Can You Recover Stolen Crypto? Here’s What You Need to Know
We are sure by now everyone is aware that the internet is plagued with cryptocurrency investment scams. We are also sure that everyone has heard at least one story about someone transferring their funds to another wallet, and it miraculously disappeared. Whether this has happened to someone you know or yourself, the question; can stolen cryptocurrency be recovered, is one we should all be asking. If you or a friend of yours has ever asked, Is it possible to recover stolen crypto? Then read on!
Unfortunately, it’s not a black-and-white answer, and the answer may not be what victims want to hear. Recovering stolen cryptocurrency is a challenging process, however, at Cybertrace, we provide a service that can identify the offender and with that information, proper action can be taken. Unless we can discover who ended up with the victim’s crypto, there is no chance of getting justice and recovering crypto.
Why the Process of Asset Recovery is Tricky:
Cryptocurrency is not at all like a typical bank. It operates in a decentralised world where there are little to no rules and when things go wrong, there are no individuals to contact to sort out the issue. This means that once you have transferred crypto to the wrong person, there is almost nothing you can do to get it back. At least, not by simply lodging a dispute or filing for a refund. Blockchain transactions cannot simply be reversed.
This is where Cybertrace comes into play. Cybertrace was the first company in Australia to provide cryptocurrency tracing to the general public. We want to make it clear, that trying to get money back from a scammer is complex and without guarantee, but to have any chance of getting justice, we first need to trace the crypto to identify the offender.
How does Cybertrace help?
When you file a report to identify who stole your car, you have an investigator on the case following leads and tracking the offender. This is what Cybertrace does but in the digital world. When it comes to stolen crypto, we call this service cryptocurrency tracing.
Crypto tracing is a method used to identify where the funds have ended up and is the most direct method to identify the offender. Following the same analogy as before, you cannot press charges or request that the offender return your car, if you don’t know who the offender is. This is the same with cryptocurrency-related crimes. To have sufficient evidence to take legal action against the individual who stole your funds, you need to first identify the offender.
What are the next steps?
Once we have identified the exchange where the funds are located, we provide you with the necessary information to take further action with either law enforcement or lawyers. As we said earlier, the process of asset recovery is challenging and in addition to that, it can look different for each case.
At Cybertrace, we believe that it is crucial to provide you with the correct information to have a chance at justice. While each asset recovery process may look different, we are always here to help you if you require guidance or assistance as to what steps to take moving forward.
Although cryptocurrency transactions remain frozen in time, it is always better to act sooner rather than later. If you believe that you have had funds taken from you, contact us to hear more about the services we can provide and get the process started.
FAQ: Stolen Crypto
Is it possible to recover stolen crypto?
Unfortunately, recovering stolen crypto isn’t always possible. However, identifying the person responsible can open the door to potential legal action or asset recovery.
Can Cybertrace help me recover stolen crypto?
While we don’t directly recover assets, we specialise in identifying the person who stole your crypto. Once identified, we provide the evidence needed for legal proceedings or further recovery efforts.
What happens if I fall victim to a crypto scam?
If you’ve lost your crypto to a scam, the best step is to contact Cybertrace. We’ll investigate the case and work to uncover who’s responsible, giving you a path towards justice.
How does Cybertrace investigate lost crypto?
Cybertrace is at the forefront of investigating stolen crypto and was the first company in Australia to offer cryptocurrency tracing to the general public. We use specialised tools provided by Chainalysis, the leading crypto-tracing software, and have an experienced team of investigators who are committed to providing you with the best results possible.
