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Hard, but possible: getting back your stolen crypto wallet

Yuriy Moshes

Attorney and Member at Law Office of Yuriy Moshes P.C.

 


A lost bitcoin wallet is a terrifying situation. Regardless of how much money you have there, they are yours. However, you can try to get them back. In this article, you will learn several ways to do this. Read on to find out!

stolen crypto wallet

Hard, but possible: getting back your stolen crypto wallet. Source: unsplash.com

Cryptocurrencies are a lucrative investment. The fact that even the giants of the investment elite consider diversifying their portfolio with cryptocurrencies speaks volumes. Today, we don’t need to worry about crypto wallet hardware or applications: everything is already set up.

The ultimate advantage of cryptocurrency is transparency. If you own some Bitcoins, you can easily track all the transactions. Therefore, it’s quite hard to lose them. However, this happens. And if you have lost Bitcoin wallet, you are likely to need a free lawyer consultation in NYC.

You probably wonder what do we mean by having a Bitcoin wallet lost? We are talking about a situation when hackers steal cryptocurrency. Unfortunately, that’s not a rare case. By implementing sophisticated phishing attacks, they manage to get to know a private key or any other valuable data like crypto wallet address. After that, your money is no longer yours.

A recent incident happened at the end of August. A user shared with the world wide web that hackers had stolen 1,400 Bitcoin (BTC) from his Electrum wallet. He claimed that it was an elaborate trick.

The user’s entire balance reached zero right after he installed a software update. It was transferred to an unknown address. In general, the Electrum crypto wallet app is considered to be secure under the condition that it’s properly configured.

No one would like to find himself in such a situation. However, some claim that the amount of stolen cryptocurrency reached around $10 billion. Unfortunately, we can’t guarantee that it’s the limit and there will be no new cases. Therefore, it’s essential to know how to get your funds back.

How to get your crypto back?

How to get your crypto back? Source: flickr.com

The majority of people use a crypto wallet online. There are many of them. Some are more reliable than others. However, we all should do the same things if hackers manage to steal cryptocurrency from our wallets.

Experts claim that there are two paths to take. The first one is to identify who is behind the attack. You can start by investigating your crypto wallet app. Another idea is to recollect the recent events and remember which activity may have caused data leakage. If you spotted a phishing e-mail or malware, give all the details to the police.

The second option is to trace the money. Thankfully, you can do this since the transactions are transparent. You will see the address of a person who got your money. There is little chance that it will be a final station for your funds, but you can try to keep tracing with the help of authorities.

Normally, both ways lead to the same outcome. You are going to find the robber or the money. In either way, you can use this information to return your funds.

4 tips to consider

batching

4 tips to consider. Source: shutterstock.com

Here are additional four tips that you will find useful in such a pitiful situation:

1. Don’t hesitate

You should act as fast as possible. The more you hesitate to report a problem and start the investigation, the less is the chance to find your money and, consequently, get them back. You merely give thieves time to transfer the funds to sketchy exchanges and hide them properly.

2. Legality

Here is a sad fact: a legal system can only work in your favor if you know who the thief is. You will be fortunate if the funds go through an exchange since the KYC process is likely to reveal the identity of the wallet holder. So, keep your fingers crossed.

3. Use a cold wallet

Cold wallets allow you to retrieve lost information with the help of professionals, as well as safely store and access it. However, if you have a paper wallet, not an encrypted one, keep it in a vault.

4. Turn to professionals

You can use professional help from organizations that specialize in such matters. Usually, you need to provide just the data about the incident, and the company will carry out the assessment.

Now you see: even if you lost your cryptocurrency, there is still hope to get it back!

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