STEP Cryptocurrency “recovery” scams target people who have already lost cryptocurrency due to fraud, scams, and theft. While you are trying to make sense of the scam and are upset about losing money, a fake cryptocurrency recovery service promises a quick solution to the devastating loss, but the only result is more money lost in a scam designed to take advantage of you, the victim. .
After falling victim to a cryptocurrency scam, many people have shared their story online to warn others or seek solutions. Representatives of fraudulent companies that claim to provide cryptocurrency tracking and promise the ability to recover lost funds will contact victims directly on social media or messaging platforms. Victims may also observe advertisements for fraudulent cryptocurrency recovery services in the comments sections of online news articles and videos about cryptocurrency; among online cryptocurrency search results; or on social media victims directly on social media or messaging platforms.
Scammers have posted fake “success stories” of a fictitious victim telling how a certain cryptocurrency recovery service helped get everything back without stress.
A victim may contact a recovery service, only to have the recovery scammer ask for an upfront fee and stop contacting the victim after receiving an initial deposit or produce an incomplete or inaccurate tracking report and request an additional fee. to recover the funds. . Scammers may claim to be affiliated with law enforcement or legal services to appear legitimate.
It is important to note that once a cryptocurrency is lost in a scam, it is essentially impossible to recover it. Private sector recovery companies cannot issue seizure orders to recover cryptocurrency. Cryptocurrency exchanges only freeze accounts based on internal processes or in response to legal processes. Victims may also choose to pursue civil litigation to recover their funds.
Tips to protect yourself from this scam
- Beware of advertisements for cryptocurrency recovery services. Research the advertised company and beware if it uses vague language, has a minimal online presence, and makes promises about its ability to recover funds.
- If you are contacted by an unknown individual who claims to be able to recover stolen cryptocurrency, do not reveal any financial or personally identifiable information and do not send money.
- Authorities do not charge victims fees for investigating crimes. If anyone claims affiliation with the FBI, contact your local FBI office to confirm.
- Provide transaction details when reporting cryptocurrency investment fraud to authorities. Include information about your interactions with people who claim to offer cryptocurrency recovery services.
Report it
The FBI asks victims to report these types of fraudulent or suspicious activities to the FBI El Paso Field Office at (915) 832-5000 and FBI IC3 at www.ic3.gov.
