Despite being based on a very safe and secure blockchain technology, the cryptocurrency segment is often rocked by news of scams and frauds. Many investors in the past had lost money to scammers, and the worst part is that investors are clueless about what to do once theory are duped with their money. Even in this day and age, there’s a complete lack of awareness on what the procedure is and how to report stolen cryptocurrency.
How to report Stolen Cryptocurrency?
Hence, we decided to simplify things by putting together some tips and measures that can help you to track the lost crypto in case you become a victim of crypto fraud:
1) Lodge a Formal Complaint:
Lodging a formal complaint and getting a case number can help recover your stolen cryptocurrency. The documentation will also establish your standing to become a part of the lawsuit or insurance claim that might be filed in a court of law. Despite the pessimism, in some past cases, investigation agencies have recovered the stolen cryptocurrencies with the help of other crypto tracing organizations. Therefore, it’s advisable to go to the cyber cell, formally register your complaint, and get a case/file number.
2) Inform exchange:
It is essential to immediately call the customer service desk of the exchange and inform them about the incident of stolen cryptocurrency. Quick intimation can prompt the exchange to freeze your account and help you to save the money left in your wallet. Remember that crypto exchanges are under no legal obligations to give your money back as the ecosystem is outside the purview of most nations’ regulatory and statutory frameworks. However, reputable and trustworthy exchanges always put the customers’ interests first and take prompt action whenever required.
3) Contact bank:
If you have paid the transaction fees through your bank, then informing the institution’s executives can also help stop hackers from further withdrawals. Ask the bank to freeze your account and prevent any additional transactions from making sure that the remaining balance is secured in your account.
4) Act Quickly:
If some money is left in your crypto account, immediately transfer it and permanently delete your crypto wallet. Also, it is vital to change your old password, and if you suspect that your system or device has also been compromised, it’s best not to use that again or at least format it before using it again.
All these methods can prove instrumental in tracing your lost cryptocurrency. However, the tracing of digital coins is quite a complex process, and you should prepare yourself for the long haul and need to strive hard to make a recovery.
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