Cryptocurrencies Scams Recovery
Cryptocurrencies Scams Recovery
Helping clients to recover stolen cryptocurrencies has become one of our most popular services. Cryptocurrency scams were considered the second most risky type of scam in 2019. The only reason crypto scams came second place was because of the limited exposure to the general public as crypto adoption is still very young. All-in-all cryptocurrency-related crime proceeds exceeded $4.5 billion in 2019.
Types of Cryptocurrency Scams
The growing popularity of speculation on digital assets like Bitcoin and hundreds of other Alt Coins comes with extensive risks for investors. Complaints of investment fraud and price manipulation on crypto-exchanges have risen sharply. However, it’s not just market manipulation causing individuals and companies to lose money, a number of scams have risen to target the cryptocurrency business.
Refusal to Pay out
Lack of Regulation
Because there is a lack of formal regulation protecting the cryptocurrency industry, no one expects firms to be authorized or licensed to carry out activities and there are no guidelines or best practices to follow.
A Naive Audience
Each day more people start to discover and adopt the idea of using cryptocurrencies in their everyday life. Those who are new to the idea of digital assets have limited understanding or awareness to protect themselves which makes them easy targets for con artists.
Relative Anonymity
Bank accounts, checks or electronic money is incredibly hard to use anonymously and hiding the proceeds of crime is complicated and expensive. Bitcoin addresses don’t need to be registered in someone’s name which makes it easier to get away with fraud using cryptocurrencies.