By Michael B. Cohen
Vice President of Global Operations
Is your crypto broker a fraud or just insolvent? This conundrum is becoming increasingly tricky in the wake of the crypto crash that cut the market to less than a third of its former value – from its highs of $3 billion to just $950 million. Brokers that once seemed reliable, like Celsius, are freezing client funds and claiming “market instability” as the reason.
However, it should be noted that many fraudulent brokers behave this way. They may claim that client accounts need to be frozen temporarily due to technical issues or market losses and in the meantime, disappear with client funds.
That’s why crypto investigation is essential. The complexity of the blockchain and digital assets make it hard for consumers who aren’t crypto experts to get a full picture of what is really going on. MyChargeBack plays an essential role in keeping crypto investors safe in an environment characterized by volatility and fraud.
The Savage Truth About Crypto Assets
Terry Savage, a nationally recognized expert on personal finance and the markets a registered investment advisor and author of bestselling books including The Savage Truth on Money highlighted the importance of crypto investigation in her Chicago Tribune column
Savage debunks the notion that cryptocurrency is a hedge against inflation or a safe port in the storm of market volatility. In the last six months, crypto assets have themselves been caught in a storm, as bitcoin, the strongest of the cryptocurrencies, tumbled from $68,000 to $20,000 in just a few months.
The fact that the crypto coins are unregulated and trade on unlicensed exchanges should give any investor pause for thought, according to Savage, who is critical of the “veil of secrecy” under which these services operate. She points out that U.S. Federal Trade Commission (FTC) data shows that 46,000 people have lost $1 billion to crypto scams.
In her column, Savage seems to tie in crypto fraud to crypto losses. This implies that, whether or not the crypto financial service was well-intentioned at the outset, the fact is that consumers are losing millions as many unregulated exchanges and unlicensed brokers are closing client accounts citing steep losses.
Of course, those who intend to be fraudulent are more blameworthy than those that simply become insolvent, but in the end, if consumers can’t get access to their crypto funds and if the people responsible are not being transparent about when they are going to get their money, the effect can feel similar, if not the same, whether it’s a fraud or a legitimate exchange.
Consumers need resources, such as crypto investigation reports for a successful outcome to their cases. This is the role MyChargeBack plays for those who have lost money amid the crypto chaos–whether it’s caused by a market downturn or a fraud.
Terry Savage highlighted MyChargeBack services as unique in the field. Many assume that the best idea is to go straight to the police or an exchange with a crypto complaint. MyChargeBack’s solution is to arrive at the police station with an investigation report in hand so authorities can more efficiently identify your funds and crack down on those responsible.
The fact is that law enforcement may have the will to fight cybercrime, but they may not yet have the resources to combat the problem. Meanwhile, they are inundated with complaints. To make your claim stand out from the rest and to ensure it gets the attention it deserves, a crypto investigation report is essential.
MyChargeBack Will Investigate Your Crypto Case
If you have lost money on the blockchain through unregulated brokers, bitcoin wallet hacking or fake merchants, talk to the MyChargeBack team. Our crypto investigations will provide evidence to bolster your claim.
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.