Crypto fraud: How to get your money back
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Crypto Fraud Recovery: How Crypto Tracing Helps You Get Your Money Back
Even as a victim of crypto fraud, you don't have to remain helpless: Crypto tracing allows you to track payments and identify perpetrators. This provides crucial evidence for criminal proceedings. In this article, we explain how crypto tracing works and why legal support is essential when fighting crypto fraud.
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3What is crypto tracing?
Crypto tracing is a technique for tracking payment flows within cryptocurrencies, also known as blockchain analysis.
Crypto tracing (or crypto forensics) is a process used to determine where digital assets have been transferred. This method is especially important for investors who have fallen victim to crypto fraud, as it helps determine the origin and whereabouts of the stolen funds.
How does crypto forensics work?
Crypto forensics uses specialized analysis tools to trace and uncover cryptocurrency payment flows. First, you should save the wallet address of the suspected crypto fraudster and the transaction ID. You can then use an analysis tool to track the payment flows on the blockchain and examine the crypto transactions. This allows you to identify the crypto fraudster's address (recipient wallet).
A lawyer specializing in crypto fraud not only has the necessary analytical tools but also the expertise to expose the crypto fraud and help you get your money back.
Crypto Tracing Experiences: Why a Lawyer Helps
Detecting crypto fraud requires specialized analysis tools and in-depth expertise in targeted blockchain analysis. As a victim of investment fraud, you have little chance of identifying the perpetrators and proving the fraud without professional support.
A lawyer specializing in investment fraud brings valuable experience in crypto tracing. They have the necessary analytical tools to precisely examine transactions and the expert knowledge to identify perpetrators. Furthermore, the lawyer can initiate criminal prosecution and accompany the criminal proceedings. They can provide the investigating authorities with evidence of the crypto fraud and assist you in recovering your money.
What is the benefit of crypto tracing?
Crypto tracing allows you to track where your cryptocurrency investments have gone. In the case of crypto fraud, crypto forensics helps identify the perpetrators and prove the fraud.
A lawyer specializing in crypto tracing can initiate criminal proceedings on your behalf based on blockchain analysis and submit the results of the investigation to the investigating authorities. By working directly with the authorities, you save valuable time in the criminal proceedings and can take action against crypto fraudsters more quickly.
Successful investigations into investment fraud demonstrate how effective crypto tracing can be: In February 2024, the Göttingen Regional Court sentenced four operators of dubious trading platforms to long prison terms for defrauding investors of more than €20 million. In January 2024, the Münster Regional Court imposed prison sentences on a married couple who had fraudulently obtained approximately €320 million from around 90,000 investors using the cryptocurrency OneCoin. Furthermore, in August 2023, the Bavarian Cybercrime Central Office was able to seize a seven-figure fortune in Costa Rica that stemmed from fraud via online trading platforms.
These investigative successes demonstrate that it can be worthwhile to take action against investment fraud with the help of a lawyer and through crypto tracing.
Can you get stolen cryptocurrencies back?
Yes, crypto tracing makes it possible to recover stolen cryptocurrencies.
This method allows crypto transactions to be tracked until the stolen cryptocurrencies are deposited on regulated trading platforms such as Binance or Kraken. A lawyer can then work closely with law enforcement to take various steps to stop the fraudsters:
First, the crypto fraudsters must be identified and the stolen assets blocked. Then, the crypto assets must be confiscated. It is also necessary to identify bank accounts to which the stolen funds may have been transferred.
This means that cryptocurrencies are not completely anonymous. Users must identify themselves on centralized exchanges, which opens up the opportunity to combat crypto fraud and recover lost assets.
How high can penalties be for customs crimes?
Cash in excess of €10,000 must be declared to customs. Failure to do so can result in heavy fines of up to €1,000,000.
If you fail to declare low-value goods that exceed the travel allowance, they will be subject to additional customs clearance – often with a customs surcharge. This can result in you effectively paying twice for the goods. Additionally, fines of up to €50,000 can be imposed.
Undeclared goods valued at more than €700 are subject to criminal proceedings. Penalties range from fines of up to 360 daily rates to imprisonment of up to five years. In particularly serious cases, house searches, business prohibitions, and imprisonment of up to 10 years are also possible.
Will I automatically get my cryptocurrencies back through crypto forensics?
No, you won't automatically get your money back after a crypto scam. Even with crypto forensics, you can't immediately recover your lost assets.
What crypto tracing does make possible, however, is tracking payment flows, identifying perpetrators, and initiating criminal proceedings. This legal process can potentially help you recover your money.
We help you
Your lawyer at your side
If you have become a victim of crypto fraud, we are at your side with our expertise. Our lawyers, experienced in crypto forensics, will assist you in identifying the perpetrators and tracing the fraud. We use targeted analysis tools to examine payment flows on the blockchain and initiate the necessary steps to recover your assets.
We work closely with law enforcement agencies to guide you through the entire process to maximize your chances of receiving a refund. Trust our expertise in crypto fraud—we'll fight to get your money back.
Professional advice & support
We offer you professional and comprehensive initial advice on crypto fraud. Seize your opportunity and avoid mistakes.
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