Cryptocurrency Fraud Leads To Millions in Losses So Far This Year

The fraud involving cryptocurrencies has caused millions of dollars in losses to date this year

What is Cryptocurrency Fraud?

Cryptocurrencies are well-known for their volatility in the market, which makes the value of assets owned by investors fluctuate rapidly. Since more and more people have put their money in cryptocurrency criminals have seized this opportunity to steal money.

Criminals offer schemes promising and, sometimes huge returns from mining or investing in cryptocurrency. In many cases, they advertise on social media criminals attempt to attract you by promoting quick and easy money to steal your details or money.

How Can You Protect Yourself?

  1. Beware of advertisements on the internet and on social media that claim to offer huge returns from investment in crypto assets and related products. It could be the cold-call method, an email, or a message via social media.
  2. Do not be pressured into investing. A legitimate firm or individual will pressurize you into investing, or commit to something in a matter of minutes. Make sure to conduct your research.
  3. This means that when you invest in certain crypto assets, you will not be able to access financial services such as the Financial Ombudsman Service or the Financial Services Compensation Scheme when things go wrong Always check for the FCA Register to ensure that you’re dealing with an authorized firm. You can also make sure you’re on your FCA warning list of companies to stay clear of.

Important Financial Decision

  1. Get advice from trusted friends’ family members or professional advice before making an important financial decision. Genuine investment opportunities could be risky.
  2. The cost of professional advice might seem like a costly expense but it’s a good idea to keep you from being a victim of fraud.
  3. Use only the phone or email addresses listed on the FCA Register, not the contact information the company gives you. Also, look out for subtle distinctions.
  4. A company’s stunning websites with glowing testimonials from high Net Worth shareholders don’t guarantee that it’s legitimate – fraudsters will go to extreme efforts to convince you they’re not scams.
  5. If something seems too appealing for its good, then it likely is.

Bitcoin Trace, Bitcoin Recovery, Recover Scammed Bitcoin

If you are a victim of bitcoin fraud you should go for Bitcoin trace and Bitcoin recovery. And you recover your scammed bitcoin.

Five Steps

Take Five Steps to Stop Fraud campaign to ensure their safety from scams. And help in Bitcoin trace and Bitcoin recovery. And you recover your scammed bitcoin.

  • Beware: taking a moment to think and stop before you part with your funds or personal information can protect you.
  • Contest: could it be fake? It’s fine to decline any request. Only criminals will attempt to make you panic or rush to the point of panic.
  • Secure: if you think you’ve been the victim of fraud, call your bank right away and report it.

1. Law Enforcement Agencies

This can be a problem for numerous authorities. If you sell your assets early and you lose on a significant rise in value. If you decide to sell later it could be that you are selling cryptocurrency that is less valuable. Then it was when it was first taken. The State may be at risk of paying compensation to the defendant if they can prove that they did not reach market value, as an instance.

2. The State Is Somehow Accountable

It is crucial to remember that the most common belief is that the state is somehow accountable to ensure the value of an unstable asset they have in their possession. It’s not the case or even possible for an asset that is volatile. The law typically addresses how to manage and resell volatile assets or those that decrease in value, such as luxury automobiles.

3. Converting The Cryptocurrency Into Local Currency

The UK provides another illustration of putting the existing law to good use. The court granted an order to make the order of restraint efficient by converting the cryptocurrency asset that is volatile to local currency before pre-confiscation.

Contacting the suspect or person who owns the property about their consent or permission to convert or sell the asset is a different option. This can assist in determining the maximum value of the asset at a very early stage and decrease the chance of compensation claims later.

So the Bitcoin trace and Bitcoin recovery will be possible. One can easily recover scammed bitcoin

4. Possibilities To Realize The Value of Digital Assets

Public auctions are an atypical alternative to convert cryptocurrency assets, typically arranged in several lots and converted into fiat currency. The open marketplace value for the asset and are a proven method for obtaining large amounts of confiscated assets. Authorities can scrutinize bidders and conduct due diligence checks to minimize the chance of confronting criminals.

But authorities in some countries (such as Sweden) have expressed concern regarding this option because of a lack of transparency regarding who is purchasing the goods through exchanges. I believe this concern however is decreasing less as countries implement registration processes for crypto-related businesses with robust Anti-money Laundering (AML) procedures.

In the countries which have banned cryptocurrency, (how) do authorities determine how much value they can derive from the confiscated property?

Regulation can be a limiting factor in the process of calculating the worth of crypto assets confiscated.

Certain countries have prohibited cryptocurrency and large players such as China along with Indonesia. Chinese authorities closed and confiscated cryptocurrency mining facilities, which contain crypto assets. In those countries, if your crypto is scammed then it is difficult to trace Bitcoin and go for Bitcoin recovery. And you can’t recover scammed bitcoin.

5. Widespread Adoption For Digital Currencies

Countries that are considering bans shouldn’t think that they’ve solved the problem. Even if you do ban any new class of drugs for instance it is still necessary to be able to detect, identify, and enforce capabilities. The data is overwhelmingly evident that widespread adoption for digital currencies is inevitable, especially since the very countries that have banned crypto also look into their digital currency.

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