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from a Bitcoin & Cryptocurrency Scams
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Recover Your Lost Funds
Despite governmental efforts to regulate it, the Cryptocurrency industry continues to thrive. Its ambiguous nature to the general public makes it a fertile ground for fraudsters who exploit people’s lack of understanding, scamming them out of their money with seemingly genuine investment opportunities.
If you have fallen victim to a Cryptocurrency scam, it’s essential to seek professional assistance. Although recovering money from Crypto scams is extremely challenging, there are services available that can provide an honest evaluation of your case. If recovery is possible, they will put forth their best effort to retrieve your funds.
Always approach Cryptocurrency investments with caution and skepticism. Conduct thorough research, verify the credibility of platforms and investment opportunities, and be aware of the inherent risks involved. If something seems too good to be true, it likely is, and seeking professional guidance can be a crucial step in protecting or recovering your assets.
Your money back guarantee
The fund recovery process can be a lengthy one and requires perseverance. Therefore it is vital that our clients are ready for it and trust us every step of the way. So if for any reason you are doubtful, you can ask for a full refund within the first 14 business days of the process.*
The process of recovering funds can be extensive and demands persistence. Thus, it’s crucial that our clients are prepared for this journey and have faith in us throughout each stage. If there are any doubts or concerns, clients have the option to request a complete refund within the initial 14 business days of the process.*
What is cryptocurrency?
Forex, or foreign currency trading, is the largest traded market in the world, with up to five trillion traded daily. Unlike centralized markets like the NASDAQ or NYSE, Forex is decentralized, meaning there is no central exchange processing trades. Instead, orders are fulfilled by millions of traders through various forex brokers globally.
The Forex market is also known for its high leverage, with regulations in the US limiting leverage to 50:1, while other countries may have no limits at all. It’s not uncommon to find non-US brokers offering leverage of 1000+:1. These factors, along with others, contribute to the prevalence of scams within the foreign exchange market, making it a fertile ground for fraudulent activities and deceptive practices.
Three important cryptocurrencies
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Bitcoin stands as the pinnacle of digital currencies, leading the pack not only in name recognition but also in institutional adoption within the financial realm. Accounting for a fluctuating 55 to 65% of the total cryptocurrency market capitalization, Bitcoin’s prominence is undisputed. Its investment potential was further solidified with the introduction of its first Futures contract by the CBOE (Chicago Board Options Exchange) and the CME (Chicago Mercantile Exchange) in December 2017. A landmark event occurred in July 2020 when the US OCC (Office of the Comptroller of the Currency) authorized all chartered US banks to provide custody services for cryptocurrencies, enhancing Bitcoin’s stature as an investment vehicle.
Ethereum, a second-generation blockchain and cryptocurrency, holds the title of the world’s second most valuable cryptocurrency. Often referred to as the most significant ‘altcoin,’ Ethereum stands apart from Bitcoin, serving as a decentralized network platform. Thousands of cryptocurrency types are created on this platform through smart contracts. With a market cap roughly valued at one-third of Bitcoin’s, Ethereum’s importance was further acknowledged with the granting of a futures contract from the CME in February 2022 – only the second cryptocurrency in the US to achieve this feat.
Ripple enjoyed popularity as one of the top cryptocurrencies between 2018 and 2020, with ambitions to replace the SWIFT system for transfer payments. However, Ripple’s story serves as a cautionary tale in the world of cryptocurrency. Once commanding the third-highest global market cap among cryptocurrencies, Ripple faced intense scrutiny by the US SEC in late 2020. Charged with unregistered securities offering, insider trading, and deceiving investors, Ripple’s chief officers were found to have publicly endorsed Ripple while simultaneously offloading billions on the open market. Additionally, large ‘blocks’ of Ripple were sold to investors at deep discounts, who then sold them on the open market for quick profits. Ripple’s downfall has become a stark reminder of the potential dangers and virtual currency scams in the ever-evolving cryptocurrency landscape.
Cryptocurrencies represent an emerging asset class, teeming with investment possibilities yet accompanied by significant risks.
- Exercise caution against promises of instant riches.
- Conduct thorough due diligence by investigating wallets, websites, and information related to your investment.
- Never gamble with funds you cannot afford to lose.
Is cryptocurrency a scam?
Cryptocurrencies represent the uncharted frontier of investment and speculation. Engaging with a reputable and, if possible, regulated virtual currency platform is essential. As of 2020, several esteemed cryptocurrency exchanges have emerged. Coinbase stands as perhaps the most recognized, respected, and trusted among them. Other notable exchanges worth considering include Bitstamp, Kraken, Binance, and Bittrex. However, don’t rely solely on our recommendation! Make sure to conduct your own thorough research and due diligence, especially when dealing with cryptocurrencies!
Here are some of the different types of forex trading scams:
Bitcoin mining scams
Mining is the method through which cryptocurrencies like Bitcoin are generated, a process referred to as Proof of Work. This process demands substantial computational power to solve complex algorithms, recording transactions on a distributed ledger. When ‘blocks’ are successfully mined and added to the ‘chain,’ the miner receives a reward in Bitcoin. Since mining involves significant time, resources, power, and infrastructure, it has become a target for scams, enticing individuals to ‘invest’ in mining projects as a form of passive income. Fortunately, this type of scam has become less prevalent with the emergence of 3rd generation blockchains like Cardano, which utilize a staking system instead of mining. This approach eliminates the need for massive power or infrastructure requirements and offers individuals a more accessible opportunity to earn passive income compared to traditional mining processes.
Bitcoin wallet scams
Bitcoin and other cryptocurrencies are stored in digital wallets, which have two essential keys: a private key and a public key. The public key acts like an address to send funds to, while the private key grants permission to spend or send your cryptocurrency. Bitcoin wallet scams frequently target newcomers to the cryptocurrency space. Since cryptocurrencies are held in digital wallets, numerous fraudulent schemes have emerged, encouraging users to use their wallets. Some of these scams may even request your private key. It’s crucial to understand that you should never share your private key, as it’s the gateway to your funds and falling for such a scam can lead to a complete loss of your investment.
Pump and Dump scams
Pump and dump schemes are alarmingly common in the cryptocurrency space, bearing a resemblance to similar scams in the stock market. These schemes typically involve an individual or entity acquiring a substantial amount of an alternative cryptocurrency (alt-coin) and then disseminating positive news, whether genuine or fabricated. The goal is to entice as many people as possible to buy the coin, often using social media platforms to spread the hype. Once the price has been driven up, the orchestrators of the scheme sell their holdings at the peak, leaving unsuspecting investors to face the consequences of plummeting prices. This manipulative tactic can lead to significant financial losses for those caught in the trap.
OneCoin serves as a prime illustration of a pyramid scheme within the cryptocurrency arena. Like Ponzi schemes in other markets, pyramid schemes in cryptocurrencies operate on the same fraudulent principles. The key difference is that the scammers are leveraging the burgeoning interest and growth in cryptocurrencies to ensnare victims. They often make grandiose promises of overnight wealth, exploiting the allure of digital currencies. By understanding the nature of these schemes and recognizing the warning signs, individuals can better protect themselves from falling prey to such deceptive tactics.
ICO Scams/Exit Scams
ICO, or Initial Coin Offering, is a concept akin to the traditional IPO (Initial Public Offering), but it operates without the conventional regulatory oversight. From 2016 to late 2018, the cryptocurrency market was flooded with tens of thousands of new altcoins, each vying to become the next big thing like Bitcoin or Ethereum. Many of these altcoins attracted millions in initial investments from individuals, and when their prices surged, the creators sold off, often leaving investors high and dry. This practice, resembling a pump and dump but specifically involving an ICO, is referred to as an exit scam.
The cryptocurrency industry, though still in its infancy, has matured somewhat since its inception in 2008. However, the potential for scams remains significant. Therefore, it’s imperative for potential investors to conduct thorough research and due diligence, particularly when encountering new cryptocurrencies on social media platforms. By approaching these investment opportunities with caution and skepticism, individuals can better protect themselves from falling victim to fraudulent schemes.
High-Interest Return Scams
In the ever-evolving world of cryptocurrency, particularly within the decentralized finance (DeFi) sector, high-yield interest rates have become a burgeoning trend. Numerous legitimate platforms exist that enable users to deposit or ‘stake’ various cryptocurrencies, rewarding them with attractive interest rates. It’s not uncommon to find regulated and credible projects offering up to 10% interest on stablecoins (which are essentially akin to cash) or even up to 15% for deposits in Bitcoin and Ethereum.
However, this enticing opportunity also comes with a word of caution. Investors must be extremely wary of promises that offer returns higher than the 10% to 15% range. Even when dealing with legitimate and regulated entities, it’s essential to thoroughly read and understand the ‘fine print.’ Some projects might stipulate conditions such as requiring the deposit to remain untouched for up to 90 days to earn the highest yield.
In a space filled with both opportunities and risks, due diligence, careful examination, and a healthy dose of skepticism can go a long way in ensuring that one’s investment is both wise and secure.
Cryptocurrency Exchange Scams
As Bitcoin and other cryptocurrencies emerged as tradable assets, a limited number of exchanges were initially available. Over time, the number of exchanges proliferated, but not all of them were legitimate. Many of these cryptocurrency exchanges were merely fronts, appearing to be platforms for buying and selling digital currencies.
In some instances, the owners of these fraudulent exchanges would wait until a substantial number of people had deposited and even started trading on their platform. Then, without warning, they would “pull the plug,” absconding with the invested cryptocurrencies. This type of scam has left many investors stranded and financially devastated.
Alongside these outright fraudulent exchanges, there have also been issues with the security of some legitimate cryptocurrency exchanges. The most notorious example occurred in 2014 with Mt. Gox, an exchange that processed over 70% of all traded Bitcoin at the time. A staggering 850,000 Bitcoins were stolen from the exchange, amounting to millions of dollars in losses.
Another deceptive practice involves fake trading volumes. Some exchanges have been known to artificially inflate their trading volumes and liquidity, creating a false sense of market activity and stability. While this deceptive practice continues to be a concern, some self-policing within the industry has emerged. Websites like coinmarketcap.com have taken steps to classify cryptocurrency exchanges, distinguishing between those with honest reported volumes and those with dishonest volumes.
The landscape of cryptocurrency trading is filled with both opportunities and pitfalls. Investors must exercise caution, conduct thorough research, and rely on reputable sources to avoid falling victim to scams or security breaches. The growth and maturation of the industry have led to increased vigilance, but the responsibility for safe investing ultimately rests with the individual investor.
Fall prey to a cryptocurrency scam? how you can get your money back
If you’ve fallen victim to cryptocurrency or Bitcoin scams, don’t lose hope. The surge in scams and the number of people affected over the past five years have drawn the attention of regulators across the globe. They are now actively monitoring the crypto space for any signs of misconduct. Moreover, it’s reassuring to know that many individuals have successfully recovered Bitcoin and other cryptocurrencies; nothing in this space is entirely anonymous.
A proactive step you can take is to reach out to our fund recovery company, Trusted Recovery. Simply fill out our contact request form, and we will assign a dedicated specialist to your case. This expert will stand by your side throughout this complex process, employing every available strategy to recover your funds. Your financial setback doesn’t have to be permanent; with the right support, you can reclaim what’s rightfully yours.Trusted
How to avoid cryptocurrency scams
- Ensure that you thoroughly verify websites and investigate the backgrounds of individuals involved in cryptocurrency. Steer clear of anything that appears vague or unclear. Don’t be swayed by flashy and sophisticated websites; like individuals, what truly matters is what’s beneath the surface.
- Always opt for reputable and regulated exchanges.
- Before investing any money in cryptocurrencies, consult experts in the field or speak with your financial advisor.
- The allure of becoming wealthy overnight in the cryptocurrency space is strong. However, resist falling prey to false promises and alluring sales pitches.
- When selecting a cryptocurrency exchange for buying and selling, ensure that it is regulated, licensed, and that your deposits are insured against theft or loss. A legitimate and trustworthy exchange will not only have insurance but will also store their digital wallets in cold storage (offline).
- Exercise caution when leaving cryptocurrency on an exchange for an extended period. If your intention is to trade the cryptocurrency, leaving it on an exchange is generally safe. However, if you plan to invest and hold certain cryptocurrencies over several years, consider investing in a cold-storage hardware wallet for added security.
Frequently Asked Questions
To help you with any issues or questions you might have, ahead of contacting us, here are a number of common queries that may be relevant to you.
Cryptocurrency scams take place in all parts of the crypto world. They can be in the form of fake wallets, dubious coins, and brokers selling you opportunities that are crooked. The popularity of crypto has led to a marked rise in scams, and this is mainly because the scams themselves have become very complex and believable.
Yes, Trusted Recovery has a strong case history in this field. We know all about the methods used by scammers, and that puts us in a unique position to be able to challenge, confront and secure your funds.
All you need to do is contact us and provide us with relevant information, and during a free consultation, we’ll let you know if we believe your case is one that can be won. If so, the process can start straight away.