Introduction :

Bitcoin is one of the currencies that fall under the umbrella of cryptocurrency. There are many other coins as well, but Bitcoin has been the most popular since 2008. As every coin has two sides, so does Bitcoin trading. It has a positive side that we have always heard of, but it also has a negative side, such as scams and fraudulent activities.

Full-time traders always like to increase their profit potential while dreading the idea of a missed opportunity and risking all the money they have staked in a loss. Regardless, market volatility is the driving force behind a trader’s peace of mind, as it offers ample opportunity to make a profit. However, we never want our readers, novices and experienced traders alike, to ever fall for this trap in such a condition. The purpose of this blog is to spread awareness regarding several cryptocurrency scams and their subsequent recovery from scammers.

Types of Bitcoin Scams :

According to the Federal Trade Commission (FTC), more than 46,000 people reported losing over $1 billion in crypto to various scams from January 2021 through June 2022, and that figure only includes people who willingly shared this information with authorities.

Blackmail and Extortion: 

As a lot of earning options are available in the digital age, traders, investors, and newbies are perplexed about the right platform for earning.

According to the Federal Trade Commission, scammers will blackmail you if you disagree with their terms and conditions. And the prospect of recovering money on an individual level is next to none.

These scammers will use personal images and videos as bait. They will project their larger-than-life lifestyle. You could be a part of it if you choose to do so. 

Then they will lure you to send them your Bitcoin credentials. But if you stop investing your Bitcoins in their investment schemes, they will use coercive language to convince you.

If someone tries to use coercive language when you ask them about details of the investment scheme, it is best to stop entertaining them and hang up the call.

Business Opportunity scams:

Here, the scammers will target you with so-called ‘business opportunities’. Nowadays, these scams are becoming more common, but it is essential to share them as many traders are still unaware of them.

Fraudsters will use words such as ‘ promising returns’, ‘do wonders’, and make it double overnight’. These words or phrases fall under the category of luring or attracting words. They use these words to grab your Bitcoins by attracting the trader with fake benefits or something nonexistent.

We request that all traders not entertain such fakers and immediately stop communicating with them.

Fake job listing scams:

This is a next-level scam that is very common. In this type of scam, fraudsters will approach the victim by creating fake job listings or providing them with unsolicited job offers. These jobs are regarding bitcoin miners and the recruitment of bitcoin investors.

The trick and the moment of spotting the scam is that they will ask the victim to pay in Bitcoin to get started. No job will ever ask you to pay, but two types of victims get trapped in this trap. One who needs money, and those who have the money and wish to double it. 

In the flow, the scammers come up with more techniques for snatching the money, such as asking for additional payments or making deposits in their bank account and sending them cash as the payment fails. It is the biggest red flag.

Giveaway scams:

Here, scammers use celebrities’ or big influencers’ profile pictures to promise free money or other types of prizes. When a layperson reads messages or watches videos, they cannot imagine the scam behind a famous personality.

Real Example: Scammers attempting to send video footage online frequently pretend to be Elon Musk on social media and in videos. In previous years, Elon Musk’s ‘ Freedom Giveaway’ on Twitter promised free crypto to the first 1000 followers. 

This is how names are used in this scam, and without confirming it, we also believe that it is true. However, we left with no such token of doubt that could raise a second doubt.

Romance scams:

Another popular scam is the romance scam. In this scam, scammers will lure their victims romantically before they start demanding money from them. These scammers have such a hold over their victims that it does not occur to them that the person is after their wallet.

A new term, “pig butchering, is becoming synonymous with romance scams. Scammers will entice these victims with their sweet talk and demand money in return. A point comes when victims either realize that they have been scammed or their loved ones point out the obvious.

In the end, the victim not only feels cheated but is also devastated financially.

Hope for victims

All is not lost; victims of scams can recover their money; however, they need to be more proactive.

If you fall victim to such scams, you have two options. Let us explore them.

On your own

You can contact the local law enforcement agencies about the scam, and they will help you recover your lost funds. However, there are some limitations; you need to contact various departments to track the progress of your lost funds. This process, while cheap, can take a long time to track all your lost funds.

Seeking professionals

Several online Bitcoin scam recovery agencies are available; they have a team of professionals who will recover your lost cryptocurrencies for you. They have the required human resources, technology, and legal team at their fingertips. They have the same access to technology and legal teams that law enforcement agencies have.

The only difference is that, since they have a dedicated team with them, they will help you track your stolen financial funds at a quicker rate. Thus, despite being expensive, they can help recover your lost funds.

Conclusion :

Although investing and trading in Bitcoin and other cryptocurrencies is quite easy, it is easier to lose them to a scammer.

The technology available for tracking lost cryptos is very expensive, and you need a team of experts to hunt them down.

Although you can always approach your local law enforcement agency, they do not have adequate human resources to track every crypto at an individual level.

And this is where reputed and trusted online financial fund recovery agencies come into play. They can help you recover at least a part of the stolen funds if not the entire amount.