Bitcoin Scams: What You Need to Know

Bitcoin has captured the attention of investors worldwide. That being said, this digital gold rush also attracted a dark side: Bitcoin scams. These schemes exploit the excitement and novelty surrounding Bitcoin, targeting unsuspecting individuals with promises of quick and easy riches.  It is important to understand the tactics used by Bitcoin scammers before entering into the world of cryptocurrency. 

The Problem of 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.

How to Spot a Bitcoin Scam

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: 

  • Not licensed
  • No information about who runs the operation
  • Low-quality content and website
  • Warning from regulator 
  • Aggressive marketing techniques
  • False guarantees of returns
  • Lack of transparency about fees 
  • Creates obstacles preventing account withdrawals
  • Cuts off communication

Can You Get a Bitcoin Chargeback?

The term “Bitcoin chargeback” isn’t entirely accurate because Bitcoin transactions are irreversible. Unlike credit card purchases, you can’t simply request a reversal if you fall victim to a scam.

However, Bitcoin recovery refers to the process of attempting to get your money back after a fraudulent transaction. While success cannot be guaranteed, various strategies and tools can be used to greatly increase your chances. Working with a specialized recovery service with specialists who use blockchain analysis or other techniques to trace stolen funds, can be invaluable.

A Word About Bitcoin Recovery Services

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. 

How to Improve Your Chance of a Successful Bitcoin Recovery

For bitcoin recovery, follow these steps to increase your chances of getting results with a fund recovery claim. 

  • Contact the suspected bitcoin scam and demand your money–even if you don’t think it is likely they will honor this request. 
  • Gather all of the documentation you need, including communication with the suspected bitcoin scam
  • Talk to CryptoCoinTrace and give us all of the details of your case
  • CryptoCoinTrace will launch a full investigation and create an investigation report

Present your crypto investigation report to law enforcement.

What You Should Do If You Have Lost Money to a Crypto Scam?

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!

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