Cryptocurrencies (or cryptoassets) perform similar functions as traditional money in that they enable you to purchase products and services and trade them for profit. Unfortunately, criminals target the cryptocurrency market much like they do hard cash. These criminals steal cryptoassets worth millions of pounds from crypto wallets yearly.
Fraud involving cryptocurrency is a major offence. Aside from the financial damages, victims could experience a great deal of emotional distress as well as a lack of privacy.
Cryptocurrency-related crimes are often the result of incompetence from companies and other organizations that hold or have access to the victim’s personal information.
How To Recover Stolen Crypto Funds
If you become a victim of cryptocurrency crime, it is crucial to act as quickly as possible. The longer you delay in tracing your cryptocurrency, the more time hackers have to obfuscate it by putting it in a mixer/tumbler or moving it to cold storage.
You may begin to freeze your crypto assets if you have a strong case in hand. An international freezing order from the High Court against the wallet involved in the fraud will stop the assets from moving further.
Thankfully, blockchain technology is transparent, making it possible to trace where the funds go. With the proper investigation and a legal team, it is possible to identify the owner of the receiving wallet, especially if the funds go to a vendor or exchange. The court can now issue a court order to reveal the thief’s identity.
Steps To Recovering Funds
- An initial track and trace is the first phase in retrieving the funds. You can start tracking your funds by hiring specialized investigators and recovery companies for crypto tracing.
- Recovering your lost assets from criminals requires planning. It would help if you made adequate plans for court-related applications like disclosure orders, freezing orders, and asset preservation.
- Specialist crypto attorneys, investigation teams, and affidavits from the victim are essential to carry out these orders.
- The attorney then serves the exchanges or individuals suspected of holding the tracked crypto assets or information that leads to the perpetrators.
Cryptohunters (Cryptocurrency Recovery Experts/Companies)
Cryptohunters are businesses or individuals that specialize in hunting for lost or stolen cryptocurrencies. Not only do they recover cryptoassets, but they can also assist with the recovery of forgotten passwords and private keys.
Cryptohunters search for and retrieve lost, inaccessible, or stolen cryptocurrencies in partnership with cryptocurrency investors and law enforcement authorities. These people or organizations specialize in hacking or recovering digital wallets. They may employ modern supercomputers to crack private keys and psychological techniques such as hypnotherapy on wallet owners to aid in the recovery of cryptocurrency.
Cryptohunters who advertise their services online usually look for simple information, such as the last remembered secret key and any data that people could use while building their private keys (such as dates of birth, pet names, etc.).
They then run the data points they’ve gathered into their computer programs. The purpose is to generate several different variations, which are then used one by one in an attempt to crack protected wallet keys.
How Cryptocurrency And Wallet Recovery Services Work
Bitcoin and cryptocurrency recovery, in general, usually requires a thorough understanding of blockchain technology, especially when attempting to recover funds from a forked coin. The kind of assistance you need may differ based on why your coins aren’t accessible, so getting tech experts on your side is critical in any situation.
Asides from recovering your cryptoassets from criminals, cryptocurrency recovery services can assist you with other issues related to your crypto wallet. But what are the different forms of assistance that a cryptocurrency recovery service offers? Let’s take a look:
Misplaced or Forgotten Wallet Passwords
When you misplace or forget your crypto wallet password, the funds are entirely inaccessible. Cryptocurrency recovery companies will help you access your wallets when you forget your password.
Fix Watch-Only Wallets
For some reason, your wallet becomes inaccessible when it is in watch only. Cryptocurrency recovery companies can assist you in resolving the problem and gain access to your stored cryptoassets.
Cryptocurrencies Transferred to An Invalid Address
Sometimes, people mistakenly transfer Bitcoin and other cryptoassets to the wrong account. In some cases, the intended recipient does not receive the sent coin. Situations like this require the services of a crypto recovery company.
One of the most common causes of crypto loss is the accidental deletion of wallets. Most crypto wallet recovery companies recommend that you turn off the affected device immediately when this happens to prevent permanent data loss.
Upgrading Older Wallets
If you’re unable to open your wallet with the current wallet software version, but you know your password, cryptocurrency recovery companies can help you rectify the software problem.
Cryptocurrency scammers are always on the lookout to defraud unsuspecting crypto traders of their hard-earned funds. While it is possible to avoid getting scammed by being extra careful with how you share your wallet information, there’s no 100% guarantee. If you become a victim of crypto crime, ensure you contact companies that specialize in cryptoassets recovery before it’s too late.