How to Report a Crypto Scam

How Do You Know If You’re Dealing with a Crypto Scam?

One thing that unfortunately works in the favor of bitcoin scams is time. They have plenty of time to play with until their “customer” actually realizes they are being tricked. It’s often easy to be in a state of denial, particularly if you‘ve invested a lot of money in a deal you feel is a sure thing.

There is hope once the crypto scam victim realizes their money is in the hands of unreliable people. The earlier the victim is aware of this, the quicker they can act and the greater the chances of crypto recovery.

The following are telltale signs of a bitcoin scam. If you see these red flags, close your account and request a withdrawal (if they grant one). Better yet, don’t open an account in the first place if you notice any of these.

Not licensed
Guaranteed returns
No identities of people who run it
Aggressive demands to keep funding an account
Sporadic communication
High fees
Won’t grant a withdrawal

Is Crypto Recovery Possible?

There is a widespread false belief that crypto recovery isn’t possible. It is true that transactions on the blockchain can’t be reversed, like a credit card chargeback. A refund has to be done through a separate transaction. However, reversal of charges isn’t the only way to succeed with fund recovery. Crypto recovery doesn’t operate through chargebacks, but through other methods.

The other issue is that transactions on the blockchain are anonymous. However, that doesn’t mean that they can be traced to specific people through a crypto investigation.

A successful recovery process involves working with experts like MyChargeBack. Our professionals launch a thorough investigation into your case and create reports that will help authorities track down your funds and facilitate crypto recovery.