How Do I Recover My Stolen Bitcoin: Getting back stolen Bitcoin can be a hassle but don’t worry there is something you can do.
If you have Bitcoin either in small or large quantity your Bitcoin saving is always a target for scammers and the bitter truth is that once this happens there is only little you can do to get your funds back
Crypto exchanges are hacked surprisingly often. One of the biggest heists occurred in August when cybercriminals stole $610 million in various cryptocurrencies from the Chinese platform Poly Network. The hackers eventually returned the funds.
How Do I Recover My Stolen Bitcoin
A Japanese exchange, Mt.Gox was forced into bankruptcy in 2014 when hackers lifted $450 million worth of Bitcoin from their wallet.
And the famous Twitter hack of 2020, where a bunch of hackers hacked into over 140 accounts of influential people and posted a tweet asking their followers to send Bitcoin to a particular wallet that the amount sent will b doubled and returned to them. The hackers were able to cart away with over $200,000 worth of bitcoin. Although, the perpetrators were later caught and charged with wire fraud, money laundering, identity theft, and unauthorized computer access related to the scam.
Losses from crypto hacks, thefts, fraud and misappropriation totalled $681 million in the first seven months of this year, according to a report from crypto intelligence company CipherTrace. If losses continue on pace, they’d total $1.17 billion, though that would be a drop from last year’s $1.9 billion.
No matter which crypto wallet you are using, even if it is well established one like Coinbase or Binance you might face a slog recovering your funds. Coinbse for example after receiving so much customer complaints related to its customer service. Coinbase started a live phone support which doesn’t appear to have pleased most of its unhappy customers. This shows that there is only so little that can be done, it is up to you to make sure your account is alway up to date with the latest security system.
In addition, the company confirmed recently that Coinbase started testing a new subscription service that will allow customers to buy, sell and convert digital currencies without paying a fee for each trade. Website The Block reported earlier that the service also includes features like additional account protection and “prioritized phone support.”
Of course, that won’t help if someone hacks your personal wallet — the software and sometimes hardware used to store crypto — rather than the exchange itself. No one’s in charge of cryptocurrencies, which are decentralized.
What’s worse than having your funds stolen? Watching the Bitcoin move around on the blockchain, the technology that powers cryptocurrencies by creating a public record of transactions. The Blockchain is a public Ledger which means anybody can have access to it and see how Cryptocurrencies are been exchanged.
The sad part is that your funds are right there in plain sight, but there is no way to get them back. It’s like if someone stole your car and parked it right in front of you but you can’t claim ownership of it.
The best approach obviously is to do everything in your power to make sure your crypto never gets stolen. This means using all necessary security measures on your wallet account and storing the larger per cent of your Bitcoin in Cold Wallet that isn’t connected to the internet.
Should something happens, don’t despair. Here are some things you can do:
Hire a Hacker; One way to bail yourself out of this is hiring a crypto recovery expert. Your funds will be traced and transferred back to your wallet. Recovery process for crypto currency takes a minimum of 2-3 days. Contact a Hacker today !
Protect what’s left
If there is anything left in your hacked wallet, transfer it out to a secure wallet. Delete the compromised wallet and create a new one using information not related to the previous one.
Any password related to your exchange account should be changed as soon as possible, switch all email accounts. If you think the device you used to access your hacked wallet account is compromised, format it or don’t use it anymore.
Contact Customer Service
If your exchange is larger and better known, you’re more likely to get some help. Act fast, and your exchange might be able to freeze your funds, depending on what stage the theft is at.
Be informed, however, that many exchanges aren’t under many obligations to help you. Some exchanges are located in countries with few or no regulations that cover cryptocurrencies. Some countries don’t consider crypto to be an asset reducing the odds of help from the authorities even further.
Report The Theft
It’s unlikely a formal report will help in recovering stolen crypto, but it doesn’t hurt to have a case number filed in regards to the hack. You never know if there will be an insurance claim or lawsuit you can be part of if the Hacker is later caught. Having evidence you took the theft seriously will help you establish standing and authenticate your claims if the need arises.