Cryptocurrency Recovery Alert from the FBI

By U.S. Federal Bureau of Investigation and SCARS Editorial Team – Society of Citizens Against Relationship Scams Inc.

Increase in Companies Falsely Claiming an Ability to Recover Funds Lost in Cryptocurrency Investment Scams

The FBI warns of an increase in cryptocurrency recovery schemes, which exploit victims who lost cryptocurrency to fraud, scams, and theft

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Never hire or pay a private/for-profit company to trace and recover your cryptocurrency. Only law enforcement can effectively do it and they do it for free!

According to the FBI:

In 2022, victims reported losing more than $2.5 billion in cryptocurrency investment frauds1 alone, according to the FBI Internet Crime Complaint Center (IC3). But then victims were contacted by Cryptocurrency recovery scammers!

Representatives of fraudulent businesses claiming to provide cryptocurrency recovery & tracing and promising an ability to recover lost funds may contact victims directly on social media or messaging platforms. Victims may also encounter advertisements for fraudulent cryptocurrency recovery services in the comment sections of online news articles and videos about cryptocurrency; among online search results for cryptocurrency; or on social media.

Recovery scheme fraudsters charge an up-front fee and either cease communication with the victim after receiving an initial deposit or produce an incomplete or inaccurate tracing report and request additional fees to recover funds. Fraudsters may claim affiliation with law enforcement or legal services to appear legitimate.

Private sector recovery companies cannot issue seizure orders to recover cryptocurrency. Cryptocurrency exchanges only freeze accounts based on internal processes or in response to legal process. Victims can also choose to pursue civil litigation to seek recovery of their funds.

Tips To Protect Yourself

  • Understand that only law enforcement, government prosecutors, and the courts can recover your cryptocurrency.
  • Never pay any for-profit cryptocurrency tracing company, they can give you a piece of paper and charge you thousands for it, but the police still have to do the analysis and recover and they do it for free!
  • Be wary of advertisements for cryptocurrency recovery services. Research the advertised company and beware if the company uses vague language, has a minimal online presence, and makes promises regarding an ability to recover funds.
  • If an unknown individual contacts you and claims to be able to recover stolen cryptocurrency, do not release any financial or personal identifying information, and do not send any money.
  • Law enforcement does not charge victims a fee for investigating crimes. If someone claims an affiliation with the FBI, contact your local FBI field office to confirm.
  • Provide transaction details when reporting cryptocurrency investment fraud to law enforcement. Include information about your interactions with individuals claiming to offer cryptocurrency recovery services.

Report It

The FBI requests victims report these types of fraudulent or suspicious activities to their local FBI field office and the FBI IC3 at www.ic3.gov. Additionally, there are more reporting resources on reporting.AgainstScams.org

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PLEASE NOTE: Psychology Clarification

The following specific modalities within the practice of psychology are restricted to psychologists appropriately trained in the use of such modalities:

  • Diagnosis: The diagnosis of mental, emotional, or brain disorders and related behaviors.
  • Psychoanalysis: Psychoanalysis is a type of therapy that focuses on helping individuals to understand and resolve unconscious conflicts.
  • Hypnosis: Hypnosis is a state of trance in which individuals are more susceptible to suggestion. It can be used to treat a variety of conditions, including anxiety, depression, and pain.
  • Biofeedback: Biofeedback is a type of therapy that teaches individuals to control their bodily functions, such as heart rate and blood pressure. It can be used to treat a variety of conditions, including stress, anxiety, and pain.
  • Behavioral analysis: Behavioral analysis is a type of therapy that focuses on changing individuals’ behaviors. It is often used to treat conditions such as autism and ADHD.
    Neuropsychology: Neuropsychology is a type of psychology that focuses on the relationship between the brain and behavior. It is often used to assess and treat cognitive impairments caused by brain injuries or diseases.

SCARS and the members of the SCARS Team do not engage in any of the above modalities in relationship to scam victims. SCARS is not a mental healthcare provider and recognizes the importance of professionalism and separation between its work and that of the licensed practice of psychology.

SCARS is an educational provider of generalized self-help information that individuals can use for their own benefit to achieve their own goals related to emotional trauma. SCARS recommends that all scam victims see professional counselors or therapists to help them determine the suitability of any specific information or practices that may help them.

SCARS cannot diagnose or treat any individuals, nor can it state the effectiveness of any educational information that it may provide, regardless of its experience in interacting with traumatized scam victims over time. All information that SCARS provides is purely for general educational purposes to help scam victims become aware of and better understand the topics and to be able to dialog with their counselors or therapists.

It is important that all readers understand these distinctions and that they apply the information that SCARS may publish at their own risk, and should do so only after consulting a licensed psychologist or mental healthcare provider.

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