How to recover stolen Crypto funds: With the growing use of cryptocurrency, crypto crime is also on the rise. A true testament of crypto crime was the fact that the first half of 2020 alone saw hackers, fraudsters, and thieves’ cart away with over $1.36 billion in crypto.
Approximately $10 billion in stolen crypto is currently on the market, according to blockchain analysis company Coinfirm. However, not all lost crypto is stolen. You can lose a phone or wallet that contains cryptocurrency just as you could lose anything else, e.g., your wallet. Crypto funds may be recovered, regardless of whether they were stolen or lost.
How to recover stolen Crypto funds
What to Do If Your Cryptocurrency Is Stolen
Whenever you become the victim of crypto crime, it is crucial to act immediately. When you wait too long before tracking your crypto, thieves have more time to disrupt the funds – by placing them into a mixer/tumbler or transferring them into cold storage.
If you have strong evidence to back you up, you can freeze your assets. However, with the High Court’s international freezing order issued against the wallet associated with the crypto assets, the funds won’t be able to move further.
In these situations, the legal system can assist you. The Blockchain provides transparency as a ledger of all transactions, making it easy to track where stolen funds go. For example, it is possible to identify who controls the wallet if the funds are going to a service like an exchange or vendor with the right investigations and legal team. The court can then reveal the thief’s identity through a court order, and you can recover the funds.
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The Steps to Recovering Funds
To recover your funds, you must first track them down. It is possible to begin locating your funds with the help of special investigators and platforms available for crypto tracing.
It is necessary to plan for the recovery of funds. Therefore, you should plan before filing court documents such as freezing orders, asset preservation orders, and disclosure orders.
Defining these orders requires affidavits from the victim and affidavits from the investigation team and crypto lawyers.
Orders are then delivered to specific exchanges or services that have either tracked assets or pointers to those involved.
Protecting Yourself from Crypto Fraud
First of all, be diligent. Conduct research into the person and the company if someone has approached you with an investment opportunity. You can start by looking at the Financial Conduct Authority’s (FCA) record.
Using this information, you can determine if the company or investor is registered or any warnings against them. You can also determine whether someone is credible by checking publicly accessible information, like social media. With the assistance of experts with additional resources, you can feel more at ease about the research you have already conducted.
Your investments and yourself are at risk when you don’t take steps to protect them. The right security software will reduce the risk you face of leaving yourself vulnerable to malicious scams or phishing schemes.
Furthermore, you may want to divide your assets into “cold” and “hot” storage. Cold storage units remain protected by having no Internet connection unless transactions are being carried out. It would be best if you kept most of your assets in cold storage to avoid hackers getting their hands on them. A hot storage account is an online wallet that can be used for normal transactions and only contains the funds you need at that moment. You can reduce the likelihood of falling victim to malicious scams and phishing attempts with a security program working properly.
Your wallets are accessible through private keys. Do not share your private keys with anyone else at any time. Be sure to keep your private keys secure at all times.
How Cyberspac3 Helps Protect and Recover Funds
CyberSpac3 is an established enterprise that helps in cyber security, ethical hacking, and digital protection of persons, organizations, and enterprises.
Using our cybersecurity specialists, we can evaluate your online security to identify holes and other weaknesses. As soon as you have completed that step, we can help you create an environment to store your cryptocurrency safely, whether the tools you need to use or the processes and policies you have to follow to ensure a robust security management system.
Our in-house abilities to investigate, trace, and analyze the movement of crypto assets means that you have the best chance of recovering them if you have been victimized by cryptocurrency crime. We use specialist tools to determine where, when, and how much of the stolen funds are being used to determine how the funds are moving.
After collecting a wide variety of evidence, as well as witness statements, documents, and open-source intelligence, we develop comprehensive ‘evidence packages” which can be used for civil and criminal proceedings.
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