How do I recover my money back from a cryptocurrency investment scammer?

In this day and age, it is so easy to fall prey to people who will take advantage of you. In the past decade, cryptocurrency investment scams have started becoming more and more prevalent as they can make off with a large sum of money within no time at all.

That’s why it’s crucial to find out how to recover your money back from cryptocurrency investment scammers once you realize you’ve been scammed. First, though, let’s talk about how this happens in the first place.

 

Don’t Panic

Never send your cryptocurrency to an address given to you by someone unless you’re 110% sure it’s legitimate. Anytime anyone promises guaranteed returns, there’s a 99% chance they are lying.

Every single fraudulent scheme involves a combination of Ponzi and pyramid schemes where it doesn’t matter if someone invests or not because their job is only to find new investors and get them to give up their crypto as well.

Every second one of these people is online, they are perpetuating fraud; so don’t panic! Just stay patient, and keep up with any investigations that may be happening into these scammers so that when law enforcement does catch up with them (which it will) you can use your evidence against them to get your losses back.

If your coins were stolen through hacks, here’s how to secure your wallet. If you believe someone has stolen from you using malware on your computer, here’s how to remove malware. If you want more information about what steps to take next check out our guide on what happens after a hack.

And remember: The best thing you can do right now is nothing. Don't give in and don't pay anything until everything has been investigated thoroughly.

 

Save All of Your Evidence

This sounds like pretty basic advice, but it’s surprising how many people don’t actually save every form of communication-related to their transactions. This includes digital forms (emails and text messages) as well as written records (letters and envelopes).

If you are trying to seek redress for fraud or misappropriation of funds, saving all of your evidence is absolutely essential. In fact, in some cases, it could be illegal not to keep them! Making sure you can supply evidence that supports your story is critical if you hope to recover your loss.

Without these documents, you may have difficulty getting anything done because anyone who receives information has no way of knowing whether they are authentic or fake. To avoid any issues with fraudulent documentation, save everything that involves an agreement with another party.

Keep copies of bank statements and other paperwork showing where your money went as well. It will help support your claim when things get tough later on.

Finally, make sure you check what time limits apply to your situation and make sure you act within those guidelines or risk having your case thrown out by an arbitrator or judge.

The last thing you want is to be disqualified because of procedural errors—especially when you're so close to recovering lost funds!

 

Get Professional Help

When people fall victim to fraud, they often take it personally. As a result, it's common for them to want to take matters into their own hands and try to find ways of getting their money back on their own.

The SEC urges investors not to be duped again by contacting anyone associated with scammers or investing in any other way that goes against SEC rules. Instead, report your loss and let professionals help you get justice.

Do that by calling your local FBI office (or police) and asking for help; if there are any ways your state can prosecute fraudsters, law enforcement will know about them. If you're still hoping to recoup your losses, contact an attorney who specializes in securities fraud.

If you have invested through a financial professional like a broker or advisor, contact them as well so they can refer you to someone who specializes in securities litigation. Keep in mind that even if you win, it might be years before you see your money again.

It takes time to build cases and collect evidence—and even then, there's no guarantee you'll win. But fighting fraud is worth it: Not only will you feel better knowing you've done everything possible to get your money back, but protecting investors is part of what makes our markets strong.

 

Press Charges

This is why you need to always keep backups of your wallet, and use 2FA/key stores/cold storage. If you end up falling victim to an exit scam, don't feel bad.

It happens more often than it should. But there are ways to ensure it won't happen again in your next venture; by taking precautions before investing in an ICO or purchasing new cryptocurrencies, you can save yourself a lot of stress (and money) down the road.

Thanks for reading! We hope you enjoyed our list of tips for how to stay safe when investing in cryptocurrencies. We wish you all safe investments and successful trading.

And remember: if something seems too good to be true, it probably is! Keep that in mind when evaluating crypto projects.

Always conduct thorough research, only invest what you're willing to lose, and never take advice from someone who's trying to sell you something! Good luck out there!

 

Conclusion

This is just another example of how important it is to be careful when handling your money over to someone you don’t know. Scammers will always be looking for new and innovative ways to dupe people out of their hard-earned money, so it’s important that you remain vigilant at all times.

One simple way to protect yourself is by knowing where your bitcoins are stored and where they came from. We hope you found our post useful. If there’s anything else we can help with, please contact us directly or through one of our social media accounts! Have a great day!