Cryptocurrency presents unique challenges. On the one hand, it provides opportunities to completely digitize payment, transactions and trading. However, with these opportunities, there are new dangers. Although many welcome the fact that cryptocurrencies operate without central government control, this also means that consumers are not given the same protection and oversight as they are with credit card charges of bank transfers.
Cryptocurrencies may keep transactions secure from hacking and third parties, but they can also hide the identity of those who commit fraud and provide cover for their nefarious activities. This can pose particular obstacles to fund recovery
Fortunately, crypto recovery is possible with Cryptiide experts who have extensive expertise in cryptocurrency cases and recovering funds from the blockchain. Our crypto forensics professionals have state-of-the-art tools and proprietary databases that can track activity on the blockchain and unmask the people behind the transactions. Cryptiide also has a close working relationship with law enforcement, government officials and regulators and has won many successful cryptocurrency cases.
Fund recovery through wire recall can be more complicated because there is no real chargeback. Charges cannot usually be reversed from a bank transaction, but the funds often need to be returned through a separate transaction. The merchant can launder the money in the time it takes to enact a wire recall, but at least there is a name on the account and the bank can identify the user. Cryptocurrency fund recovery is more difficult and complex than chargebacks and wire recall because all transactions on the blockchain are anonymous. It can be difficult for fund recovery experts to determine the identity of the people involved in transactions, but this can be done after a thorough investigation.
The advantage of the blockchain is that all transactions can be seen. This means that once the identity of the people making the transactions is unmasked, the path of the money can be observed. However, the identity of those involved in all transactions must be uncovered before a full picture can be observed.
Therefore, cryptocurrency can be the most complex type of fund recovery since, unlike chargebacks and wire recalls, those behind the transactions are anonymous. This is why those who have lost money to merchant fraud or crypto scams or forex scams need Cryptiide professionals to interpret the transaction patterns on the blockchain and determine who is behind them. Law enforcement investigations can often identify who is behind the transactions, and Cryptiide knows what information to provide and what questions to ask to get the attention and assistance from law enforcement and cyber security experts.
Instead of staying away from cryptocurrencies, it is important to be aware of the types of scams that are common and how to stay safe buying and trading cryptocurrencies. The most common varieties of cryptocurrency cases include:
Cryptocurrency cases have risen dramatically since 2020, and continue to be a significant problem. The FBI, Interpol and many other law enforcement agencies have raised the alarm about cryptocurrency scams, and financial service companies, as well as regulators, are on the alert on how best to deal with them.
There are so many cryptocurrency cases that some consumers associate the very notion of cryptocurrency with fraud. However, that is not stopping the millions of people worldwide who are jumping on the cryptocurrency trend as digital currencies rise to record heights. The cryptocurrency enthusiasm waned in 2017 on the plethora of crypto scams, but the new 2020-2021 wave makes it clear that digital currencies are here to stay.
A court order may be effective, but it can cost the consumer huge legal fees. Cryptiide has many strategies that can deal with cryptocurrencies cases quickly and can get funds back to clients sooner without the need to pay lawyers thousands of dollars.
For instance, we can confront the cryptocurrency service directly and can phrase our warning in a way that they will understand that they will pay a huge price for their fraudulent activity. Often, these people will return money to the client quickly to avoid severe penalties.
However, it is better if this warning comes from Cryptiide than an individual because we can indicate that we are on their trail and they are likely to get caught. Our experts also coordinate with law enforcement and regulators and have the experience to leverage their services to compel the cryptocurrency service to return money to clients. If the other party does not cooperate, we can ask law enforcement to pursue the case with our crypto intelligence reports, which often document that the suspect is a repeat offender and is the subject of many complaints. We can work together with authorities to bring fraudulent parties to justice and return funds for clients.
Our expertise, technological sophistication, and proprietary database are main factors that help us win cryptocurrency cases in our clients’ favor. Over 450 different law enforcement agencies in more than 50 countries have been able to pursue cases based on the evidence that Cryptiide has uncovered for its cryptocurrency clients.
The reports we provide may not be used in any court of law. Their contents are for information purposes only. All information is owned by Cactil LLC. Reports may not be shared with any outside party without our express written permission.
