How To Report a Crypto Scam

By Markus David

Director of Professional Services

We all see crypto deals all over the web. Sensibly, most of the time, we ignore them, which is a good idea since the majority of these unlicensed brokers and fly-by-night platforms are crypto scams. 

However, some deals seem incredible. Other crypto brokers have a veneer of respectability. They may say they are licensed, have a snazzy website, or give us a reason to trust them. Some bitcoin scams are obvious, but others are crafty, and even sophisticated crypto users can fall for them.

How Do You Know If You’re Dealing with a Crypto Scam? 

One thing that unfortunately works in the favor of bitcoin scams is time. They have plenty of time to play with until their “customer” actually realizes they are being tricked. It’s often easy to be in a state of denial, particularly if you‘ve invested a lot of money in a deal you feel is a sure thing. 

There is hope once the crypto scam victim realizes their money is in the hands of unreliable people. The earlier the victim is aware of this, the quicker they can act and the greater the chances of crypto recovery. 

The following are telltale signs of a bitcoin scam. If you see these red flags, close your account and request a withdrawal (if they grant one). Better yet, don’t open an account in the first place if you notice any of these.

  • Not licensed
  • Guaranteed returns
  • No identities of people who run it
  • Aggressive demands to keep funding an account
  • Sporadic communication
  • High fees
  • Won’t grant a withdrawal

Is Crypto Recovery Possible?

There is a widespread false belief that crypto recovery isn’t possible. It is true that transactions on the blockchain can’t be reversed, like a credit card chargeback. A refund has to be done through a separate transaction. However, reversal of charges isn’t the only way to succeed with fund recovery. Crypto recovery doesn’t operate through chargebacks, but through other methods. 

The other issue is that transactions on the blockchain are anonymous. However, that doesn’t mean that they can be traced to specific people through a crypto investigation. 

A successful recovery process involves working with experts like MyChargeBack. Our professionals launch a thorough investigation into your case and create reports that will help authorities track down your funds and facilitate crypto recovery.

How to Report a Crypto Scam

So is crypto recovery possible? The answer often depends on various factors, including how complex the case is, what resources law enforcement has at their disposal and how much time has elapsed. 

However, one powerful influence on the success of a crypto recovery is how the bitcoin scam is reported. Simply filing a claim and letting the authorities or the platform do the rest is unlikely to yield success. 

Instead, the best way to report crypto currency scams is to give the authorities something valuable–leads, information that is easy to use and apply, and a roadmap to successful crypto recovery. 

File an Initial Claim

You can start the reporting process by filing an initial claim about what has happened with some screenshots to back up your claim. You will also want to try connecting the bitcoin scam and ask for a withdrawal. This may seem fruitless, but many authorities and platforms will ask you to confirm that the other party is non-cooperative before proceeding with an official investigation. 

Consult with Experts

This initial claim, though, isn’t enough. You need MyChargeBack experts on your side to fully investigate your case and to give a full picture of the crypto scam. When you consult with MyChargeBack, you’ll be asked to provide documentation, including communications with the crypto scam, screenshots of your account or crypto wallet, and other useful information.

Investigation Reports

MyChargeBack will launch a full investigation using cutting-edge technology to trace your funds through the blockchain from your initial transaction to where your funds were cashed out. 

Our bitcoin forensic techniques can unmask identities behind anonymous bitcoin wallets and give the authorities in-depth information about your case. Following the investigation, we will give you a detailed investigation report. 

Approach Authorities

We will advise you on approaching authorities to report the crypto scam. You will be armed with a crypto investigation report and forms that will increase your chances of crypto recovery.

Tips for Crypto Recovery Success

There is no guarantee that you will retrieve all of your funds from bitcoin scams. However, with these tips, you can greatly increase your chances of crypto recovery success. 

  • Have all your documents ready
  • Act quickly
  • Be patient
  • Seek experts to get started with crypto recovery

When you report a crypto scam, it’s important to have all the information you need from the beginning. This means any email, SMS, or Whatsapp communications, a snapshot of websites, and even ads. Even small details can give crypto investigators clues about who is behind the bitcoin scams. 

It’s important to act fast once you realize your money has been stolen by a crypto scam. Money is laundered very quickly through the blockchain. The more time passes, the more complicated crypto recovery can be. 

Although haste is vital, it’s equally important to be patient. Even if you are sure you know who stole your money, thanks to a MyChargeBack investigation report, it may take official investigations and court proceedings before you’ll get your money back. 

The most effective in your arsenal for crypto recovery success are experts that will investigate your case and can help you get results. MyChargeBack professionals have worked on behalf of numerous clients and have stopped many bitcoin scams right in their tracks.

Want to Get Started with the Crypto Recovery Process? Talk to MyChargeBack Experts Today!

If you have lost money to financial fraud, talk to the MyChargeBack team. Our crypto investigations will provide evidence to bolster your claim and get you started with fund recovery. 

MyChargeBack has developed working relationships with law enforcement agencies worldwide, has extensive knowledge and experience with crypto tracking, and can improve your prospects of getting your funds back