Several crypto exchanges have employed a number of measures to slow down the proliferation of fraudsters and cryptocurrency thieves across their platforms. Yet, some scammers and hackers have uncovered ways to persist in their malicious deeds of defrauding cryptocurrency owners of their currencies.
The subject of what to do if your cryptocurrency is stolen has now grown more and more critical as security is not 100% assured despite the installation of new crypto-protecting measures.
Many companies, for this reason, offer specialized services to help crypto owners recover their stolen assets.
In this interview, a top representative from Coin Dispute Network disclosed their ultimate method for recovering stolen cryptocurrency.
How do fraudsters choose whom to defraud their cryptocurrency?
Most of the time, fraudsters do not specifically target a particular person to scam. They rather try to catch as many innocent people as possible via phishing scams and Ponzi schemes. They then modify their con to obtain the person’s login, password, or seed keys or persuade them to give their cryptocurrency in exchange for doubling or tripling it.
Are there any proven ways for cryptocurrency owners to safeguard their coins?
While there is no way to completely ensure the security of cryptocurrencies, several techniques are available to drastically lower the likelihood of theft. For example, those who keep their cryptocurrency in hard wallets rather than exchanges are less likely to experience theft.
Additionally, individuals that utilize two-factor authentication and complicated passwords make it harder for hackers to access their accounts. Other safety precautions include avoiding unreliable cryptocurrency exchanges, keeping devices in a secure location, and only conducting transactions on reputable crypto platforms.
What actions should cryptocurrency owners take if they become victims of crypto fraud?
Any crypto scam victim should contact firms that can help investigate the fraud and recover their assets. However, a couple of things are needed to support the investigators in the recovery process. The victim will need to curate all the transaction IDs identifying the funds you sent to the scammers and write a clear and concise narrative of how the incident happened.
The crime can also be reported to the law authorities to increase the probability of asset recovery if a more extensive investigation is initiated against the scammer.
How does Coin Dispute Network assist victims in retrieving their stolen crypto?
At Coin Dispute Network, we use a three-pronged, tried-and-true approach to assist victims in reclaiming their stolen cryptocurrency. First, we utilize various complex technologies to examine the blockchain and locate the wallet address to which the money was sent.
We also leverage our crypto network to get more details about possible places where the scammer can cash out the crypto. In the end, we create a dispute report submitted to the proper authorities to recover and return the stolen crypto to the victim legally.
Can you share any incident where you have helped a client retrieve their stolen crypto?
Coin Dispute Network has helped a lot of crypto scam victims. One of the clients we helped had over $400,000+ worth of crypto stolen from him by someone pretending to be from Coinbase. After lodging a complaint with Coinbase, he was told that the transaction was final and that they wouldn’t be able to help him get back his assets.
He then got in touch with us, and our group of professionals got to work assisting him in tracking down the transaction. We helped him recover all of the stolen cryptocurrencies within a few days after he contacted us for help.