The number of bitcoin scams has increased exponentially in the last few years. Since the beginning of the pandemic, interest in cryptocurrencies has surged and so have bitcoin scams. The FBI identifies bitcoin scams as the fastest-rising type of online fraud.
Given the volatility of bitcoin prices and the prevalence of crypto fraud, some may wonder if cryptocurrency is worth the risk. However, despite the ups and downs in bitcoin’s value, it’s clear that it is here to stay. The number of merchants who accept crypto as payment for goods and services is steadily increasing.
Many governments are considering offering central bank-backed crypto coins. The governments of the European Union and the United States are adopting cryptocurrency regulations to keep consumers safe from bitcoin scams.
As more people use bitcoin, it’s a question of how to use it safely rather than simply avoiding it.
Crypto scams robbed $14 billion from consumers worldwide in 2021 and the numbers in 2022 are expected to be even higher. The number of bitcoin scams has already risen 79% since 2020 and is likely to increase even more.
Many of these bitcoin scams don’t involve hacking. Instead, they are entirely preventable because they persuade people to give them cryptocurrency willingly. This isn’t to blame the victims of bitcoin scams. Rather, it emphasizes that consumers can take steps to protect themselves and determine which crypto deals are opportunities and which are bitcoin scams.
Although there are thousands of bitcoin scams, few of them are truly unique. Most follow certain patterns that can identify them as potentially fraudulent. The following are some warning signs:
The term “bitcoin chargeback” is a borrowed term from credit card chargeback. Most of us are familiar with reversing charges on a credit card if a card is lost or stolen. However, since every transaction is permanently recorded on the blockchain, charges can’t be reversed.
Although it doesn’t exactly reflect what happens with bitcoin recovery, bitcoin chargeback basically means customers getting their money back from a fraud. In this sense, it is accurate and possible, provided that you have the right strategy, tools, and experts at your side to help you with bitcoin recovery.
Just as not all crypto brokers are legitimate, some bitcoin recovery services aren’t the real thing. Don’t work with any bitcoin recovery service that guarantees 100% success. A bitcoin recovery service is like a lawyer. You hire the best lawyer you can, but there is still no absolute guarantee you’ll win your case. However, working with the right bitcoin recovery professionals can improve your chances of a successful claim.
For bitcoin recovery, follow these steps to increase your chances of getting results with a fund recovery claim.
Present your crypto investigation report to law enforcement.
If you suspect you have lost money to a crypto scam, it’s important to close your account with the broker or the exchange and demand a withdrawal. If you do not receive a withdrawal, contact CryptoCoinTrace experts. We consult with clients, advise them on claims and have the tools and methods to track down your funds. The sooner talk to us, the greater the chances of a successful claim!