Cryptocurrency is claimed to have revolutinized the way people earn, save, spend and invest online. Digital currency has also created opportunities for scammers to steal money from consumers. The Brave New World of cryptocurrency epresents advanced technology and innovation. However, the unfamiliarity of this technology and the lack of regulations can enable many dishonest players to get away with hoodwinking consumers.
It is worthwhile to look at cryptocurrency complaints before purchasing coins, wallets, special apps or investing in cryptocurrency funds. You can find reviews online of various services related to cryptocurrency and you can evaluate the risks.
Working with an agency such as Trader Defense Advisory to pursue cryptocurrency complaints provides many advantages. TDA is well-versed in the way cryptocurrency works and how scams operate. TDA experts have the training and skill to examine these complaints and pursue redress for their clients.
Cryptocurrency is a digital currency that doesn’t have a physical equivalent in the form of bills or coins. Bitcoin was the first type of cryptocurrency, and since then, there have been other forms such as Ethereum and Litecoin. Unlike regular currency, it isn’t regulated by a government, but works on decentralized technology referred to as the blockchain which is spread across several systems that manage and update it.
Cryptocurrency holders favor the blockchain because of its security and the notion that it is not as vulnerable to manipulation as regular financial markets. However, it should be noted that the blockchain is also free from government regulation. This can be positive and negative. The downside is that there is less recourse in the case of fraud than there can be in more traditional markets governed by regulations.
There are currently 6,700 types of cryptocurrencies that are traded publicly. When there is a new type of currency, there is an ICO or an initial coin offering. This is like an IPO for a company that goes public. Cryptocurrencies are growing in popularity with high-profile investors such as Tesla founder Elon Musk giving a nod to digital currencies with his $1.5 billion bitcoin investment.
Fill in your details and one of our representatives will contact you within 1 business day.
Cryptocurrencies are the wave of the future, but there are many reasons to use caution when purchasing actual digital coins or cryptocurrency products. Along with digital currency fans, there are also many crypto complaints about scams such as the following:
It is important to check reviews before purchasing any type of cryptocurrency product. This includes wallets, apps, and platforms. Many of these are fake and should only be purchased from a company that has been proven to be reliable.
The many crypto complaints about fake wallets and apps involve customers reporting they bought one of these products to keep their bitcoin only to have been robbed of the wallet’s contents. Clearly in these cases, these products were sold to them by the thieves, but they may be at a loss to prove this without the support of fund recovery experts.
Another common tactic used by fraudulent parties is crypto phishing. Like regular phishing, the goal is to get information from the person to cheat them of their money. Some phishing scams have the dual purpose of stealing sensitive data as well as the actual coins.
One common scheme that is the subject of crypto complaints is an investment scheme advertised on social media in which consumers trade their bitcoin for cash with promises of incredible returns on their investment. Along with the passwords to their bitcoin, the participants provide personal information as well. Not surprisingly, the schemers never give them the return they expected or any money back at all.
The existence of scams like the ones described above is good enough reason to always check reviews before investing in cryptocurrency-related items. Although many reviews on sites, either positive or negative, can be fake, one can still get a general idea of whether a service is a scam or not given the balance of reviews.
Among these reviews, there are many cryptocurrency complaints, many involving people phishing their cryptocurrency passwords and other personal information online in exchange for special deals or as part of a phony investment scheme.
Many cryptocurrency exchange complaints involve trading digital currencies on a fake platform that was not connected to the blockchain. In the end, the customer simply gave their money to someone who set them up on something that was little more than a video game and they did not receive any real crypto coins but false tokens.
A large number of people are taken advantage of by people they meet on social media. This can be people who seem to show romantic interest or friendship only to ask them for bitcoin or another cryptocurrency to exchange for regular currency, to fund a major medical procedure or to help them until they can get to their funds. This is like regular social media catfishing but involves bitcoin.
One of the most troubling cryptocurrency complaints are those involving extortion. The anonymous party will claim to have compromising images of the person or information they would not want to be made public by saying they hacked their computer (which usually is not the case), and will ask for money to be paid in cryptocurrency. The anonymity of digital currency is the equivalent of unmarked bills to blackmailers and kidnappers in past decades.
The scams described above are illegal, and it is important to file a cryptocurrency complaint to stop the perpetrators from doing the same thing to others and to hopefully recover your funds. Trader Defense Advisory has the skill, experience, training, and connections to deal with authorities and track down cryptocurrency scammers. In these situations, it is best not to try to go it alone, since crypto scammers use advanced methods that professionals can track down.
The first step in a crypto complaint is to report the scam to the legal authorities. In addition to the police, there are often special offices of Attorneys General that deal with this type of fraud. Trader Defense Advisory experts have proven methods of approaching these regulators and filing a cryptocurrency complaint.
Many people incorrectly think that once money has been lost in a cryptocurrency scam they will not be able to recover it. The belief that anonymity surrounding cryptocurrency is airtight is a widespread one, but not entirely true. There are many methods professionals have of unmasking cryptocurrency scams.
One of the reasons for the improvement in tracking methods is that even the most successful investors have lost money to these scams, so the need for recourse for cryptocurrency users is being filled. Your chances of success in recovering funds depend partly on how quickly you act in filing crypto complaints and what professionals you have to advocate for you.
The criminals who steal money from people through cryptocurrency tend to launder it through various schemes, so the faster you get assistance, the greater the likelihood that you will recover your funds.
If you have a crypto complaint, contact Trader Defense Advisory experts as soon as you can. Our experts will advise you on how best to approach authorities and what methods can be employed to recover your funds. Crypto scams can be complex, but our team has the tools and experience to unmask the fraudulent parties and work towards recovering your funds.