5 Things To Do After You Have Fallen Victim To a Bitcoin Scam

(Or Any Cryptocurrency Scam)
1

Look After Your Mental Health

hands and heart

Falling victim to a scam is an extremely unfortunate event. The first thing you should do is to look after your mental health, and do not blame yourself for the loss.

Of course, you should and must take the event as a lesson learned, and do whatever is necessary to prevent any future losses. But do not add self-blaming to the long list of emotional burdens you are under right now.

The scammers have exploited your vulnerabilities in one way or another. They are the ones at fault, NOT you. You are a victim.

Your monetary asset is lost, but your sanity and mental stability do not have to go at the same time. You still have control over your own mental health.

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2

Report Your Incident To Us

megaphone announcement

Next, you should report the scam, making sure to include any revealing information regarding the scammer. Though it may be tough to swallow, and speaking to someone regarding your loss will make it seem more real, keeping the scam under wraps is the last thing you should do.

Scammers can only be fought off with relentless exposures. Your silence gives them strength, but your voice weakens them. We strongly encourage you to report the incidents to us, to the police and to others after you realize you are the victim of a fraud.

We only collect information regarding the scammers, such as the phishing site address, wallet address your funds were scammed into, etc. We DO NOT ask for any identifiable information from you, EVER.

Scams weaken the cryptocurrency market values, hurt you and various cryptocurrency businesses, and stall the growth of the blockchain technology. Our mission is to establish the First Responder Network to combat blockchain-related scams.

Once we have processed and verified your claim, we will distribute the information regarding the scammer through our social media channels, and inform the appropriate parties involved (exchange, wallet, token issuer, etc).

If you include the scammers’ wallet addresses in your report, we will also help you to report them as scam-related addresses on the appropriate blockchain explorers. We will also report the website and/or social media profiles as fraudulent on search engines and respective social media platforms if applicable.

3

Spread The Word About Your Scam.

man on laptop

If you already have accounts on popular cryptocurrency forums and related subreddits, and are comfortable with making posts under your registered accounts, we encourage you to write posts detailing your circumstances to warn off others. Your first-person report will make a lasting impact.

We may also make posts related to your verified report to help spread the word to prevent others from falling victim to the same scam.

4

Report Your Case To The Police

police system

Yes, we know. We dislike centralized authority as much as the next cryptopian. However, with the current infrastructures and criminal justice systems in many countries, we recommend you to file a police report to leave a paper trail that can be used later to build up charges against the scammers.

Victims’ police reports are important information that can lead to arrests of the fraudsters and can lead to possible returns of your funds. Filing a police report is not something we, or anyone else, can do on your behalf. Below are few ways you can report your incident:

5

Check For Ways To Recover Your Funds

money stack

Though the likelihood is low, depending on your situation, there may be ways for you to recover your funds. We have written a whole guide on the topic, check out the link below.

P.S. These instances are not scams.

Also, for your information, below are few things that we (or most of the crypto community) do not consider as scams or frauds.


Funds sent to the wrong wallet address.

If you mistyped your destination wallet address, your funds are now unfortunately lost in the crypto black hole, never to be found again. That is how blockchain meant to work and it is a painful lesson you have to learn.

If you can find any contact information regarding the owner of the receiving wallet, you can try to contact them and ask (nicely) for your tokens back.


You lost your private key due to an accident or careless act.

Sorry, but your funds are now effectively "burnt", which means no one will ever have access to those funds. That is how blockchain works by design.

If you have any piece of the key information, such as remembering the first 6 characters of the key, you can consider a wallet recovery service that may help you to crack your private key.

We found few popular wallet recovery services listed below. We have not tried any services ourselves, so please perform due diligence and conduct research beforehand on your own.

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