It is not surprising that many people have begun adopting cryptocurrencies, given how widely they have spread throughout the world. For many, investing and trading in cryptos has become an alternate source of income; they view it as a financial asset.
Many huge financial institutions like BlackRock have also admitted that cryptos have a bright future, and they have also started to invest in them at their client’s request. The fact that clients want to multiply their wealth by investing and trading in cryptos speaks volumes about the popularity of such cryptos going mainstream.
The crypto market is very volatile, allowing users to make substantial amounts of money in a short time, which has also attracted scammers and hackers. Since crypto scams and frauds are quite common in the crypto industry, many prefer to steer clear of them.
Various news and social media platforms have aired news related to crypto scams and fraudulent activities more than their advantages; thus, many know them due to their negative popularity.
As per a report, the number of cryptocurrencies lost to scams in 2022 was more than 3.8 billion US dollars, which was a 15% increase compared to 2021.
Since these scams and fraudulent activities are common in the crypto industry, recovering the lost funds can be challenging. It might take a long time to fully recover lost funds from scammers or hackers.
However, there are times when victims get their lost funds recovered. Here is the story of a victim who thought that his cryptos were lost for good and that recovering such a huge amount of money would be next to impossible.
An investor from Ontario who had invested in cryptocurrency could not believe his fortune when he managed to recover his lost funds from a crypto scam. It was indeed a miracle.
Allan Jones had recently invested in cryptocurrency worth $55,000 and managed to lose his entire holding to an online scam.
He told the sources that he had a million-to-one chance and believed that he was the luckiest guy in Ontario.
Durham Regional Police were investigating the stolen cryptocurrency case. They admitted that recovering cryptocurrency can be extremely difficult, as identifying the wallet address can be challenging. Scammers are known to change their wallet addresses after they commit a crime.
They admitted that recovering stolen cryptocurrency is extremely rare and do believe that it is the second time in Ontario that they have solved and recovered a stolen cryptocurrency case.
Durham Police’s Financial Crime Unit, Detective Constable Trany Snow, said that he thought Mr. Jones was very fortunate and lucky as well.
The cryptocurrency had caught the attention of Allan Jones, and he bought almost one Bitcoin last summer, worth $55,000. After buying the crypto, he was interested in managing it, so he went online to download the software.
As he recalled the event, Jones said that he had bought some Bitocin and was now interested in trading it and required software to manage it.
He Googled online to research some software that would help him manage his cryptos. While searching, he came across software for $350.
As he tried to download the program on his computer, the company called him and offered help to complete the installation of the program.
As the company gained remote access to his computer, he became apprehensive as he saw that his cryptos were being drained from his wallet. It appeared that the company was stealing his cryptos.
Jones became anxious and questioned them about the entire process of draining his crypto holdings. To which they replied that he has nothing to get alarmed about; they were setting up an account that will help him trade his cryptocurrencies. However, Jones did not believe it.
What really happened was that malware was remotely installed on Jones’ computer, and scammers had stolen his Bitcoin worth $55,000.
Durham Regional Police’s take on Jones’ case
Jones reported the theft of his Bitcoin worth $55,000 to the local law enforcement agency, Durham Police, along with the Crown Law Office and the Royal Canadian Mounted Police. For four months, they tried to track down the blockchain before recovering it for Jones.
In the beginning, Jones thought that his cryptos were gone for good, as he had rarely come across a case where the total cryptos lost to scammers or hackers were fully recovered.
When he heard the news that his Bitcoin had been recovered, he was shocked and enthralled with joy.
He remembers his emotions, saying that he thought that he had won the lottery, as the chances of recovering it were slim. His luck had smiled on him, as the law enforcement agencies had recovered and returned his lost Bitcoin.
The boys in blue could not charge the suspect, as they believe that the suspect involved in this fraudulent activity operates in secrecy and could be based anywhere around the world.
Snow advises caution for those who wish to invest and trade in cryptocurrencies.
He further added that you must remain alert, as many companies out there are interested in your money and wish to steal it through fraudulent activities.
After having a close call with the crypto scam, he converted his recovered Bitcoin back to cash and put it in the safe hands of his bank account. He vowed to be more careful with his financial holdings in the future.
Cryptocurrency is just another financial instrument that can be used for investment or traded to generate passive income. Cryptocurrency, like any other financial instrument, has an instinctive value and can be traded globally. Since it is more liquid and the wallet users remain anonymous, tracking lost cryptos can be very difficult.
Although Allen Jones recovered his lost funds, he should have researched the prevalent scams that are quite common online in the crypto industry.
You should be aware of the scams that scammers and hackers pull if you are interested in investing in and trading in cryptocurrencies. Having a clearer picture of what you are getting into will be worth both your time and money.
Still, if you fall victim to such scams, contact your local law enforcement agency or seek the services of professional cryptocurrency scam recovery agencies that are trusted, regulated, and registered.