Recovering Looted Bitcoin – A Myth Or Reality?
An innovation in the trading world
11:39 15 September 2020
Bitcoin, the first ever crypto currency completely digitalized which is non-regulated, has no physical existence at all, was successfully launched in the year 2009 by Satoshi Nakamoto. From the day of its inception, it showed the world how much potential it has in terms of allowing its owners to enjoy most lucrative returns on investment. In the year 2013 the prices of Bitcoin took a major leap due to which many initial Bitcoin owners were able to make huge sums of money and became famous as well as rich overnight. The incident compelled many newbies to join the Bitcoin trading business in a hope to repeat the past.
Future of Trading Industry
There is no argument that the Bitcoin has earned impeccable reputation over the years. The business of Bitcoin is booming and continues to grow immensely. A single Bitcoin was initially sold for just 8 to 10 US$ but today the price of each Bitcoin has increased over 11,000 US$. Will you be able to imagine that if you had bought a few Bitcoins initially in 2009, how much they worth today? Of course the future lies in crypto currency and, in particular, in Bitcoin. But what if I tell you this that the scammers have turned their eyes on Bitcoin as well.
Famously criminal Bitcoin scams
For the past many years they scams relating to Bitcoin have been notoriously famous amongst general public. Since the Bitcoin is a crypto currency which is not regulated, it has become an easy target for the scammers and hackers which has created complication between those who want to buy or sell or conducting trading through Bitcoin. Today there are a number of Bitcoin scams and the worst of them all are known to be as follows: -
1. Fake Bitcoin exchange
The easiest way to defraud general public and especially inexperienced traders is through fake Bitcoin exchange in which the scammers develop phony websites which contains false contents and ponzi schemes so as to lure the victims to get into the trap.
2. Bitcoin Malware
Malware scams are long known amongst online community. In this scam during a Bitcoin trading transaction the address of the addressee, where the Bitcoins were supposed to go, is being systematically switched with another address as a result the original beneficiary is deprived of his asset as well as the sender has been caused loss of his Bitcoin.
3. Too good to be true ponzi schemes
Like in the case of fake Bitcoin exchanges, scammers make up ponzi schemes which look too good to be true and cannot be ignored easily by an inexperienced trader who then loses his Bitcoin.
4. Fake Bitcoin currency scam
There has been various instances which are very well-documented in which the scammers have developed fake Bitcoin and then sold it to public which caused a financial loss of over 6 million dollars. This scam is famously known as My Big Coin.
5. Pump and Dump
Pump and dump is another very worst type of scam related to Bitcoin in which the scammers systematically create a hype in the alternate coin to Bitcoin so as to fulfill their nefarious designs.
6. Bitcoin Gold scam
mybtgwallet.com is yet another example where they promised to sell gold in return for Bitcoins and left many Bitcoin owners penniless by committing huge fraud by enticing them to hand over their seeds or private keys.
Avoiding the scam is not easy
As is obvious that Bitcoin has a vital role to play in the advancement of trading industry therefore it is important for the investors to always look out and beware of Bitcoin scammers but according to the recent survey, it has been found out that at least 90% of the Bitcoin owners have encountered some type of scam but ignored it successfully. But not everyone is that lucky. There is a considerable number of Bitcoin investors who have been scammed and were made to lose thousands of dollars.
In case a person is scammed and loses his Bitcoins, whether he can recover the same, is the question which needs to be satisfactorily answered. According to the general perception and based upon the prima facie opinion of various Bitcoin owners, the chances of recovering the stolen Bitcoins are almost none. Yet there are various chargeback companies, such as Money-Back.com, available online who are providing their services to the victims of Bitcoin scam in an attempt to recover their stolen Bitcoins and helping them identifying the perpetrators so as to bring them to justice.
To the utter surprise and dismay of the Bitcoin owners, the scammers have developed new ways of deceiving the general public and this quite known as “recover scammed bitcoins”. There are numerous dubious recovery companies allegedly working and operating to commit fraud on those people who are victims of Bitcoin scam. Due to this the credibility of Bitcoin as well as the authenticity of the real recovery/chargeback companies has been seriously damaged and adversely affected as a result people are now forced to believe that all is fake and none is reality.
Need of the hour
If this mindset is allowed to prevail for a longer period of time, it will slowly eat the foundation and soon the misconception that “all is fake” will become a reality. It is therefore the need of the time to eradicate this evil before it is too late. There is no argument about the fact that Bitcoin is a legitimate business and if someone is being scammed then there is a possibility that his looted money could be recovered, subject to the timely action. It is time to bust the myth and implement high protocols and security measures so as to prevent the scammers to cause further loss to the innocent people.
We need to make laws and need to create a task force or an internet based intelligence agency which specially will provide information and data about the scammers to the law enforcement agencies so that the crime and the scam can be prevented beforehand. For more info on how to get money back after being scammed online visit Money-Back.com.