We can not deny the fact that awful things can happen even when you believe cryptocurrency is secure. This article teaches you how to avoid scam. It also guides on how to recover stolen cryptocurrency. Fraud will continue to thrive as long as the system exists.
This is a great reality to even top traders because, without the proper trading education, your cryptocurrency could get stolen. However, it is quite relieving that there are some things one can incorporate in order to recover stolen cryptocurrency.
It is a very infuriating and frustrating when you lose cryptocurrency funds into an unprofitable and fraudulent cause. It is for these reasons that we share this article. To analyze how they steal cryptocurrencies , how to recover it and how to prevent your cryptocurrency from getting stolen.
How are cryptocurrencies stolen?
If anyone is able to obtain your private keys, such a person can transfer cryptocurrencies from your wallet to themselves. In this way, such a person has stolen coins from your wallet. A private key is so fragile that user needs to sign the transaction with it. They use it for the cryptocurrency that they want to send to another person on the Blockchain.
There are majorly two channels through whcih people steal cryptocurrencies. Scammers can steal coins form hot wallets or coins from cold wallets.
As regards cryptocurrencies missing from a hot wallet, people store private keys on the internet in cloud storage. It is most likely that hackers can get hold of your private keys and once this happens, it is equally possible that they will steal your coins from your wallet. So this is an area you need to be vigilant as a user.
On the other hand, cold wallets are considered safer for cryptocurrency than a hot wallet. This is mainly because they do not involve internet connection. This creates a very slim chance for hackers to get hold of your private keys. Cold wallets owners store private keys are in physical devices such as external hardware devices or even writing them on a paper.
If you are too concerned about losing your crypto pi by misplacing your private key to hackers, then you may consider the cold wallet option. However, be aware that you can not always make transactions using a cold wallet. Also, it is quite impossible to store multiple cryptocurrencies in one wallet.
So what are the steps you can take in recovering missing cryptocurrencies?
Many modes through which one can steal your cryptocurrency exists. Regardless, there are actually some steps that you can take below. We explain the steps in such a way that you need to follow them once the alarm arises. It is possible to recover lost and stolen cryptocurrencies, and it is very difficult. But do not let your emotions control you. Try to get your money back by doing these:
Contact the trading platform
The first thing any victim will do is to contact the trading platform. most times, it is better to threaten them by telling them they will be reported to financial public authorities if they do not guarantee a refund. Most time this is the point where cryptocurrencies are compromised.
Report them
The next and perhaps the most important step is to report them to a financial authority. But the best option is to report them to a recovery firm that can help you get your money back. It is to this end that we recommend Stellar Trace as the best recovery company to consult.
Reach out to your cryptocurrency wallet provider
When you confirm the company you trade with are scam, it helps when you contact your cryptocurrency wallet provider. The essence of this is not just to prevent other investors from being scammed but also to destroy the scam relationship with the crypto wallet.
Go for legal counsel
The last option, which may not sound really effective but apparently necessary is to seek legal counsel. Many people who have their cryptocurrency stolen may not have an interest in consulting a lawyer as their fee can be outrageous. But if you want a more legal and effective approach to crypto scam company and how to rescue your stolen money, you may need legal advice.
While there are endless financial gains in cryptocurrency investment, investors, especially beginners, should be aware of the risk and tricks of crypto scammers out there. If you have a problem recovering any of your stolen cryptocurrencies, you can always contact a professional recovery company such as Stellar Trace.