Cryptiide experts understand how to track down funds on the blockchain, identify specific bitcoin transactions and crypto wallets and launch a full investigation into unmasking the identity behind blockchain codes. This is an essential first step for any client with a dispute or a claim involving cryptocurrency on the blockchain.

Many of our clients come to us after first approaching the police or crypto exchanges directly. The crypto exchange or platform might have told them that they first need proof that they have filed a complaint with law enforcement before they can take any action against fellow exchange users.

This is similar to bank wire recalls in the sense that the bank will not automatically flag someone’s account or freeze funds without some evidence that there is a legitimate dispute or suspected wrongdoing.

This requirement of evidence is essential for preventing insincere people from making false claims against an individual out of vindictive motives or people who merely want to get their money back but intend to keep the item, as in credit card chargeback fraud.

When a client then goes to the police, they might find that the police want to know more information before proceeding with the claim. Therefore, they may find they will have to go back to the crypto exchange empty-handed because the police say they do not have enough to go on. Unfortunately, too many people simply give up at this point. But this is when and why they should come to us.
Law enforcement agencies may want to help, but the fact is many police departments are only now in the process of establishing their cyber crime units. They may not have the resources to chase down funds on the blockchain, especially when they do not have hard proof that the owner of the suspected bitcoin wallet is a fraud.

We can provide this proof to law enforcement and give them enough information so they can launch an official investigation. Additionally, clients can present a copy of our investigative reports to crypto exchanges and, in cooperation with law enforcement, they can crack down on the fraudulent parties, take disciplinary action and hopefully, help the client retrieve their funds.

The crypto exchange is the closest thing to a bank on the unregulated blockchain. If one user alleges that another one is involved in a a fraud or stole their cryptocurrency, the customer may immediately complain to the crypto exchange. In some cases, the crypto exchange will take action. In other cases, they will say they need more information before proceeding, including proof that the claimant has filed a report with the police.

The reason for this is that the suspected account or wallet belongs to someone who is also a customer and without hard evidence, it is one person’s word against another’s. Without experience dealing with exchanges, it is hard to know how to present a claim and what kind of information they need. That is where Cryptiide will help.