If you are a crypto owner, you might occasionally worry that your digital assets might one day disappear from your wallet due to theft from hackers or scammers. For the most part, this won’t happen if you have several security measures in place.
However, as seen by the rise in crypto theft instances, hackers and other malicious persons continue to come up with sophisticated ways to defraud people.
What occurs afterward if your cryptocurrency is stolen? Is it lost forever, or can it be found? Coin Return Group has answered this question and provided other advice to help you secure your cryptocurrency.
Recovering cryptocurrency is hard
Cryptocurrency was created to be decentralized, unlike fiat money, which is constrained by the rules of the government. When scammers steal any amount of crypto, they can quickly bounce it around through different accounts and eventually convert the currency to fiat without anyone batting an eye about the size of the transaction.
In addition, since their personal information is not revealed during transactions, there is almost no way to discover the identities of those who perpetrated the fraud, which further fuels the difficulty of recovering the stolen funds.
Contact a crypto-recovering firm
While it might seem impossible to recover the stolen funds, all hope is not lost. Most transactions leave a trail that can help trace the accounts where the cryptos were transferred, no matter the number of transfers.
However, to ensure a higher success rate, using a crypto-recovery firm like Coin Return Group is the best option. Their team of expert blockchain searchers will look into the theft and use several specialized techniques to track the transaction.
They will also engage with exchanges to get notifications if the fraudster tries to swap the funds for fiat money and put a pause on the trade. And in cases where the fraudster’s identity is discovered, they will also help you liaise with the proper authorities to prosecute the individual.
Tips to Protect Yourself.
Regardless, the best step remains defending yourself against crypto theft rather than paying a huge sum for recovery.
Use multi-factor authentication: Using more than one authentication automatically makes it a bit more difficult for hackers to get through to your soft wallets without you being instantly notified. You can easily change your password and keys when you notice any suspicious attempts to access your account.
Don’t use one crypto exchange: Putting all your crypto in one exchange implies that you experience a total loss if a theft should occur. The wiser thing to do is spread your currency across high-profile exchanges.
With your investment being diversified, you have something to fall back on if any of the exchanges get hacked.
Use a cold wallet: A cold wallet offers added security that does not come with your usual online wallets. Since the wallet would only be connected to the internet when you want to use it, it is very difficult for it to get hit by hackers.
For more information about cryptocurrency recovery, you can visit the coin recovery group website at https://coinreturngroup.com/fightback.