Cryptocurrencies have taken the world by storm, with some of them already flooding the financial mainstream. Several savvy investors now consider Bitcoin, Ether, Litecoin, and Dogecoin to be the currencies of the future.
The meteoric rise of Bitcoin has drawn the greatest attention by far, pulling in a plethora of retail and institutional investors alike. Although these crypto markets often place investors on a rollercoaster ride, volatility isn’t the only associated risk.
Very few people understand the philosophy and tech behind cryptos like Bitcoin. Consequently, hackers and opportunistic scammers often view this as the perfect opportunity to perpetrate cryptocurrency fraud. But is there any hope of retrieving lost Bitcoin? Let’s find out.
How to Recover Stolen Bitcoin
Although it can be pretty challenging, it is possible to retrieve stolen Bitcoin.
In this guide, we’ll take a comprehensive look at the three crucial steps you should follow to maximize your chances of recovering lost Bitcoin.
For starters, the quicker you are in responding to an attack, the better. Don’t give cybercriminals the time to transfer your digital assets to cold storage. Begin efforts to trace them as soon as possible.
Also, reset your security credentials, including login passwords, as fast as you can. If you’re lucky and the funds are in an exchange, ask them to freeze it immediately to buy more time so you can follow subsequent procedures.
File and Report the Scam Case
You’re probably scratching your head thinking: but to whom? After all, aren’t most cryptocurrencies, including Bitcoin, largely unregulated by governments?
As counterintuitive as it may sound, you still need to follow legal protocol by reporting the case to the relevant authorities. Most importantly, you need the best crypto recovery specialist solutions if you want an edge, which brings us to the next step.
Proceed with Expert Recovery Solutions
You definitely shouldn’t be guided purely by gut feeling when it comes to recovery. It would be imprudent to place your faith in random individuals who claim to be recovery experts. In fact, this could make your situation worse.
Instead, you need to do your research and find credible recovery groups. These include Atrium Forensics, Orbit Resolve, and Coinfirm.
There’s also a joint initiative called Reclaim-Crypto. It combines the unbeatable services of Coinfirm, the renowned blockchain analytics company, and Kroll, a leading corporate investigations and risk consulting company. These two are at the forefront of innovation involving crypto Anti-Money Laundering (AML), compliance, and analytics.
By employing the latest blockchain forensic techniques, blended intricately with expert services of asset recovery teams and well-established legal investigations, you can trace your money. This is therefore an indispensable step in recovering stolen Bitcoin.
Based solely on the information stored in the blockchain, it’s incredibly difficult to recover your stolen Bitcoins. When Bitcoin is stolen, the cybercriminal usually moves it to a different address.
Since you don’t have the corresponding secret key, you cannot control the new address. Therefore, it’s better to implement robust preventive measures against such scams altogether.