WHAT IS BITCOIN RECOVERY?
Bitcoin Recovery (unlike bitcoin fund recovery) aims at retrieving bitcoins sent/transferred to different bitcoin wallets as a result of online scam, theft, or any other fraudulent activity. Studies show that while the digital currency has been around for over a decade making people millionaires, plenty of people are not aware of its other side. In the past decade, a dataset provided by Glassnode indicates that about 3.7 million BTC are probably lost forever. Other reports suggest that as high as 25% of billions of worth bitcoins remain inaccessible.
These lost bitcoins raise questions in the minds of investors-especially about recovering the bitcoins. Lost Bitcoin recovery in general requires extensive knowledge of technology and blockchain tracing technology, especially in circumstances when the targeted victims give up the hope to recover their lost funds. The specific assistance requires time and information to work in the victims’ favor.
FTCYBER offers something more than just bitcoin recovery services. A comprehensive team of prolific security experts bringing their decryption and fund recovery knowledge on the table to access locked wallets and recover lost coins.
HOW DOES ONE LOSE BITCOINS?
Figures mentioned by experts in the bitcoin field say, more than $100 billion Bitcoin are lost every year. But how does that happen? Cyber expert, Timothy Benson says, “Cryptocurrency owners can lose access to their virtual currency in three ways:
Not understanding how cryptocurrency custody works: Cryptocurrency can be kept either by individuals in their digital wallets or by a trading firm on the trader’s behalf. In the latter case, there is a proper system working through which users can access their assets. However, keeping the custody of bitcoin in digital assets entails responsibilities like safeguarding the 12 to 24 word seed phrase. Because there are risks involved in holding assets, FTCYBER strongly recommends understanding the requirements of managing Bitcoin wallets before investing.
Losing Seed Phrase: Bitcoins stored on digital wallets can be accessed by entering a 12 to 24 word seed phrase. The seed phrase, like backups, can hold bitcoins. Unfortunately, losing the key phrase which represents the private key also means losing access to bitcoins. Therefore, bitcoin fund recovery services warn users to never overestimate their ability to remember passphrases.
Self-sabotage: Bitcoin self-sabotage happens when people try to fix hurdles in accessing e-wallets themselves and make things worse. Cyber expert Timothy Benson says: “About 30 to 40% of wallet users we work with, when faced with issues, reformatted their devices and end up losing bitcoins. Resist the urge to reformat and reinstall a wallet.
IS BITCOIN RECOVERABLE?
Fortunately, bitcoin is recoverable. But, not without the well-informed knowledge of bitcoin recovery specialists. Because not all traders have the technical skills required to learn everything about digital currencies like bitcoin. Another problem is when victims do not realize the difference between genuine and sketch bitcoin recovery agents. In such types of scams, fraudsters pose as legal fund recovery specialists and gain access to consumers’ bitcoin wallet.
In general, bitcoin recovery requires involvement of multiple authorities like state government investors, legal advisors, computer experts, and most importantly bitcoin recovery agents. These agents can help victims recover their lost funds provided that users have their 12 to 24 keyword phrases. Experts
WHAT MAKES BITCOIN RECOVERY CHALLENGING?
Bitcoin recovery aims at gaining control of the private keys associated with one’s bitcoin address in which the digital assets are stored. These bitcoin addresses are often anonymous. And because a scammer can transfer all the funds to an account controlled by a physically distant person the scammer may even be unidentifiable-and out of reach of legal jurisdictions.
Even assuming that crypto thieves are within reachable limits, their value may be insignificant compared to the value of the stolen funds. Despite 10% of bitcoins in the world reported lost, they failed to be recovered due to the volatile nature of the digital currency. Motivated fraudsters implement creative schemes to illicitly transfer the digital wealth. And the lack of advanced methods to penetrate the heist make bitcoin fund recovery challenging.
The common challenges faced by account recovery specialists while recovering bitcoins are:
- Understanding the cryptocurrency: The abstract characteristics of bitcoin is necessary to appreciate the limitations in bitcoin fund recovery, what follows is understanding the features of these digital currencies and how they interact with users in the real world.
- Operational features: Bitcoin has many features that aim at removing it from the sphere of governmental control. Thus, the decentralized design ignores the physical borders associated with addresses. Knowing a bitcoin address gives the owners complete control whether a scammer or the bitcoin owner.
A research says: “Every computer running the Bitcoin software conducts the validation on its copy of the distributed database. Without computers running the bitcoin software, the systems become vulnerable to control by a single entity with sufficient computer resources.”
The ledger model only works as long as Bitcoin has an integrated feature called bitcoin mining that validates bitcoin software. Therefore when users conduct bitcoin transactions with computer networks without bitcoin software and nly connected through the internet, it leaves them vulnerable to scams. Accordingly, bitcoin users cannot reverse the transactions once made.
- Security Features: Often being referred to as digital-gold, bitcoin is subject to theft like other assets. The system’s decentralized-based security model maintains the system./s integrity. But individual bitcoin accounts can only be as secure as the owner’s private key/
Theft via manipulation of algorithms is unlikely but thieves can steal the private keys offering them unfettered access to the associated digital assets. Methods like keeping private keys on hard-copies can simultaneously prevent cybertheft.
- Cryptocurrency exchanges: Bitcoin conventionally has failed to replace traditional payments systems and acts a medium of exchange outside the governmental control placing financial assets within the owner’s domain. However, not everyone yet has accepted the platform. Some owners transact bitcoins for conventional currencies by identifying interested customers and convincing them to use websites. This practice can create problems. First of all, it takes time to find an interested person who meets desired requirements. And secondly, bitcoin transactions are fraught with risks as there is a high volume of traders.
HOW CAN BITCOIN RECOVERY SERVICES HELP?
Anyone seeking bitcoin recovery can involve in civil actions like reporting the matter and contacting the bitcoin fraud recovery services. Hiring such firms have added benefits in the process. Such firms can help scam victims deal with commercial disputes, bankruptcy actions where the debor possesses cryptocurrency, and take actions against the defrauding companies. Ensuring that the complaint makers access their funds include contacting the right authorities who have the right tool and equipment to help clients claim bitcoin recovery with maximum outcome possible.
Also read- How to find reputable bitcoin recovery companies?
WHAT IS BITCOIN?
Bitcoin is an anonymous cryptocurrency that is becoming increasingly popular among online scammers. Typically, an investment of 0.01 BTC is asked from its victims, or it is being sold at very low prices. The reason for the low prices, although it’s a bit vague in this instance, is that scammers will take advantage of the high amount of fluctuation of the price of Bitcoin, and make transactions with Bitcoin at a loss to exploit people. Now that Bitcoin is getting more popular among ordinary people, the price has become more volatile. Newcomers are being targeted more frequently.
HOW TO RECOVER YOUR BITCOIN
If you have fallen victim to scammers, then there is hope! Regardless of what type of fraud you have fallen victim to, there is a way to recover your funds.
HOW TO RECOVER LOST OR STOLEN BITCOINS
The first and foremost step of recovering lost or stolen bitcoins is to inform the authorities about the incident. Then, you should contact the company which specializes in Bitcoin recovery. Take a moment to learn about the steps involved in recovering your lost coins. You should have a comprehensive understanding of the recovery process before you choose a fund recovery company.
File a police report
In order to file a police report, you must know the exact details of the cyber-criminal who committed the fraud. It is advisable to retain all the evidence related to the crime that the fraudsters have left behind, especially when it comes to any passwords that they might have stored in their malicious software. The authorities will take this information into account and only then it will be sent to the investigating team.
FUND RECOVERY SERVICES
Simply put, a fund recovery company recovers investors’ funds that have been stolen from them. And although it’s one of the most renowned marketplaces in the world, the market in itself can be a dangerous place for investors. Nowadays, there are numerous fraudulent and ripoff businesses out there.
How are fund recovery services different from a lot of other brokerage firms? Fund recovery companies only work with accredited investors. It is only because of this criterion that they have managed to stay on top of such malicious business practices as many of the others. Not only that, but they have expertise in this field, and they have the know-how on how to track down funds and bring them back to the owners.