Over the last few years, investors have continuously invested in various cryptocurrencies using their crypto wallets. According to Tech Jury, the global blockchain market is likely to touch $23 billion by 2023. No doubt, investors in recent years have come forward and invested heavily in various cryptocoins.
The latest user index of 2021 clearly reflects that more than 95% of investors show their confidence in cryptocurrencies. Unfortunately, the recent rise in cryptocurrency scams and frauds have shaken their belief and faith in blockchain technology.
The US-based Federal Trade Commission have reported that investors have lost more than $75-million in cryptocurrency investment scams and online frauds since October 2020. Especially the young people between the age group of 21-40 are the biggest sufferers.
Several cryptocurrency investors go into shock and depression mode once their cryptocoins get stolen or lost. It can be potentially harmful to their heart, mind, and soul.
So What’s The Way Forward?
Without worrying too much, aggrieved customers must reach out to Cryptocurrency Forensic Experts of CNC Intelligence Team. Once you hand over your request to the team, it’ll start its investigation following standard operating procedure taking into account all legal and cross-jurisdictional matters into consideration.
Filing an FIR at your nearest police station about cryptocurrency frauds is the first step. Once the FIR is filed, you should submit the copy of the same to CNC Intelligence officials along with other details for further operation.
Meanwhile, you need not worry about anything. Team CNC Intelligence will manage everything from their end, including analyzing the source of the place where the fraudulent transactions took place and perpetrators behind the same.
According to CNC Intelligence’s Seth A Gordon, “We start our investigation operation as soon as we receive the copy of FIR from the aggrieved customer. In some cases, we also start our investigation process as soon as we receive the request from the victim. We work coherently with local and federal law enforcement agencies to gather more details about the individuals connected to stolen cryptocoins and related frauds.”
How Can I Protect My Cryptocoins?
- Though cyber crimes can attack anybody anytime, if you follow proper safety precautions, you can stay safe. These days, most cryptocurrency frauds arise due to fraudulent transactions. So you must think twice before sending someone crypto coins.
- Never believe in shortcuts to getting rich. You’ll come across such announcements a lot of times online, but mostly these are fake claims. These schemes are usually launched by cyber criminals and hackers who are only interested in stealing your cryptocoins. Never believe that someone will give you a lot of money or crypto coins in exchange for sharing your wallet details with them. Don’t do it.
- For your daily transactions, use a different crypto coins wallet. Store limited coins into it.
- Store most of your cryptocoins into a separate wallet. And keep all essential data relating to it as top secret.
- Never share any information relating to your private keys with anyone or stored on any device connected to the internet.
- Always keep a backup of all your cryptocurrency wallet data and transactions in another PC, preferably with a password-protected interface.
CNC Intelligence Team analyses the trace route first from where such transactions took place and who was the beneficiary. They often have to local law enforcement and the cryptocurrency exchanges to get access to beneficiary’s KYC details and bank information for further action.
Once the information has been provided the CNC Intelligence team then works with the local law enforcement agencies to initiate legal actions against the culprits and recover stolen crypto coins from them.