Is Cryptocurrency Recoverable?

A common belief about cryptocurrency is that once it is sent across the blockchain you will never be able to find out what actually happened to it or where it wound up. If that were the case, investors who paid for a transaction in crypto and later discovered that the goods or services they ordered were never supplied would have little recourse. Their crypto would be gone for good.

But that’s not entirely true. Today, there are solutions for tracing the routes that crypto takes. So, is cryptocurrency recoverable? Yes. The process is complicated. It requires patience, and determination, but you can successfully recover crypto.  How can you find out who actually received your crypto? How can you get your crypto back?

Below, we outline the recovery process, which involves two key steps.

Step 1: The Investigation

The first step is investigative. The path the cryptocurrency took through the blockchain has to be traced, from crypto exchange to crypto exchange, until it was cashed out into fiat currency. Doing so requires sophisticated, forensic technology, the type of technology that is typically deployed by law enforcement agencies, central banks, and tax authorities. Though there are online alternatives, they are inferior to those of the professional systems, which are equipped with powerful algorithms employed by government and financial institutions ⎼ and MyChargeBack

Using these tools, our team of certified crypto forensic investigators traces a client’s cryptocurrency along the path it took from one crypto exchange to the next until it is exchanged for cash. We document this in a report that we prepare for the client.

Step 2: Filing a Complaint

The second step is filing a complaint with the local police. Armed with evidence we have uncovered, law enforcement is asked to notify the last crypto exchange we have identified that it believes a crime has been committed. The hope is that the individual who cashed out the crypto can provide key clues as to the identity of the perpetrator. Since crypto exchanges operate in accordance with the law, they will be expected to cooperate and provide the name of the individual in question. 

Certainly, the possibility exists that the crypto was laundered at some point between exchanges. The owner of the account at the last exchange may or may not be the perpetrator of the alleged crime. But only by questioning the account owner can law enforcement determine who the real culprit may be. 

If necessary, MyChargeBack assists clients by explaining to the law enforcement as to the critical role it must play in pursuing it. Not every law enforcement agency, such as the police, has a dedicated cryptocurrency crime unit. In such instances, MyChargeBack can make a  difference. We have significant expertise in these types of cases and experience in pursuing cryptocurrency disputes globally, having established working relationships with 450 law enforcement agencies in more than 50 countries.

Do You Have a Complex Dispute?

Did you pay with a credit card or debit card? Bank wire? Cryptocurrency?

Let’s get your money back!