Tips to Recover Bitcoins Lost to Scam

An estimated prediction of major transactions taking place via bitcoins by 2030 is a popular theory nowadays. Looking at the currency’s fast profit nature, many investors have been attracted to the trading business. While most of the investors are reaping excellent profits, a significant number is also exploiting this avenue.

Bitcoins have gradually come out to be a sought-after cryptocurrency. The worth of a BTC today is seen as more stable than that of quasi-valued assets. However, unlike the transparent banking system, cryptocurrency transactions leave out a scope of vulnerability because of its untraceable nature. In banking, all transactions are recorded. Hence, if any deal is to be recalled, it’s possible. While trading with cryptocurrency, codes are sent over to another party. Once the code is sent, there is no evidence of that transaction.

Most scammers make use of this loophole. They call up interested people and lure them into their 30% profit per week Ponzi scheme. A deposit of $200 would be charged even to open a trading account. Despite the payment, many people may not see the statement. When you wish to withdraw upon sensing something foul, you will be asked for an additional $200 to withdraw the previous amount. This is when it should ring a bell. You have landed yourself in a scam soup.

Although recovery of lost bitcoins is a little difficult owing to its untraceable nature, there are some tips that you can follow that might prove beneficial for you-

  • Notify the trading platform

Send an email or letter to the trading platform demanding a refund. This may not guarantee that you will get your money back, but it can be your first step to officially recording the case. You have the liberty to warn them about reporting to financial authorities as well as the police.

  • Report them

Lodge a complaint regarding this with financial authorities. Under their pressure, they might not return the BTC but can provide cash equivalent to BTC lost.

  • Inform the wallet

Let your wallet know about the existence and the practice of this trading company. The wallet can then eliminate or block the forum from participating in the wallet.

  • Seek legal counsel

You can pursue the scam company and close down its functions permanently as well as recover your money. Some portals today also do the job of tracing the BTC and taking the legal actions necessary, you can opt for them too.

At the foremost, make yourself aware of the cryptocurrency and their workings before trading in them again. Read about the various discrepancies, and share your story on social media to prevent any further scams.

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