Can you get money back if you’re scammed on Bitcoin?

Cryptocurrency is getting popular, a digital asset that is used for the online transaction of assets throughout the world. Since cryptocurrencies are decentralized, no agency or financial institutions are involved. Even though there is no one to look after your assets and scams are pretty standard, people are still purchasing and selling their digital assets and making online payment transactions. Read more interesting facts about AI technology.

 

Besides its increasing popularity, cryptocurrency has also grabbed the attention of many hackers in the digitized world. Crypto scams are considered an act that is illegal because it involves the looting of someone’s assets, and these scams are conducted using different ways like fake exchanges, Ponzi schemes, blackmailing, and others.

If you ever have been tricked, it is evident that you may feel irritated, frustrated, and sad at the same time but don’t worry about it there are many solutions. So in this article, we are going to discuss some of the tricks and methods to retrieve your money back on Bitcoin safely:

Several Ways To Recover Money when you are scammed.

Below are the top five ways to recover funds from the cryptocurrency scam:

  • Look For The Transaction identification (Id) Code

In order to get back your funds, the first thing you need is to find the transaction id code that the scammer has used to loot your amount or digital coin.

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These id codes will help the desired authorities and agencies to track down the scammer who has stolen your money. However, it is possible to get your money without codes, but with the help of id, it helps to track and investigate things more rapidly before it gets more challenging to track down things.

So, to get the id code, you must look for a distinctive string of digits and alphabets representing the movement of the crypto transactions from one address to another. When you can get the transaction id code, the investigator will be able to track down the sending and receiver address, fees, time, and amount.

  • Monitor Your Credit  

Another way to find the looter, check out your credit card report; this will help to identify information about specific illegal accounts that have been opened in your name; using the details of such dishonest accounts will help to identify the scammer, and you can get back your assets as soon as possible.

Moreover, it is compulsory to input some alerts to your credit cards so that your account gets secure from scammers, and cybercriminals will no longer have access to open new credit cards under your name.

  • Document The Scam Properly  

Thirdly, losing critical information about cryptocurrency scams can significantly affect the process of recovering your funds from the looters since documentation is complex. Whether it is messages, emails, or any other way, you must keep in mind that keeping track of the source of information helps recover digital money.

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To ensure proper documentation of crypto looting, you just need to gather information like:

  • You must be aware of all the transaction codes 
  • Any information like when the scam is initiated, time of scamming, the amount that is lost, exchanges that are included, and others.
  • And any other extra information related to scams you may know because it will be helpful during the investigation.

Notify The Crypto Exchange About The Scam  

If you are in a link with particular crypto exchanges to fund your account, it is best to inform them. You must tell the recipient about your loss so that the exchange can add security to your account.

But sadly, this step is not the best because it does not guarantee recovery, but it can increase the chances of getting your funds. Moreover, informing the exchange will make it more complicated for the cybercriminal to scam the other users. 

 

  • Report The Scam To The Law Enforcement Authorities  

Lastly, this technique involves reporting your scam to the area, particularly law enforcement authorities; when you report your scam, the government will help you to track down the looter and get your assets back. For example,  if you are a U.S inhabitant, you can report the crypto scam to U.S Securities and Exchange Commission, the Commodity Futures Trading Commission, and the Federal Trade Commission; these bodies will help you get back your assets.

To Sum up

It can be frustrating to deal with such scams when you have no idea about what happened and how it happened, and what you can do to get back your funds; using the information provided above may help you out by informing the investigator or exchanging or law enforcing bodies can help you get back your digital currencies.

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