How to recover your stolen cryptocurrency?

How to recover your stolen cryptocurrency?

written by John Murphy | December 20, 2022

Cryptocurrencies have shaken the traditional financial system, and with increased investments, they have also become a high-priority target for cybercriminals. They sometimes target your digital wallet individually or even may hack entire blockchain networks. Therefore, many investors search for methods how to recover their stolen cryptocurrency.

Although crypto developers are extensively working to safeguard digital assets, much work is still required to nullify stealing threats completely.

In addition to stealing, many users have experienced scamming incidents as well. So, one step ahead is mandatory to protect cryptocurrencies. However, if you are currently facing this problem and looking for ways to recover your stolen cryptocurrency, you are in the right place.

Luckily, there are numerous ways to get back your cryptos, which we will discuss in this article. So please stick around and read the complete article.

Process to recover your crypto

Retrieving lost cryptos is complex, yet it is not 100% impossible. Although it is a lengthy process and depends on multiple factors, the guarantee for recovery is only partially assured.

But you should not head down and give up on your precious tokens; here are a few solutions to retrieve your lost cryptocurrency.

Contact the Crypto Exchange

Firstly, if you are using any specific exchange to fund your crypto account, you should inform them that the receiver of your currency is a scammer. Keeping the holder of your cryptos will help to freeze your account temporarily.  

Additionally, it will keep exchanges updated with potential hacking attempts, for which they can develop prevention mechanisms.

Contacting exchange may not retrieve stolen funds but will provide extra security to your account and help to control future cybercrime.

  • Track the Transaction

While transactions on the blockchain are irreversible, you can track each transaction. It will help you to identify the user where your stolen cryptocurrency is being held.

Tracking cryptocurrency requires blockchain explorer; these are readily available online. So, you can purchase explorer and track thief’s feet to its den.

Additionally, since crypto exchanges have data of each user, you can contact the respective broker and complain regarding an unauthorized transaction.

  • File a Report with RSB (Report Scammed Bitcoin)

Bitcoin has launched its dedicated line for reporting stolen or scammed Bitcoins. It is impressive; you can now quickly contact their customer service and note any mishap.

Such a report with law enforcement institutes can enhance recovery chances. All you need is to provide incident details to concerned authorities, and they will do the rest of the recovery task by themselves. Just stay genuine and give information correctly, openly, and fairly.

  • Hire a Crypto Hunter

Bounty hunters are specialized individuals; they can support you in tracking back your stolen cryptocurrencies. These private detectives have specialized in managing and keeping a policing eye on the cryptocurrency blockchain.

Along with increasing incidents of scammers and fraud, many individuals and firms offer the facility to re-hunt your lost coins. Therefore, you can hire a professional crypto hunter to regain your digital assets.

Best Way to Secure Cryptocurrency from Stealing

Prevention is better than cure, so the best way to secure your cryptocurrency is to make it as hard as possible for hackers to reach your tokens.

Here are key points to enhance your security levels.

  • Use two-factor authentication

2FA is a standard security method across the crypto industry. The mechanism involves setting a time-sensitive code as the last resource to recover stolen ID. The google authenticator is a prime 2FA authenticator and is a reliable step to rescue your ID.

  • Make hard copies of passwords

Change the habit of storing passwords digitally. You can create multiple hard copies and hold them at different geographical locations. Since digital storage is more prone than physical paper, try not to save your passwords on your mobile or laptop.

  • Maintain Privacy

Please do not share your confidential information with anyone, as it may increase the chances of harm.

  • Create a new email account

Having a dedicated email for crypto-related activities can improve security. It will reduce phishing attacks.

  • Purchase a hardware wallet

Cold storage devices are physical devices such as hard drives or USBs, which ensure safety. The disconnected device completely removes the threat of funds being stolen.

  • Store Bitcoins in multiple Wallets

The risk of losing all funds is significantly reduced by holding funds across multiple wallets.

Frequently asked questions

Can I trace back my stolen crypto?

Since cryptos use transparent blockchain technology that is readily available on a distributed ledger, thus any user can view recorded transactions. Therefore, it is affirmative that you track back any transaction.

Can I recover my stolen cryptocurrency?

Yes! You can recover your cryptocurrency; however, getting back the entire currency is impossible. The complex algorithms used by hackers sometimes are challenging to crack. However, you should not just give it up and try to recover as much as possible.

What is blockchain, and how is it helpful in securing cryptocurrency?

Blockchain is a shared, immutable ledger that records transactions and tracks assets in a business network. Virtually anything of value is trackable and tradable on a blockchain network, thus reducing risk and cutting costs for all involved.

How many crypto wallets are lost?

According to the New York Times, an estimated 20% of all Bitcoin currently in circulation (18.5 million at the time of writing) is held in lost wallets.

Parting Thoughts

Digital currency in any form is a sensation nowadays. Everyone wants to utilize it quickly and conveniently in day-to-day transactions, as cryptocurrency is borderless and seamless. However, at the same time, preventive measures are required to keep it safe from unwanted access.

The article covered methods how for recovering your stolen cryptocurrency. You can hire a private, professional bounty hunter, report stolen activity to concerned authorities or involve your exchange.

Although it is still being determined that you will fully get recover your stolen cryptocurrency, getting back, even a certain percentage, will make you happy. In addition, incident reporting is mandatory, as it will help authorities design mechanisms to avoid future fraudulent activities.

Furthermore, crypto recovery is hard, but you will get a fruitful result. If you want to invest in digital assets, follow all the security measures provided in this article to ensure the safety of your cryptocurrencies.