Contacting the exchanges can potentially help you to track down the scammer’s identity, which can help to lead to his/her arrest. In order to trade crypto to regular money on most popular exchanges, the thief would need to submit KYC (Know Your Customer) information, such as names, addresses, and ID information. Once you have this address you can check whether the owners of the end address(es) appear on. You can use browser-based blockchain exploring software such as to ‘follow’ the payment through to an end bitcoin address. An opportunity to catch the scammer is to follow the money trail through blockchain explorers and trace your lost funds. If you notice the scammer attempt to transfer funds from the wallet to cryptocurrency exchanges to sell for flat currency, report to the relevant exchanges immediately. You can follow our guide on checking for and removing malware here.Ĭall your bank - If the transaction had related costs that hit your bank account - such as transaction fees or deposits - then contact your bank immediately and let them know it is a unauthorised/fraudulent transaction.įollow the money - You can follow the transactions of the wallet address that your funds were scammed into. Scan the devices you use to handle your currency and make sure they are clean. Approaches to dealing with stolen virtual currencyĬheck your devices for malware - It is worth considering that a malicious software infection may have led to the hacker accessing your currency. Even if you successfully use public ledgers to trace the currency, since most cryptocurrency is decentralized there aren't many routes you can follow to get it back. However, money does leave a trail and you may be able to follow it to the identity of the criminal. In theory, it’s possible to track your stolen bitcoin by monitoring the blockchain – in practice, however, this is made difficult by both the anonymous nature of the currency and the fact that the thief will most likely use a bitcoin exchange to trade the currency for normal cash straight away. Once your virtual currency has been stolen it is incredibly unlikely that you will be able to recover it. They may be able to retain some information about the transaction that could come in useful in an investigation. Notify the exchange/provider - If you have purchased or are storing your currency with a service provider then let them know about the breach and the fraudulent transactions. This should lock the criminal out of the account. They will log the crime and give you a crime reference number.Ĭhange your login details - If you are still able to login to your account then follow the normal procedure to reset your password and other security information. Hacked virtual currency account - Do this now!Ĭontact the police - Report the crime to Action Fraud or Police Scotland. We want to better understand the impact of you experiencing this issue, can you share your experience by filling in this online form? This will help us better protect future victims. Whether targeting your wallet directly or hacking the exchanges once cyber criminals have access to your currency you need to act fast! If your virtual currency hasn’t been hacked from your wallet, but you have been scammed then take a look at our Virtual Currency Scams Guide. Cryptocurrencies are a high priority target for cyber criminals.
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