One of our top priorities is recovering your scammed bitcoins and other cryptocurrencies which is a prominent solution and a highly recommended procedure that is being adopted by different countries around the world today. Cryptocurrency or bitcoin scams started and have rapidly been growing in recent times as a result of a boom in bitcoins (BTC) which is the first cryptocurrency to experience an exceptional increase alongside other cryptocurrencies like Ethereum (ETH), Tether (USDT), and many others.Therefore, the Bitcoin Scam Recovery process is the need of the hour.
According to the Federal Trade commission (FTC), bitcoin and other cryptocurrency scams from late 2019 to 2020 have skyrocketed to more than 7000 people reporting losses of more than $80 million to crypto scams with bitcoin scams being the highest of all cryptocurrency scams. As of 2021 to 2022, the FTC has reported an estimated total of $14 billion lost to crypto scams.
Due to the fast changing state of the CoinMarketCap, cryptocurrencies like (bitcoins, ethereum, and tether) now have a huge impact on the future of commerce and this encourages many types of crypto scams. As the cryptocurrency market continues to gain popularity, this attracts investors who want to make fortunes through crypto trading or using crypto to pay for services, and this in turn has drawn the attention of scammers and fraudsters.
Some of this bitcoin scams have been brought to light through reported cases from victims and friends or relatives of victims. This over time has been a serious security risk to bitcoin and other cryptocurrency users, most especially on how to recover their bitcoins and other cryptocurrencies after being scammed.
The good news is, since the introductory phase of bitcoins, the blockchain has been around to keep record of all transactions and activities taking place in the crypto ecosystem through a series of chains or blocks and storing this information on what the blockchain is otherwise known as a public ledger. In order for your scammed bitcoins to be recovered, you have to start by talking to the right people and seek help to which we recommend contacting blockchain recovery service professionals at blockchainrecoverycenter.com They provide recovery services and wallet security to victims of bitcoin scams, which has reduced the rate of bitcoin scams by retrieving and restoring victims to their supposed financial state. Here are some well-known and recoverable bitcoin scams;
Bitcoin scammers use psychological manipulation to obtain access to the victims digital wallets or get information that gives them access to private information such as security codes and recovery phrases. Scammers also gain access by earning their victims trust in the form of government agency, well known business, friends and then have the victim transfer bitcoins to them.
Types of bitcoin and other cryptocurrency scams
– ICOs and NFTs Scams.
There are more avenues for bitcoin scams since the arrival of new crypto-based investments such as initial coin offerings (ICOs) and Non-fungible Tokens (NFTs). Although these crypto based investments sound lucrative, there are still so many flaws to them considering the fact that ICOs were introduced in July 2013 and NFTs in October 2015 but became popular in 2017 which is over 4 years now and the artists involved in the arts work do not paint the real picture being sold. This gives cyber criminals and fraudsters the advantage to use this platforms for scheming by creating fake websites and artworks and deceiving users to buy these artworks from their fraudulent websites with the use of bitcoins or other cryptos to make payments to wallet addresses which are linked directly to their portfolio. Investors could also be mislead about the product through false advertisement and distributed tokens that are unregulated by security laws.
There is no limit to people interested in knowing how bitcoin and other cryptocurrency mining works. If you think it’s a great idea to throw your money at an uninvestigated opportunity that promises you loads of bitcoins or other cryptocurrencies by chance of mining, brace yourself because you may be in for a nasty surprise. While many bitcoins and other cryptocurrency users and investors think cloud mining might seem like a stress free means of mining bitcoins and other cryptocurrencies over the internet without buying any tool nor setups’ to manage this process, this happens by simply contracting cloud mining companies to do the job. This sounds like a great plan to go about making fortunes without having to put in direct work, which is what leaves victims vulnerable to scams, fraudsters or swindlers are willing and ever ready to put in time and direct work by actively exploiting the internet in search of their victims so they can deploy crypto-mining malwares which disguise and takes the form of popup ads or games that require you to play and earn bitcoins or other cryptocurrencies as a form of mining, and also by creating fake applications that suppose bitcoin or other cryptocurrency cloud mining apps which they use to target individuals and businesses willing to invest into bitcoin or cryptocurrency mining.
-Phishing Scams through suspicious ads and emails
Phishing scams are one of the most common scams known to cryptocurrency on like the classic pump-and-dump which is not specific with regards to digital currencies. With these scheme, scammers target information’s like passwords, private keys, back up phrases, etc, related to online wallets otherwise known as a hot wallet, and this is done through fake email links or websites sent to victims. Bitcoins and other cryptocurrencies in hot wallets can be accessed by scammers through wallet private keys, which are keys equivalent to your password required to access your digital or hot wallet.
Boiler room scams
Crawler trading scams
-Rug pull scams
Rug pull or exit scam is a form of decentralized finance (DeFi) exploit with cryptocurrency which involves crypto developers who create a new crypto token, drive up the price through various marketing tactics in other to pull as much value out of the token before abandoning the token as the price drops down to zero.
What are the various types of Rug Pulls or Exit Scams?
There are three main types of rug pulls or exit scams.
This happens when cryptocurrency token creators withdraw all the token coins from the liquidity pool. Doing so removes all the value pumped into the token by investors which in-turn drives the price of the token down to zero. Liquidity pulls or stealing usually occurs in DeFi environments making it the most common exit scam.
Limiting sell orders
This is an ingenious way for malicious developers to swindle or scam investors. In this situation, the developer codes the token so that he is the only party able to sell them. The developer then waits for retail investors to buy into the new crypto token using paired currencies. Once investors buy and there is enough positive price action, the developer then abandons their position leaving investors to the wake of a worthless token.
The squid token or pump-and-dump scheme
This is a typical example of dumping in rug pulls. This happens when a crypto token developer quickly sells off a large supply if not all of their own tokens. In doing so, this drives down the price of the token leaving investors holding worthless tokens. Dumping occurs after a heavy promotion on social media platforms resulting to a spike and sell-off. This is commonly referred to as a pump-and-dump scheme. Dumping is no less an ethical gray area of liquidity theft other than DeFi scams in rug pull. Generally, it is ethical for crypto developers to buy and sell their coin token or cryptocurrency at will. But when it boils down to a DeFi cryptocurrency in rug pulls, the right questions to be asked for “Dumping’’ is how much and how fast a coin is being sold.