#CryptoFraudPrevention As much as the use of cryptocurrency has expanded, so has the number of scams, and this begs the question, “What if I have sent my money to the scammer’s wallet?” In this scenario assuming one has sent $14,000+ to a fraudulent wallet, the following processes would be recommended as part of the attempt to get back the stolen cryptocurrency.
1. Act Immediately
It is high time. The longer you will remain inactive, the lesser the chances are that you will be able to get your money back. Phone or write to your cryptocurrency exchange or wallet service immediately. Give them all the information they could require such as the transaction ID of the transaction, the wallet addresses of both the sender and the receiver and all forms of communication you may have had with the scam.
2. Report the Scam
Report all communication you have with the scammers and the details of the transaction in terms of pictures of the conversation and the transaction. Inform the local police and all the communities such as the social networking sites, the blogging sites, the forum sites and web content hosting sites. To obtain information about scammers, one should turn to websites that collect such information, including the Federal Trade Commission (FTC) within the United States and other similar organizations in other countries; Some of these sites may also give out further information regarding how to ‘recover’ from scams.
3. Check Blockchain Explorers
To track your transaction go to blockchain explorers such as Etherscan or Blockchair. This may assist you to observe the flow of the money. If the scammer has tried to withdraw the money the movement to the exchanges where it can be frozen may be tracked.
4. Contact Law Enforcement
If the stolen amount is large, the matter should be referred to the police or security services. Let them have all the facts that it is possible to gather. Even though it is not easy to regain the stolen or lost crypto through police actions, the capabilities of some jurisdictions in dealing with cybercriminality cases are rising.
5. Consider Professional Assistance
If the recovery is going to be difficult, you may want to seek the services of a professional service provider in cryptocurrency recovery. But beware, there are ‘phony’ firms that take advantage of the emotions of the victims hence, select a reputable firm, one that has credibility and with a proven record.