The popularity of cryptocurrency is rapidly growing and so is the crime associated with it. Scammers, fraudsters, and hackers have found the crypto market a lucrative opportunity to exploit.
Since the boom of cryptocurrency, billions of crypto are stolen by hackers or lost by the owner every year. Lost cryptocurrencies are not stolen – in most cases, the owner might have lost the hardware containing the cryptocurrency.
Crypto lost from digital wallets are hard to recover, compared to crypto lost from hardware wallet because you can trace and recover the crypto funds.
But, how do you analyze and recover stolen crypto?
You can recover your crypto in several ways, however, we are going to provide the best methods to easily analyze and recover your stolen crypto from hacks, fraudsters, or scammers.
What to keep in mind?
It’s important to quickly act as soon you notice that your crypto is stolen – because the longer you wait, the hard it will be to trace who stole it. In fact, if you take a lot of time before tracing your lost coin, the criminal will have enough time to obfuscate the stolen coins.
Let’s get to how you can analyze and recover your stolen.
- Recieve an international court order
With a strong case and an international freezing order gotten from the high court, you can be able to freeze the wallet of the fraudster holding your crypto. By freezing the fraudster wallet, you will be a step away from recovering your stolen crypto. It will ensure that your crypto doesn’t move further out of your reach.
While most people may disagree, the legal system can be very helpful when trying to analyze and recover stolen crypto. For instance, the transparency of blockchain in displaying transactions will allow you to know where the stolen funds went – this gives you a base on where to start investigating.
- Contact the police
Contacting the police is an easy process to follow whenever you lost crypto. Even though, there might not be much the police can do in helping you recover stolen crypto. However, they can forward your case to the appropriate jurisdiction, which can help locate the scammer at a fast pace.
- Contact the Cryptocurrency exchange
It’s important to contact the cryptocurrency exchange once you notice that your coin has been stolen. If you are fast in reporting to the cryptocurrency exchange, it will help in tracing the coin before the hacker could hide their trail.
But, how can you trace a Bitcoin?
You should make sure that you have potential information to provide about the transactions. For instance, with crypto analytics tools, you can get more information about the stolen transaction.
- Report the scammers’ wallet address
You can report the scammers’ wallet address on sites like:
On these websites, you can report the wallet address of the scammer that stole your Bitcoin wallet – along with valid information indicating that your coin was even stolen.
- Hire a bounty hunter
Another option is hiring a bounty hunter to help you trace your lost coins. There are tons of bounty websites where you can post a bounty that will get the service of a blockchain expert to help you.
Also, remember don’t publicize the information that will help someone still your assets on the bounty website.
- Keep a tab on the wallet address
Most of the online exchanges have made it mandatory for traders to submit KYC (Know Your Customer), which can serve as an advantage to you in recovering your stolen crypto.
So, if you happen to report a transaction, the exchange might be able to help you track the scammer by restricting access to the account. However, you might need to get a police report before they can be able to help you.
With the help of a cryptocurrency exchange helping you, you can keep a tab on the wallet address where all of your assets were transferred to. And if the scammer attempts to use the wallet again to process a transaction, the crypto exchange will be able to intervene.
- Try crypto recovery software
The crypto recovery software comes in handy if you are trying to recover your lost assets or decrypt a locked wallet. With the crypto recovery software, you will be able to recover your lost funds even if you sent them to the wrong address and do much more!
With the above list of methods, you can be able to analyze and recover your stolen crypto with ease.
