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Digital money has long been part of our lives and quite successfully helps us make payments on the internet, trade on cryptocurrency exchanges, invest, and earn additional income. And where there is income, there are always fraudsters. One of the most dangerous types of fraud now is considered to be the hacking of an exchange that holds cryptocurrency.
Fraudsters manage to hack electronic wallets and steal cryptocurrency from there or make unauthorized transfers from stolen wallets.
Returning stolen cryptocurrency
Returning stolen cryptocurrency is a long process that is almost impossible to accomplish. Modern legislation does not have such concepts that allow protecting the rights to own cryptocurrency in court. The lack of legal protection for this virtual currency makes it easily vulnerable to fraudulent schemes. Given the popularity of cryptocurrency, its constant growth, and the possibility of trading on exchanges, fraudsters hunt for such money.
So, becoming a victim of fraudsters who steal cryptocurrency, you should understand that if you want to return Bitcoin, there is no guarantee that you will be able to get your virtual money back.
Although you should not let everything take its course and it is necessary to report such a theft to law enforcement agencies and subsequently conduct operations in the virtual space carefully, and not spend bitcoins on risky investments.
How to return cryptocurrency
Although the chance of returning cryptocurrency is minimal, you should still take several actions to try and recover it:
- determine the amount of material damage caused;
- be sure to file a theft report with law enforcement and cyber police;
- consult with lawyers, hiring an attorney to conduct a private investigation;
- contact a cyber specialist who is engaged in tracking transactions using special programs.
It will also be helpful to notify the exchange where the cryptocurrency theft occurred. And when filing a police report, include as much information as possible, such as IP addresses, amounts, and dates.
Can Bitcoin be returned?
When paying with cryptocurrency, all operations are considered final. But if you know who the money was sent to or if there is some digital trace of the payment, and the person is not hiding, you can contact them directly, asking to return the cryptocurrency that was accidentally transferred.
If the transfer was to a fraudster, then such a process is irreversible. If the wallet was hacked and the money was transferred to a fraudster’s account, there are no options.
You must report the wallet hack to the exchange and to protect the remaining funds from further encroachments, you must change the password or transfer the money to another wallet, which may have a higher level of security.
Mechanism for the return of cryptocurrency
Another possible way to return cryptocurrency is through the court. Such a statement makes sense only if the victim knows who stole the cryptocurrency and has evidence of it.
In other cases:
- if there was a prior agreement, for example, about making a payment, but it did not happen, or the sale of some goods, the cryptocurrency was transferred, but the goods were never sent, there is information about the seller that will allow identifying the person and perhaps trying to return your bitcoins;
- if the cryptocurrency was illegally appropriated by fraudulent brokers on fake sites, you should report this information to the support service of the original site and contact law enforcement agencies.
Theft of cryptocurrency return
Fraudsters go to great lengths to extort cryptocurrency, knowing that the transaction process is irreversible, they skillfully use this.
There are several types of Bitcoin fraud:
- fake exchanges - these are resources created by fraudsters with high earning potential, and investors believe they have very profitably invested in cryptocurrency;
- broker-fraudsters who pose as experienced professionals, such as moderators or traders, promising high income in a short time if you cooperate with them. They also lure with gift draws.
Phishing mailing plays an important role for fraudsters, pretending to be investment experts, they send links to sites that allow you to invest and earn. In such cases, they often extort passwords, card numbers, PIN codes, secret codes.
Return of cryptocurrency assets
To avoid having to use the function of returning cryptocurrency assets, and as a rule, being disappointed. You should take additional security measures when working with cryptocurrency. The main rule is that you must first check the links sent. The skill of fraudsters is so high that it is not always possible to distinguish fake sites from originals. Therefore, you should pay attention to how the domain is written, there may be only one letter changed, which is proof of a fake.
The next step is to independently study the incoming information, you should not trust conversations with unknown people, but study and understand the information yourself so as not to make thoughtless decisions.