The Crypto market is snowballing as a herd of investors worldwide are putting their money into it. And why wouldn’t they? Cryptocurrencies have made people millionaires within no time. For example, the meme coin Shiba Inu was standing at $0.0000000001 in January 2021 and gave close to 20 million percent of returns within a year. Such whopping numbers have created a buzz around crypto trading, luring many new investors worldwide.
Many new platforms have emerged promising to help you win in the most volatile market. Sadly, there aren’t enough platforms to help protect you from scams and recover lost money.
What Is a Crypto Scam?
Crypto scams are fake and phishing websites, apps, and online platforms that claim to be highly profitable. Experts recommend confirming that the platform is blockchain-powered before putting in the money. It is always better to have solid investment plans to face challenging situations.
There are four types of scams in the crypto market –imposter websites, fake mobile apps, misleading social media updates, and scam emails. The popularity of cryptocurrency among investors has dragged the interest of hackers, cybercriminals, and scammers. A report by Chainalysis witnessed a 79% rise in the total value of cryptocurrencies held in an illicit wallet, totaling $14 billion, in 2021.
Also read: Top 10 Best Crypto Trading Bots
Any investor may fall prey to any of these or all scams. These scams are difficult to spot. But with the proper guidance and with the help of experts, one can recover the lost money and even avoid scams.
How Do I Recover Money From Crypto Scam?
Don’t panic if you have lost your money to a crypto scam. You can still get back all or some portion of the investment by contacting the experts. But, for a sure crypto scam recovery, you may need to gather some details to produce to professional agencies that provide crypto scam recovery services. The details that you may have to submit may include:
- Your account details
- Your credit reports
- Emails, messages, or apps that led to the crypto scam
Once you contact a professional or an agency to help you recover the lost money, you may want to know how they would work. The first thing any crypto scam recovery service provider would do is investigate your case.
- Investigation of the case is the first step to understanding how you became the prey of a false broker? What led you to put your money in the scam? And are there any other investors who are already affected by it?
- Next, the professionals will help gather all the evidence to strengthen your case.
- Once all the evidence is collected, they will start confronting the authorities who have initiated the funds’ transfer to get your money back.
The agency or experts you choose to help you recover the lost money would also help you make a full-proof strategy to avoid such scams and invest safely.
How to Prevent Crypto Scams?
You can safely invest in cryptocurrency if you know where and how to invest. Here are a few tips to prevent crypto scams:
- Conduct thorough research: Whether someone contacts you with a free offer or finds something online, you must always start with careful analysis. Ample research can give you insights into whether you are about to invest in a scam or legit website. For example, a fraudster’s website won’t have any licenses displayed on the website.
- Authenticate reports and testimonials: Don’t be fooled by fake client testimonials on scam websites and exchanges. You can try finding the person who gave the testimonial on the internet. If you see someone with that identity, you can trust the testimonial; otherwise, don’t.
- Secure your wallet information: You should never share your crypto wallet information with a third party. You may save wallet information somewhere offline as it has fewer chances of being caught by hackers.
- Check the URL: Phishing websites have suspicious URLs. When creating an account for any crypto exchange platform, always cross-check the URL.
- Don’t be lured by free offers: You may receive emails and texts offering free cryptocurrencies like Bitcoin. Not all such offers are valid and may put your money at risk. Always check the company’s website before claiming any offer. Such offers require you to provide your bank and crypto wallet details. Sharing sensitive information is not safe on such websites.
The crypto exchange market is volatile and risky. It is relatively new and requires patience, an alert mind, calculated investment planning, and rescue options. However, the challenges involved in the crypto market should not dither anyone from investing in a promising market. Here comes the role of experts that can help you recover money lost in any crypto scam and even plan out investment strategies. Investing safely, you can reap great benefits and earn excellent returns.