Bitcoin scam has many facets and is not limited to one particular method. Often lucrative investments are promised that do not exist or that are supposedly not payable. Fraudsters are also active via email, demanding an upfront payment in Bitcoin under the pretext of facilitating a good deal. Romance scam is also a crime in which fraudsters like to be paid in Bitcoin. However, the fraudsters disappear afterwards and the BTC are apparently lost.
At least that's what you might think, because through the service of Crypto-Tracing, it is possible to expose the scammers and trace their trail on the blockchain. We show what actions should be taken after a Bitcoin scam to have the best chance of getting your money back or recovering your Bitcoin.
Take action: First aid in case of a Bitcoin scam
Many victims of fraud make some crucial mistakes that often allow the perpetrators to get away with it. You should definitely keep these things in mind:
- Do not give up on yourself and your money: Often fraud victims are overcome by a feeling of powerlessness, which sometimes even leads to blaming themselves for the financial loss. This is not the case! Scammers are criminals who take advantage of the goodwill of honest people. Such behavior is not only morally reprehensible, but punishable by law. Do not let the perpetrators get away and do not give up that easily.
- The details are crucial: investigations thrive on the clues that victims and witnesses can give. Be sure to record everything you have received in writing and keep all correspondence, bank statements, wallets, receipts, telephone numbers and generally everything related to the case. Take your time and write a memory protocol if there has been a personal conversation with the scammers.
- Get professional help: Crypto-Tracing works with lawyers and has relevant expertise in the field of blockchain forensics. This enables us to carry out investigations, which in some cases even led to the direct apprehension of the perpetrators. Even if the perpetrators cannot be caught immediately, you can get your money back. However, this requires professional help, because without advice and adequate representation you have a hard time proving your case to brokers, exchanges and banks. Even law enforcement agencies can work differently if targeted reports are provided to them.
How do you get your money back?
A fraud with Bitcoin also has legal consequences. The perpetrators are often interested in converting the BTC into the respective national currency. To do this, they use Bitcoin exchanges and payment service providers that, unlike the fraudsters, work in accordance with the law.
Crypto-Tracing specializes in conducting the necessary investigations and providing reports that can be used to freeze the funds of the perpetrators. Even if the fraudsters send front men, the financial service providers must act. In some cases, this happens when authorities have been involved, but in other cases service providers become active when lawyers contact them directly.
This is made possible by the technology of Bitcoin itself. Because the blockchain does not forget and all transactions can basically be traced. If it can be proven that the funds are linked to a crime, then the exchanges freeze Bitcoin and cash, because otherwise they would make themselves liable. There are no general promises of success, but generally speaking, there are excellent chances to get the money back. Even if the perpetrators cannot be arrested directly.
However, this requires timely and targeted action. Have you been a victim of a Bitcoin scam? Or do you feel that you have been scammed? Contact us immediately and we will show you which steps are best in your individual case.
FAQ about bitcoin fraud
How can you protect yourself from Bitcoin fraud?
To protect yourself from Bitcoin fraud, you should do extensive research before investing, only use trustworthy platforms and exchanges, and be skeptical of unrealistic promises of returns. Furthermore, private keys, seed, or confidential information should never be revealed.
What are ponzi or pyramid schemes in the context of Bitcoin fraud?
Ponzi or pyramid schemes are fraudulent schemes where new investors' money is used to pay off previous investors. Thus, the profits are not generated from real transactions or investments, but are based on the deposit of new investors. In the context of Bitcoin, the so-called cloud mining scams are particularly noticeable. Investors are made to believe that they are buying mining shares, but there are no mining farms.
Are there ways to legally prosecute Bitcoin fraud?
Yes, it is possible to pursue Bitcoin fraud legally. The chances of success depend on several factors, such as jurisdiction, identification of the fraudsters, and availability of evidence. Crypto-Tracing can help you gather evidence against the fraudsters and consult a specialized lawyer.
Are there safe ways to invest in Bitcoin to avoid scams?
There are reputable ways to invest in Bitcoin, such as buying BTC through established and regulated crypto exchanges or using regulated financial products. These include so-called Bitcoin ETPs, but also ETFs that are traded on regular exchanges. It is important to conduct thorough research in advance and carefully examine providers as well as financial products. Laymen should also consider consulting an investment advisor before making an investment.
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