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There always comes a moment when a scam reaches its endpoint. The victim inevitably discovers that their money is gone and and everything they've been led to believe was a lie. Due to the variety of scams and how they play out, there’s no way to know when the nail drops. The damage left in its wake, however, is much more certain. If that moment came for you or someone you care for, here’s some quick tips to keep a level head and start your path towards closure.
It’s very easy to let panic take hold once you realize what has happened. Your biggest resource at this moment is having a cool head to process what happened and make good decisions.
One of the biggest hindrances to a law enforcement investigation is poor / nonexistent evidence. Authorities will have great difficulties proceeding if it is unsure where to even start, so compiling all of your evidence in an organized manner can make the world of a difference.
Actionable evidence includes:
NOTE: While all evidence is helpful, it does not carry the same weight respectively if it comes in a bad format. Crypto transaction details should always be in an easy to copy/paste file type, while screenshots are better suited for pictures, mobile communications, or websites.
If you were using a cryptocurrency exchange or wallet at the time of the scam, the next step is to contact them immediately. Some exchanges have fraud protection measures or might be able to track the scam and freeze assets if the funds are still in their system.
It’s important to remember that regardless of the circumstances, a crime occurred and needs to be reported to law enforcement. Stolen crypto can only be recovered through established legal procedures…so reporting not only is the right thing to do, it’s the most important thing to do if you want a chance at justice. Here’s how to go about it:
Here’s a list of US agencies that you can also report to:
The FTC
http://www.reportfraud.ftc.gov/
The Commodity Futures Trading Commission (CFTC)
https://www.cftc.gov/complaint
The U.S. Securities and Exchange Commission (SEC)
DHS & HSI - Department of Homeland Security & Homeland Security Investigations https://www.ice.gov/webform/ice-tip-form
United States Secret Service
https://www.secretservice.gov/contact/field-offices (find your local field office)
The police may not be able to retrieve your lost crypto, but your case will be on record, which is important for both investigative purposes and potential legal action in the future. As the Crypto Recovery Alliance grows, we will provide resources for finding where to report internationally.
If you made payments for the scam via traditional banking methods, credit cards, or other financial services, you should notify these institutions as well. Some credit card companies and banks may have fraud protection services and might be able to reverse payments or block further transactions. It's important to:
In some cases, consulting a lawyer who specializes in cryptocurrency law or fraud can help. Depending on the severity and complexity of the scam, a lawyer can offer legal advice, including whether you have a case for civil litigation or potential recourse through a class action.
The strongest weapon we have in fighting scams is the ability to educate and spread awareness. If users know the warning signs, they are much less likely to fall for empty promises. Have a conversation with friends and family, especially those who are more vulnerable such as senior citizens. Your journey can serve as a teaching moment and ultimately an inspiration to others.
Through the Crypto Recovery Alliance, we can provide you with the resources to finish your journey of justice and closure. You may even financially qualify for critical resources such as no-cost blockchain forensics to assist law enforcement or low-to-no cost mental health services to process the trauma. We will also create and curate a variety of educational content to help crypto enthusiasts stay safe and secure.
While this step doesn’t reverse the damage, it’s crucial to take stock of the lessons learned from the situation. Make sure to:
Crypto scams are devastating, but there are steps you can take to limit the damage and hopefully recover from the incident. Time is of the essence, so act quickly, report the scam, and educate yourself to avoid future losses. As the crypto space continues to grow, it's crucial to stay vigilant, remain skeptical of offers that seem too good to be true, and always prioritize security.
