What To Do If You Get Scammed After Paying With Bitcoin

photo credit: Marta Branco

Have you been scammed before? Virtual currency scammers are taking the lead on social media with the urge to gain more customers. Crypto scams are increasing daily. You could be involved in bitcoin exchange without knowing that it’s a trap. It may be more challenging to recover the amount more, so if paid in cryptocurrency. But, do we have hope for recovery?

Well, with so many fraud cases and scams, it can be hard to determine places to report the problem. You may be required to collect emails, phone contacts, and receipts for getting ready to start the follow-up process. Let’s keep reading to understand the virtual money world and things you can apply to recover the lost bitcoins.

Crypto’s truth

Traders and investors are hopeful about the entire blockchain system. Predictors say that by 2030, people will solely use it to make payments and most transactions. Negatively, at least every good thing has setbacks. The main hazard cropping up in cryptocurrency like bitcoin is the lack of tracing a payment once made. For example, you may have made a payment to the wrong account, and the payment can’t be recalled. In most cases, it gets lost forever. Bitcoin scammers are taking advantage of this fact. They acquire clients for buying bitcoins, after which a transfer is made to a trading forum. This makes tracing such transactions very difficult.

What scammers do

You may receive a random call, usually from brokers asking for a deal. It could be about making 20 or 40% return weekly through trading Forex. The broker opens a Luno account for cryptocurrencies storage, buys say bitcoins worth $250, and moves it to a certain trading platform. Doing this starts earning the broker money. You’re likely to be convinced, but the account may never be accessible once you make a deposit. Even if access isn’t denied, you might not be able to withdraw anything. Some trading platforms will ask you to deposit an extra amount to enable the withdrawal process. No one guarantees recovery. Again, why would you fall for the trap of adding more money to what’s already lost? 

Algorithms work with specific codes, and it’s the reason retrieving an amount sent to another unknown code is almost impossible. Please understand that it’s not anything tangible being transferred to another trader, but a code into another person’s account, so it becomes theirs. The process is different from what banks do. Money shifted from one account to another at the bank can be traced from the records kept from your side and the bank’s. For cryptos, once the code is moved, tracing isn’t easy. The only hope is if the company decides to refund. What they’d give isn’t in the form of bitcoins, but cash with that crypto’s value. Nevertheless, money can still be recovered. How?

Ways to recover lost bitcoins

Contact the person

Write a letter to the trading forum. Ask them for your money back, failure to which you’ll report the issue to financial authorities. By doing so, it is not a sure bet that they’ll give the money back, however taking action could pay off your efforts. Try your luck.

Report them

Suppose the trading platform fails to respond or seem not to do as you asked, take a step of reporting to the monetary authorities. Reporting a scam is necessary, whether you get your cashback or not. It’s essential for individuals to report criminal activities and leave the government to take action on their behalf. Having the authorities informed about an ongoing crime is a great way to help counter the activity in the future to save more losses. Therefore, just ensure you’ve confirmed your fears, and there lacks explanation why your money can’t be refunded or not allowed access to your account and take the matter forward for it to be dealt with better.

Be creative

Do you know what private investigators do to find out details in a case? Yes, they use various ways to ensure a way is found, so they get satisfied. By contacting and reporting them, but no success, have you exhausted all options? Definitely no. What if the amount is so large that you’re left feeling empty and depressed? You could publicize your story and make it go viral to see if you’re the only one who fell for the trap. Post the broker’s name plus the trading platform and explain what happened, then ask if there’s anyone in a position to help get the refund. You could be helping others not to be preyed on, and in the process, someone may come out helping get a better solution for you.

Inform your bitcoin wallet provider

The same thing applies. Notify your crypto provider about the incidence. It can help create awareness and warning against getting involved with the company in the future for the sake of others who may also want to get in the same trade.

Get legal counsel

Seeking a lawyer’s help may be more expensive than what you lost. However, we’ve had scenarios helping guide in taking and pursuing such scam companies and brokers.

Be informed

Getting informed can’t necessarily be stressed. Nonetheless, let’s hope the loss isn’t that big, so use it as an expensive lesson and experience making you learn never to get conned again.

The bottom line

Transferring bitcoins or any other cryptos to a scammer’s account can be hard for tracing and refunding, especially to an ordinary person without expert knowledge. But, by using the ways mentioned above, you could calm down consoling yourself that you’d tried and exhausted all methods. It can help learn a lesson that would save you more next time in deals looking too good to be trusted.

Fund recovery companies can get their money refunded through techniques almost similar to ones in this article. It’s vital to learn more about blockchain technology and how the system operates. Don’t get blinded only by the good side, consider the risks involved and all setbacks coming with it. Avoid incidences that make you an example that people learn from. To be safe while trading, learn about bitcoin scams at

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