact cryptocurrency exchange customer service.
- Check trading history in cryptocurrency exchanges account; If a cryptocurrency has been sent to an unknown wallet or cryptocurrency investor does not have any knowledge about cryptocurrency transaction details in his/her portfolio. It is very likely for cryptocurrency exchanges to not be able to recover cryptocurrency but can help you track where the money was sent to.
- Investors should report cryptocurrency scams to cryptocurrency exchanges right away. If a cryptocurrency has been traded on the cryptocurrency exchange, it is still possible for them to get your money back, but the time limit is very limited since cryptocurrency investors cannot request information about cryptocurrency trading anymore once cryptocurrency trading has been closed.
- Check if cryptocurrency was sent to a goods seller or a public merchant. Public records can be checked to see who cryptocurrency money was sent. Cryptocurrency investors can still recover cryptocurrency scam money even without cryptocurrency exchanges’ help, by tracking cryptocurrency wallet addresses
- cryptocurrency investors should not hesitate to seek legal help if cryptocurrency scam money is a huge amount of cryptocurrency investor is badly damaged psychologically. Legal advice can be sought from local lawyers for proper action plans and cryptocurrency scam damage claims.
As awkward as it may sound, scams in Crypto’s network are needed for its growth because they identify vulnerabilities in its system. The continued attention of investors to Cryptocurrency means it is likely that scams associated with it and the larger cryptocurrency ecosystem will likely become more sophisticated in the future. Cryptocurrency trading has an important role in the cryptocurrency market, but it is inevitable that cryptocurrency scam is here to stay and we must do our part to fight them.
You’ve probably heard about the massive amounts of cryptocurrency being stolen from exchanges and wallets. Well, we can help. Our team of experts is on a mission to recover as much lost money as possible for our clients. We have an impressive track record of recovering millions in funds for people just like you! Don’t let scammers take your hard-earned money — contact us today!