These Companies Say They Can Recover Stolen Crypto. That Rarely Happens.

tomch/getty images

After being scammed for over $500,000, one man paid one such company $6,500 to recover his stolen savings. A year later, he’s received nothing — and he’s not alone. Like countless other cryptocurrency scam victims, this southern California man’s story began the same way: an unsolicited text message from someone who said they had the wrong number in late 2021.

Weeks of texts later, the man, who Forbes agreed to identify by one of his initials, “M,” realized that he had been conned, and had lost over $500,000 – 10 years worth of his financial savings. Immediately, M went to his local police department, which he says declined to take a report, telling him to go to federal authorities instead. After a few more weeks went by, M was feeling frustrated that his case wasn’t advancing quickly enough with conventional law enforcement.

So he turned to CipherBlade, a company that claims to have recovered “millions of dollars of stolen cryptocurrency.” M signed a contract with the company, agreeing to pay $6,500 for “up to” 10 hours of work. If CipherBlade helped recover any of his money, they would also get 12.5% of that, too. But now, more than a year has passed, and M hasn’t gotten a dollar back.

“Practically all such private services require upfront payments regardless of the outcome. The reason is obvious: if they were to receive funds only when the victim actually recovers losses, most of them would be out of business very soon.”…..Binance

Pig butchering, as it’s known, is a new type of online con perpetrated by overseas scammers who “fatten” up victims – making them believe they have made boatloads of money in cryptocurrency often using manipulated apps and websites – before absconding with all their money. Experts say billions of dollars are lost to this type of pernicious scheme each year.

The hard truth is that recovering money lost to crypto scams is extremely rare, even when law enforcement does take up a case. But in recent years, a nascent industry has cropped up, offering services that promise to do just that. These companies convince consumers to spend more money in order to recover their already-lost sums, with scant evidence that they regularly work as advertised.

Multiple U.S. financial and law enforcement agencies, including the Federal Trade Commission and the Commodity Futures Trading Commission, generally tell scam victims to treat these services with a healthy dose of skepticism. That’s because even if one of these companies is involved, law enforcement still has to do its own independent investigation — for which victims aren’t charged. Plus, no private company has the authority to compel the freezing, much less the seizure, of crypto assets held at an exchange.

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Source: These Companies Say They Can Recover Stolen Crypto. That Rarely Happens.

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ViddleInteract   https://jvz8.com/c/202927/388716/

Videevolve   https://jvz4.com/c/202927/381011/

Vidently   https://jvz1.com/c/202927/387798/

Video Campaignor      https://jvz4.com/c/202927/387058/

Video Games   https://jvz3.com/c/202927/184902/

VideoEnginePro     https://jvz2.com/c/202927/372916

VideoGameSuite    https://jvz3.com/c/202927/366537/

VideoRobot Enterprise   https://jvz8.com/c/202927/291061

Vidjack   https://jvz6.com/c/202927/364795/

VidKreate   https://jvz6.com/c/202927/386029/

VidMingo   https://jvz6.com/c/202927/378359/

VidRaffle   https://jvz2.com/c/202927/386840/

VidSnatcher    https://jvz3.com/c/202927/342585

VidVoicer    https://jvz1.com/c/202927/379983/

Vidzura   https://jvz4.com/c/202927/385754/

Viral dash   https://jvz6.com/c/202927/375959

Viral Quotes      https://jvz2.com/c/202927/386984/

VirtualReel   https://jvz8.com/c/202927/376849

Vocalic  https://jvz2.com/c/202927/383848/

VoiceBuddy    https://jvz1.com/c/202927/342854

Voiclet   https://jvz4.com/c/202927/388755/

VR Studio  https://jvz8.com/c/202927/388296/

WebCop  https://jvz4.com/c/202927/378683/

Webinarkit   https://jvz3.com/c/202927/383937/

Webprimo   https://jvz1.com/c/202927/379455/

WordPress Mastery   https://jvz1.com/c/202927/386249/

WowBackgraounds   https://jvz2.com/c/202927/381556/

WP GDPR    https://jvz8.com/c/202927/299907

WP Simulator    https://jvz3.com/c/202927/46987/

Writer Arc   https://jvz1.com/c/202927/386602/

writing job   https://jvz8.com/c/202927/213027

XBrain Forex   https://jvz3.com/c/202927/372305/

XFUNNELS   https://jvz2.com/c/202927/310335

Xinemax  https://jvz1.com/c/202927/381749/

YoDrive   https://jvz2.com/c/202927/384700/

YoSeller   https://jvz4.com/c/202927/387544/

Your 3DPal   https://jvz2.com/c/202927/381685/

YTSuite   https://jvzoo.com/c/202927/381179

Zappable   https://jvz6.com/c/202927/367328/