The little crypto recovery fraud they noticed yet

[_act_]

Just 3 websites of crypto recovery fraud have been seized by the FBI.

https://news.bitcoin.com/fbi-seizes-websites-linked-to-crypto-recovery-fraud/

But there are still many of them out there. Recovery services are fraud just like cloud mining. Do not be careless with your seed phrase backup because looking for recovery service is like you are looking for someone to steal your coins from you.

[ABCbits]

Just 3 websites of crypto recovery fraud have been seized by the FBI.

https://news.bitcoin.com/fbi-seizes-websites-linked-to-crypto-recovery-fraud/

But there are still many of them out there.

It's not surprising, FBI and other agency usually only after popular scam website either due to limited resource or other reason.

Recovery services are fraud just like cloud mining.

FWIW, actually there are few legit recovery services. Meanwhile cloud mining is either scam or at least unprofitable.

Do not be careless with your seed phrase backup because looking for recovery service is like you are looking for someone to steal your coins from you.

And remember that generally nobody can't reverse/cancel transaction on blockchain.

[yhiaali3]

Actually I don't know how people get fooled by such scams, especially crypto recovery services.

Simply put, if the service is able to recover your wallet seed, why would they return the assets in the wallet to you? They can simply take it as long as they have the seed.

Unfortunately, some people who lose their money due to fraud or mistake fall easy prey to such scam services, and instead of recovering their lost money, they lose more money.

[Zed0X]

Yeah, too many of them on social media and they often comment and spam on accounts of popular exchanges. Even in this forum, someone is posting recovery service in the gigs board and continues to spam or hijack other threads with the same sh1t.

[Lucius]

Actually I don't know how people get fooled by such scams, especially crypto recovery services.
Simply put, if the service is able to recover your wallet seed, why would they return the assets in the wallet to you? They can simply take it as long as they have the seed.
Unfortunately, some people who lose their money due to fraud or mistake fall easy prey to such scam services, and instead of recovering their lost money, they lose more money.

Ignorance and carelessness lead to situations where people become victims of hackers, and despair and fear of total loss make them easy targets when it comes to services that can supposedly help with recovery. I would not rule out that it is often one and the same people, first they scam someone, and then they contact the victim from another social account and offer help.

If someone scams you, then it would be logical to report the matter to the police, no matter how pointless it seems at that moment - everything else is either a waste of time or time/money.

[LogitechMouse]

Actually I don't know how people get fooled by such scams, especially crypto recovery services.

At this current year, there might be a few investors out there that are still falling into the "Bitcoin double" scam where they promise you to double your money if you deposit X amount of money on their address. This is the reason why I'm not surprised that there are still investors who are being fooled into this cheap tricks by these scammers.

They will be using your emotions to scam you. That's the trick and if you're an investor that lost money, you will feel the relief whenever somebody said to you that they will recover your money. You will not use your critical thinking anymore up to the point where you will just unconciously send money to them.

Unfortunately, some people who lose their money due to fraud or mistake fall easy prey to such scam services, and instead of recovering their lost money, they lose more money.

It's unfortunate, but it is what it is. There will be investors who will fall into these cheap tricks, and many more in the future. The best way for them to learn is through experiencing it first-hand.

[TomPluz]

Crypto recovery services scams are building on the helplessness of some people when they lose their coins or tokens, promising them of the possibility of getting back what they lost either in exchange for money or by getting their private keys. Essentially they can lose more money if they avail of this scam which can be adding salt to injury...a very horrifying experience. Many are victimized all because they are not taking advantage of the power of online search and they let their naivety come into their heads. This is already a popular scam and if one is involved with cryptocurrency one should know this by the fingers of their hands. And this brings us to the necessity of those of us in this industry to be educated...and one way to do that is by being a part of this forum.

[yhiaali3]

If someone scams you, then it would be logical to report the matter to the police, no matter how pointless it seems at that moment - everything else is either a waste of time or time/money.

Yes, this is the normal, proper behavior that should be in such cases, but unfortunately in most countries that ban crypto or do not have clear regulatory laws to deal with such cases, the victim will not dare to contact the police.

For example, in my country, there are no clear regulatory laws about crypto, so if I am scammed, I will never think of contacting the police because then I might be imprisoned instead of getting my money back.

[ABCbits]

Actually I don't know how people get fooled by such scams, especially crypto recovery services.

People who lose their coin (either due to being hacked or forget) usually is more vulnerable and the scammer know this fact.

Simply put, if the service is able to recover your wallet seed, why would they return the assets in the wallet to you? They can simply take it as long as they have the seed.

I get your point, although those scammer make various fake claim. Looking at one of mentioned website on https://web.archive.org/web/20240104161507/https://mychargeback.com/, they falsely claim they can perform chargeback, tracking stolen coin (which is far harder if the thief know what they're doing) and covered by major news media.

[Lucius]

If someone scams you, then it would be logical to report the matter to the police, no matter how pointless it seems at that moment - everything else is either a waste of time or time/money.

Yes, this is the normal, proper behavior that should be in such cases, but unfortunately in most countries that ban crypto or do not have clear regulatory laws to deal with such cases, the victim will not dare to contact the police.

For example, in my country, there are no clear regulatory laws about crypto, so if I am scammed, I will never think of contacting the police because then I might be imprisoned instead of getting my money back.

You are undoubtedly right there, some countries have very strange laws when it comes to cryptocurrencies, but we can only hope that this will change in the future. Even in China, which is particularly hostile to Bitcoin, there are cases where the courts have made decisions that went in favor of cryptocurrency owners, and this still sends a message to everyone else that they might soften their stances a bit.

However, I would emphasize that every crypto-currency owner should do everything to protect his digital assets in order not to find himself in a situation that is practically hopeless. I failed to mention one thing, and that is that anyone who becomes a victim of hacking or a scam can act in a way to inform all CEX about it, because it is possible that they will be able to freeze their funds on one of those platforms. It's a slim chance, but it shouldn't be dismissed because not all bad guys are smart enough to know how to hide their tracks.

+1

[Z-tight]

BTC transactions are irreversible, and you can only recover your stolen funds if you capture the person who stole it from you and force them to return it to you, now what are the chances of that happening, zero. Another way you can recover your funds is if it is a large amount of money, and you report it to the authorities, if they think it is worth it, then they could confiscate the funds if the thief moves it into any custodial service.

These are the only ways you can recover your stolen funds, so any service telling you they can help you recover your money is a scam.

[Bobcrypto]

Once Btc is lost that is the end of it all, many expert has express their concerns about lost Bitcoin, it is absolutely irreversible and very difficult to trace.
Anyone telling people online that he/she can recovers lost Bitcoin is just another scammer. Many Bitcoin users wants to remain adamant after these several warnings, unfortunately, they will keep losing funds in an attempt to recover a lost or stolen Bitcoin.
Again, i am still doubtful, though some people claim that they can recover lost Bitcoin by reporting through the FBI but this has resulted to more fake FBI online defrauding crypto users on the of Bitcoin recovery. lt us be very watchful, listen warnings and be vigilant.

[Z-tight]

Again, i am still doubtful, though some people claim that they can recover lost Bitcoin by reporting through the FBI but this has resulted to more fake FBI online defrauding crypto users on the of Bitcoin recovery. lt us be very watchful, listen warnings and be vigilant.

The only way one can recover their stolen coins through law enforcement is if they flag or blacklist the scammers address, so if the scammer deposit funds from that address into any centralized or custodial platform, the system will confiscate the funds. However, it is not easy to get LE to do that, the money must be really substantial for LE to pay attention to it.

[yhiaali3]

I failed to mention one thing, and that is that anyone who becomes a victim of hacking or a scam can act in a way to inform all CEX about it, because it is possible that they will be able to freeze their funds on one of those platforms. It's a slim chance, but it shouldn't be dismissed because not all bad guys are smart enough to know how to hide their tracks.

Yes, that's true, as far as I remember, there was a story that happened a while ago where a hacker hacked a crypto service and stole millions of dollars worth of crypto assets and transferred them to Binance to spend them, and fortunately Binance blocked all his money and it was recovered.

Unfortunately, I don't remember the details exactly, but I remember that this is what happened, the hacker was smart enough to hack the service, but he wasn't smart enough to hide the stolen money.

[ZAINmalik75]

Once Btc is lost that is the end of it all, many expert has express their concerns about lost Bitcoin, it is absolutely irreversible and very difficult to trace.
Anyone telling people online that he/she can recovers lost Bitcoin is just another scammer. Many Bitcoin users wants to remain adamant after these several warnings, unfortunately, they will keep losing funds in an attempt to recover a lost or stolen Bitcoin.
Again, i am still doubtful, though some people claim that they can recover lost Bitcoin by reporting through the FBI but this has resulted to more fake FBI online defrauding crypto users on the of Bitcoin recovery. lt us be very watchful, listen warnings and be vigilant.

I think tracing them is not very difficult and even recovering them is a good idea rather than just accepting that they are lost forever. But if BTC are lost like they were stolen from your wallet or you sent them to an address by mistake then they are not going to be reversed like bank transactions can be.

I was not aware of the FBI recovery sites which are fake but they will be banned just like other sites that got banned by FBI they are finding the culprits behind these fake sites. Most of the people try to find ways to get their lost funds back and if the amount is bigger they will do anything to get the funds but unfortunately they won't accept the reality.