One of the few crypto recovery companies that are highly rated in the crypto space is Coin Dispute Network. For years, they have assisted individuals who were victims of crypto theft to locate and retrieve their funds in the shortest possible time.
In this interview, a top specialist from their team gave insights on how they go about retrieving stolen cryptocurrency, ultimately putting a smile on the faces of people whom scammers have deceived.
Can stolen cryptocurrency be recovered from the perpetrators?
Since the blockchain of the crypto exchange keeps a record of every transaction ever made, cryptocurrency recovery companies can use this data to trace where the missing coins were deposited after it was stolen from the victim.
Upon discovering the location, they coordinate with the exchanges to halt all inbound and outbound transactions from that address. The cryptocurrency is then retrieved and returned to the owner after the company takes a percentage as their fee.
What techniques do these fraudsters use to steal cryptocurrency from their owners?
We always talk about this at Coin Dispute Network, one of the most popular techniques uses a Slack bot to notify users of problems with their cryptocurrency wallet. The main objective is to persuade the user to click the notification and type the private key, which gives the hacker complete control over the funds that are being kept.
Scammers can also use social engineering to trick users into submitting their authentication information by imitating exchange authorization pages. In some circumstances, they can also virtually install malware on the victim’s computer whenever they visit a website, which they can then utilize to collect all the information they require.
What methods is Coin Dispute Network using to recover stolen cryptocurrency?
After a client reaches us for help, our team of experts thoroughly analyzes the information given to us to look for possible data that can be used to trace the scammers. Using this information, we can examine the blockchain with a series of complex tracing codes to identify the wallet address where the money was sent.
Once the assets are located, we liaise with the exchanges to blacklist the account and start the legal process of reclaiming and refunding the victim’s stolen cryptocurrency.
Have you had success with all of your crypto recovery cases?
While we strive to ensure that all cases we handle are successful, sometimes, it ends up being futile. This is primarily due to some missing information on the victim’s part, which ultimately hampers the investigation.
Regardless, our success rate is currently at 90% as we try all possible means to ensure that the victim gets back their cryptocurrency.
What advice do you give to those who want to protect their cryptocurrency?
Cryptocurrency owners should use a hardware wallet to store their currency. These are much more secure and less vulnerable to hacking than online hot wallets. It is also advisable to use a VPN whenever you are making transactions to prevent your IP address from being traced.
Furthermore, it’s critical to have a fallback plan in place in case your devices. A backup drive with a copy of your wallet could be the easiest way to solve this problem.