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How To Save Yourself From Becoming A Crypto-Scam Victim?

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No one should be surprised that as demand for bitcoin and other digital assets grows, so do crypto frauds. It could be even more challenging for consumers to recognize and prevent fraud in the crypto space because of the relative unfamiliarity of the technology to the majority of its users.

It is difficult to recover accused of stealing cryptocurrency due to a number of factors, including the lack of competence for this type of financial fraud, the incoherence of laws regulating the space, and the inherent openness of crypto transactions (which can help in monitoring your lost coin to some extent). A trustworthy investigator can help people by coordinating with authorities and making an effort (but no assurance) to retrieve the stolen money. On the flip side, "scammer" investigators claiming to recover funds should be avoided at all costs. Mentioned below are some of the essential tips to bookmark when it comes to the prevention of crypto scams;

Transaction ID

You must provide all transaction identifiers for money sent to the crooks before authorities can begin tracking your assets. Investigators will be able to "follow the money" and track the precise whereabouts of your cash thanks to the unique identifiers generated by each transaction. Obtaining transaction IDs is not necessary to conduct an inquiry, but doing so with this information at your disposal will save time and eliminate unnecessary hassles.


An investigator will have an easier time following the money trail if you provide a clear and succinct account of what happened. Consider including the following details in your narrative:

  • all transaction identifiers from the wallet or account at platform X from which you sent cryptocurrency to the wallet or account at exchange Y to which you thought you were sending monies to the perpetrator for use in an arbitrage trade,
  • captures of fake communications (such as a Tweet or a text message),
  • further information on the con and its perpetrators.


In most cases, law enforcement will require evidence that demonstrates ownership of the initial source of funds. Be sure that you can still get into any accounts you originally used to pay money to the con artists, and that you do not lose access to those accounts. Either by signing a specific word with your private key or by transferring a micro-transaction (very few Coins) to something like a predetermined crypto-address, you may confidently demonstrate that you are the owner of a wallet. Both of these methods are secure.

Law Enforcement Authorities 

It is imperative that you report any suspicions that you or anyone you know may have been a victim of identity theft to the appropriate police departments or government agencies as soon as possible. However, traders can also begin with trade assistance sites like bitcoin prime or others to save their investigation time and directly get affiliated with reliable resources. It's possible for countries' reporting processes for cybercrimes like crypto frauds to be different from one another.

The Final Thoughts

The procedure may be difficult and time-consuming, and there is no certainty that the lost money will be recouped. It's inevitable that some people won't get their crypto recovered.

Additional considerations, such as the quantity lost, obfuscation tactics utilized, and if the funds have transferred to a trading platform, where the name of the receiving address can be revealed more easily via subpoena, affect the likelihood of successful asset recovery.

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