Having Trouble with a Fake Broker or Bitcoin Scams?
Registry Has the Solution!
Crypto and Bitcoin scams are the fastest-growing types of cyber crimes. Although many low-tech, traditional schemes still target tens of thousands of people each year, the number of crypto scam victims is increasing.
It’s often difficult to distinguish between a crypto scam and a legitimate digital currency opportunity. The sad truth is that 80% of all ICOs, or independent coin offerings are fake. Is there any hope of keeping your money safe from crypto scams? Is staying away from crypto the only answer?
We can help you
Contact us today
Is Crypto a Scam?
Looking at the statistics, you may ask “Is bitcoin a scam?” After all, since there is such a huge number of bitcoin scams, it may be understandable to conclude that digital currency itself is problematic and its best to stay away from the blockchain.
This may be a logical response, but it is a tad too extreme, especially considering that digital currencies may be the wave of the future. After all, there is nothing inherently fraudulent about digital currencies. Payment platforms aren’t scams just because they aren’t part of the traditional banking system.
The problem with cryptocurrency isn’t the technology. It isn’t that you don’t have physical coins and currency in your wallet. The main reason people falsely conclude that crypto is a scam is the sheer number of cryptocurrency scams.
Latest Scam Investigations
So Why Are There So Many Crypto Scams?
Cryptocurrencies and the blockchain are relatively new. As a result, they aren’t yet widely accepted and regulated. Think of the Wild, Wild, West. People ventured to the Western part of the United States in the 1840s in search of gold.
They set up boomtowns where there were no rules and a lot of lawbreaking. That is, until (according to the movies) a sheriff walked into town with spurs, a gun, and a white hat and laid down the law.
Is Bitcoin Recovery Possible?
How Does Crypto Recovery Work?
What makes crypto recovery challenging is the anonymity of the blockchain. We often don’t know who we are really dealing with when we send and receive digital currencies. That’s because the names are all hidden. Every crypto wallet is identified by a code rather than with personalized information.
We may marvel at the ease and speed of crypto transactions. However, that’s the reason crypto recovery is complex. For instance, when you make a bank wire transfer, it doesn’t go through immediately. The bank needs to confirm identities and ensure the money was sent by a real account holder and that there are no investigations pending about the sender or the recipients.
Without these rules, crypto transactions are smooth, and also hazardous. One of the reasons why so many fraudsters choose crypto scams as their vehicles are the ease and anonymity of the blockchain. However, bitcoin scams can’t hide from Broker Complaint Registry experts who have the advanced technology and bitcoin forensics expertise to track down crypto transactions on the blockchain.
Broker Complaint Registry makes bitcoin recovery a realistic goal. We consult with clients and gather all the information we need to launch our investigation. We then use crypto trace technology to track down all of the transactions from the moment the cryptocurrency left the client’s wallet until it was cashed out on an exchange. Finally, we create a crypto intelligence report to present to authorities. These reports give law enforcement the leads they need to track down crypto scams.
Are You Dealing with a Crypto Scam?
The first step to crypto recovery is admitting there is a problem. Often, people don’t realize they are dealing with a bitcoin scam until it’s too late. This is particularly true of crypto broker frauds and pig-butchering crypto scams that get people hooked and encourage them to deposit more and more money until they stand to lose a huge sum. Understanding the types of bitcoin scams and how to avoid them is, of course, the best way to avoid losing money. It’s also essential to ask yourself if you are dealing with a legitimate or fraudulent crypto opportunity.
Types of Crypto Scams
This is only a partial and general list of crypto scams. There are many types to look out for. Today, many more traditional types of scams have a crypto dimension to them. The only crypto element to the frauds is they ask for money in bitcoin or other cryptocurrencies. This still puts them in the category of a crypto scam, because the fund recovery type is crypto recovery rather than, for instance, a credit card chargeback.
Many of the crypto scams described below are in the category of crypto phishing scams. This means that they are designed to get information from clients. They may pretend to be from a crypto exchange and will ask you to verify your account. With this information, they can gain access to your bitcoin wallet and steal your money.
Always verify these requests before giving anyone access. Even if they really do seem to be from an exchange, a crypto broker you are working with a, or a tech department, consult the relevant people to ensure a request for your information is justified. By the way, no one will legitimately ask for your crypto wallet codes any more than they will need more email password.
This is one of the most common–and heartbreaking–types of crypto scams. What’s truly sad is that many of these people honestly want to find love online and end up losing everything. People with fake social media accounts and phony photographs will try to seem like viable romantic partners.
Things may go swimmingly for a while, until they bring money into it. The fraudster may persuade the other party that they are extremely wealthy, but their money is locked down because of a vindictive and false claim and they have to pay a fee. They will need a loan, delivered through cryptocurrency of course. This can go on and on, but the other party may be in complete denial that anything is afoot. Basically, don’t trust anyone online who asks for money.
This is a vivid name for a very old type of fraud. Rather than fly-by-night deals that want to get money from as many people as possible and fast, pig butchering scams nurture connections and encourage people to fatten up their accounts. Examples of pig butchering schemes are the Madoff scandal and the FTX collapse.
Like romance scams, the strategy behind pig butchering scams involves building a relationship and profiting from it. The name of the game is building a false sense of trust and making money from it again and again. Don’t be fooled if a crypto broker has allowed you to withdraw your money once early on. Keep asking, in so many words, “What have you done for me lately.” Or better yet, avoid dealing with crypto exchanges and brokers who have no license.
We make friends, market our products, and touch base on social media. Unfortunately, we also meet people who want to steal our money on Facebook, Instagram, Twitter, TikTok, and many more platforms. It’s relatively easy to create a fake identity on social media and start touting a product or service. Beware of deals you see on social media, and always demand complete transparency and identify verification.
ICOs and crypto wallets are terrific if you are dealing with a genuine article. However many of them are fake. It’s estimated that 80% of initial coin offerings are nothing more than frauds. Many are pump-and-dump or rug-pull scams. This basically means that the fraudster wants to hype up a new coin or NFT, take profits, and leave the investors in the lurch when the price plummets and it’s obvious there is no underlying value.
Just as it’s important to check that you are downloading apps from a legitimate app store, it’s also essential to ensure you’re purchasing your crypto wallets from a real vendor. This involves due diligence and checking that the seller is licensed and reliable. Fake crypto wallets are designed to steal your funds.
Signs of a Crypto Scam
Broker Complaint Registry examine crypto scams of all varieties. Although each bitcoin scam is unique, they tend to follow similar patterns. Stay away from any online broker or deal that is characterized by the following:
What To Do If You Need Crypto Recovery Services?
If you are trying to get your cryptocurrency back, contact Broker Complaint Registry. Our experts have the resources, the technology and the experience tracking client funds on the blockchain. Our detailed reports guide law enforcement in the right direction and help you on the road to bitcoin recovery.
If You Need Crypto Recovery,
Speak to Broker Complaint Registry