Lost Crypto is Traceable: Cyber-Forensics.net Dismantles Common Misconceptions Associated With Recovering Crypto Assets
As cryptocurrency becomes mainstream, so do the common misconceptions associated with it, like recovering crypto is impossible. Cyber-expert Timothy decodes them.
SOFIA, BULGARIA, May 2, 2022 /EINPresswire.com/ — When a potentially game-changing idea like cryptocurrency enters a market, interest takers and investors won’t miss the details that make the so-called platform. Since the project brings in new ideas, entrepreneurs may not have a thorough understanding of their limits and rights. Result? They fall victim to misconceptions about what constitutes the platform.
Something similar has been noticed by financial organizations and cyber cells working in the field of crypto. Cyber-Forensics.net, a cybercrime service for victims of online scams, has addressed the problem urgently as numerous complaints have highlighted how scammers systematically target innocent individuals lacking knowledge about the crypto space.
One of the misconceptions that haunted millions of people last year was the idea that crypto funds lost in scams were once lost forever.
However, blockchain forensic expert Peter Thompson states that “Cryptocurrency has already evolved to the point where it allows crypto asset recovery investigators to easily track the movement of criminal funds.”
Peter added to the statement, “although crypto is now becoming a mainstream platform, it still lacks universal appeal. This is one of the reasons why people still have misconceptions. today, developing technologies have shattered all these pre-established notions.
Myth #1 Crypto assets can never be recovered
A common misconception is that once gone stolen cryptocurrency is gone forever. But experts refute the idea. According to them, “blockchain technology is constantly evolving, allowing investigators to identify, trace and recover stolen crypto. Although the process can sometimes be difficult.
In January 2021, a UK-based exchange company was able to trace stolen cryptocurrencies worth US$32 million using forensic technology. The company managed to secure the amount and return it to its rightful owners.
According to Peter Thompson, “The process of recovering crypto by traditional methods can take months and can solve a series of backlogs. On the other hand, modern crypto-asset recovery services rely on advanced blockchain tracing technologies that aim to resolve cases within weeks.
Benjamin Sauter, Partner, Kobre & Kim LLP, explains, “It is surprising how often investigators can trace crypto coins through forensic techniques. These are well-accepted ways to recover assets.
Myth #2 Encryption recovery is expensive:
Crypto recovery is relatively affordable as companies and organizations have started incorporating them into their business strategies more frequently. Moreover, crypto recovery companies are already experiencing strong competition in the market. Therefore, they aim to become accessible and affordable quickly and easily. And in comparison, recovering crypto assets is relatively cheaper than traditional methods.
In traditional crypto-asset recovery, scam victims are often required to serve subpoenas on a bank to find out how the scam happened? Moreover, the process can take months to find out the perpetrators of the illicit funds transfers.
But in blockchain forensics, victims get all updates in real time. And all they have to do is provide details of the fraud to investigators.
Myth #3 Crypto Recovery Services are Unregulated Businesses
Unlike Crypto space, a decentralized platform, cryptocurrency recovery service providers work in a regulatory environment. These companies are required to obtain a license and registration in many jurisdictions, which binds them to the mandatory supervision of the authorities.
How do you avoid falling victim to common misconceptions?
Timothy Benson explains direct ways to avoid falling victim to crypto asset recovery misconceptions:
◉ Do thorough research: focus on facts before believing information.
◉ Stay Informed: Scams make up the majority of all crypto crimes. Statistically, they account for 54% of all illicit activity. Staying up to date can be very beneficial.
◉ Monitor Crypto Wallet Activities: Any scammer claiming that digital wallets are prone to scamming can use sugar-coated language to trick their potential targets into transferring funds to unsolicited wallets. It is best to monitor digital wallets and secure wallets using two-factor authentication.
◉ Justify the correct information: listen to other justifications explained by online experts and develop a concept map. Whenever someone launches a new program, investment plan, cryptocurrency, review the details gathered from published reports.
What to do in case of scam by a fake crypto asset recovery company?
When someone thinks that fake crypto-asset recovery companies have targeted them, it is advisable to report the matter to law enforcement. One of the biggest problems investigators face is when victims of crypto scams fail to report the problem, which leads to delays in the crypto investigation.
Victims may find it difficult to trust another agency with the case. But it is recommended to use a credible and reputable agency in the field to avoid becoming targets again. Moreover, hiring a reputable name in the region is one of the processes to secure future financial and crypto assets.
How Do Crypto Asset Recovery Services Bust Misconceptions?
Every year, crypto investors lose billions of dollars to online scams. These scams have serious repercussions on the financial health of organizations, forcing them to seek help from experts, which is ideally recommended by cyber experts for the following reasons:
◉ Information Acquisition and Modeling: Crypto recovery companies perform due diligence services to gather information about how the scam happened. They model their search parameters based on the details provided by the victims and execute the crypto-asset recovery plans accordingly.
◉ Future Risk Analysis: Victims may be on the radar of previously targeted victims. Forensic experts identify potential risks and analyze assets that could be targeted by criminals. Experts provide analysis using AI-powered investigative tools and equipment to help victims manage risk in the future.
◉ Recovery: Victims also receive proven guidance on how to submit appropriate and timely claims to expedite victim claims and help them recover their funds faster.
But it is exceptionally vital to identify a reputable company that can facilitate all the mentioned services without wasting crucial seconds in the fund recovery process. Based on several site reviews, Cyber-Forensics.net is a highly recommended name.
Cyber-Forensics.net is committed to providing the most accurate tracing service for victims of online scams. Cyber-Forensics.net enables and simplifies the process of tracking down cybercriminals and helps recover funds and create an atmosphere conducive to a negotiated settlement. Cyber-Forensics.net usually deals with bitcoin scams and forex withdrawal issues. For more information, please visit https://cyber-forensics.net/.
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