Some of the primary benefits of cryptocurrency are also why scams and hacks frequently target crypto investors — transactions are irreversible, and you’re responsible for securing your assets.
Many cryptocurrency users and holders appreciate removing the middleman from financial transactions. However, if your crypto is stolen as a result of fraudulent activity, you don’t have the same recourse as other assets.
So what can you do? Cryptocurrency recovery agencies have emerged to help those who have lost crypto recover them. The process begins with a thorough blockchain investigation and ideally ends by recovering the cryptocurrency through legal and law enforcement actions.
The right agency will have all the experts in place to find out who’s holding the stolen cryptocurrency and take action to reclaim it.
However, there are many scams that also claim to be crypto recovery agencies or companies that simply don’t have the expertise to deliver on their promises. That’s why it’s crucial to learn how to choose the right recovery agency — read on to learn what to look for and what to avoid.
What is a Crypto Recovery Agency?
A crypto recovery agency specializes in helping people recover from any type of fraudulent activity that resulted in losing cryptocurrency. These activities include a wide variety of scams and hacking tactics, all with the same end goal of separating crypto from its current holder.
Working with a cryptocurrency recovery expert gives you additional options for recovering stolen funds. You’ll have access to a team of experts in cybersecurity, blockchain analysis, and legal expertise to help recover stolen crypto.
However, crypto and wallet recovery services have also become a new way to scam crypto holders. Some companies might be completely fraudulent, while others are simply ineffective at recovering stolen funds. That’s why choosing the right recovery service is essential to help recover your stolen crypto.
Factors to Consider When Choosing a Crypto Recovery Service
How can you navigate the different agencies to find the right option that gives you the best chance of recovering stolen crypto? Let’s go over a few vital ways to evaluate different options before making your decision.
Industry Reputation and Track Record of Success
Does the broader crypto community vouch for the company? Can you find testimonials or reviews of real people who have used those services? What do people on third-party websites say?
There should be some type of social proof for the agency that indicates they won’t take your money and run or recover your crypto and keep it. A simple search for the company’s name and reviews will tell you a lot about the given company. You’ll see any success stories or any accusations of it being a scam.
Read through any available reviews, and if you’re still unsure, look into the person posting the given review. Have they reviewed other companies, too?
Additionally, social media can be an excellent way to identify scams. For example, on Twitter, you can search for the company’s name and ‘scam’ to find any tweets accusing the company of being a fraudulent operation. Did the company respond? Did other people agree?
Know the Warning Signs of a Scam Service
Unfortunately, some people or companies claiming to help recover your stolen funds are only trying to scam you out of even more money. It’s essential that you understand the warning signs of a scam service to find the right company equipped to reclaim your coins.
Some of key warning signs of a scam service are:
- Ask for upfront fees: Most crypto recovery services will request a portion of the funds they reclaim. Some may ask for a small upfront fee, but it shouldn’t be anything substantial. An agency that’s asking for tens of thousands of dollars to get started is almost certainly a scam.
- Only accepts gift cards or cryptocurrency: If they do request a fee but only accept gift cards or crypto, that’s a major red flag. You should be able to pay them with traditional payment methods, and not accepting them is a sign they won’t follow through with what’s being promised.
- Message you directly: It’s highly unusual for a business in any industry to message you directly on social media after you’ve posted about being scammed. Reputable fund recovery services don’t need to monitor keywords on Twitter, and direct messages are a big sign of questionable activity.
- Require sensitive information: There’s no reason for a recovery service to request your private information, especially in the beginning. If the person behind the theft is discovered, you’ll then likely need to provide private information to legal counsel or law enforcement.
- Refuse contracts: Ask for a contract detailing the specific services you’ll receive. If they refuse entirely, that’s a warning sign that they might be a scam. A simple contract to get started is entirely reasonable. It’s worth looking elsewhere if they are not willing to provide you with any legally binding contracts.
Take the time to investigate each of these factors before moving forward. Don’t make the mistake of choosing the first company you find; conduct thorough research to avoid being scammed a second time.
Publicly Available Recovery Process
How are they actually going to help you? A company giving you a vague promise with no actionable steps or provable expertise might be a scam or just ill-prepared to actually help.
Look for specific steps the agency will undertake to recover your funds. It’s true that every process will take a unique path, but the agency should still have a proven overarching process to guide how they’ll reclaim your crypto.
If they have a stated process, who do they have in place to make it happen? Crypto recovery is a complex process that depends on a deep understanding of blockchain technology, cyber intelligence, and legal expertise.
The process should also begin with a consultation call, preferably a video call, where the agent learns about your situation before agreeing to help you. Even the most reputable recovery agencies will know their limits, so a qualification call is vital.
Choose Lionsgate for an Industry-Leading Crypto Recovery Service
Finding the right recovery service can be challenging, but it’s well worth thoroughly investigating any potential options before moving forward. Sadly, many of these services are scams themselves, so it’s crucial to do your due diligence.
Be aware of any warning signs that the service may be a scam or that they aren’t equipped to handle your situation. Learn the warning signs that you might be falling for a second scam to avoid losing even more money.
Lionsgate is one of the leading crypto recovery agencies with a team of experts in blockchain analysis, cyber intelligence, and legal expertise. Our teams work tirelessly to track down your stolen cryptocurrency and then reclaim it with legal and sometimes law enforcement action.
Have you lost cryptocurrency as a result of a scam or cyber attack? Reach out to us today to learn more about our services and how we can reclaim stolen crypto.