Blockchain Forensic Analysis
One of the advantages of the blockchain is its transparency.
All cryptocurrency transactions are recorded on the blockchain and can’t be erased. This was supposed to make frauds less likely, since all activity can be viewed by anyone and the pattern of money going from wallet to wallet is apparent.
However, transparency doesn’t discourage crypto scams from stealing money from people on the blockchain. The reason is that, in spite of the fact that all activity can be viewed, the names and locations of bitcoin wallet holders can’t be discovered without in-depth blockchain analysis.
Blockchain forensic analysis uses technology, and investigation to discover the names and locations of bitcoin wallet holders. It is essential to have blockchain analysis experts to assist you if you’ve lost money to a bitcoin scam and are seeking crypto recovery.
What Are the Steps in Blockchain Analysis?
Successful blockchain analysis requires advanced technology and experience dealing with blockchain data.
The first step in blockchain forensic analysis is classification. This means connecting the pseudonyms connected with the crypto wallet with real-world data. Experts collect this data by searching the web and consulting databases.
The second step is to use advanced blockchain forensic software that attaches a score to each piece of information. This score measures the strength of the connection between the blockchain entity and real-world information.
The third step is the in-depth investigation, which combines human ingenuity and graph visualization to determine and follow clues about the path of the funds through the blockchain.
Blockchain analysis requires a combination of best-in-class technology and bitcoin forensic tools to uncover identities on the blockchain. Bitcoin forensic software can process information and yield results, but human reasoning and experience with blockchain analysis can translate this information into conclusions that can lead to the culprits behind crypto scams.
How Blockchain Forensic Analysis Tools and Methods Track Crypto Scams
The number of bitcoin scams has increased to the point where there are thousands operating around the globe. Many of them don’t last long. They are created simply to steal money from unsuspecting victims and disappear as soon as they are flagged by regulators or receive numerous complaints.
However, these crypto scams don’t usually disappear for good. They often pop up again with a slightly altered name. Since there are thousands of crypto frauds, the scammers feel they can disappear and return with minor alterations, but crypto experts are paying attention.
After beginning the crypto recovery process when we use blockchain forensic software to make connections between real-world and blockchain entities, we observe the path of transactions and consult databases and other resources to see if patterns match up with known crypto scams.
Often, we find that fraudsters get lazy. Not only do they adopt a similar-sounding name to one they used in the past, but they’ll send money to the same wallets, or “mules.” These are accomplices who assist in their money laundering activities.
Our crypto investigation professionals may notice a pattern that they’ve seen before which is characteristic of a specific crypto scam. Often, this is helpful in unmasking identities behind these operations. True, there are many frauds on the blockchain that are brand new, but we often see repeat offenders. Blockchain analytics and bitcoin forensics help us close in on them.
Blockchain Forensic Analysis and Crypto Recovery
After using blockchain forensic analysis tools and a full investigation, we usually have an idea of the identities behind a crypto scam. We can then take that information to the authorities and start the crypto recovery process.
Not only is it important to do a thorough blockchain forensic analysis, but the findings should be presented in a way that is easy to understand and can provide leads to law enforcement. That’s why crypto reports are essential. MyChargeBack summarizes our findings into crypto reports that you can bring to the authorities, and are key to crypto recovery.
Why Do You Need Blockchain Forensic Analysis Experts?
One of the biggest mistakes in the crypto recovery process is a crypto scam victim thinking they can go it alone. It isn’t enough simply to be knowledgeable about cryptocurrency. Blockchain analysis and bitcoin forensics require high-level software and extensive experience.
In addition to the research, it’s essential to communicate this information in a form that can be understood by judges, police officers, and government officials–people who may not necessarily be crypto experts. That’s why blockchain analysis, bitcoin forensics and crypto reports are essential for crypto recovery success.
MyChargeBack is a one-stop shop for all of these services. Our crypto trace technology is usually available only to law enforcement and government agencies. Our team has combined decades of experience in fund recovery investigations of all time. We generate reports that are crucial tools for authorities to stop crypto scams and recover funds for their victims.
MyChargeBack Will Get You Started with Fund Recovery
If you have lost money to a cryptocurrency scam, seek fund recovery assistance right away. Consult with MyChargeBack experts and get started with your fund recovery claim. We have extensive knowledge and working relationships with regulators and more than 450 law enforcement agencies around the world, as well as solutions that can improve your prospects of getting your funds back.