How to recover lost cryptocurrency
Cryptocurrency is usually, considered to be pretty secure, however, sometimes things do happen. Both regular and top traders have had crypto assets lost or stolen before, until recently it seemed like there were very little one could do about it.
Let explain a little bit how cryptocurrency works.
To store a cryptocurrency, you will need
- A Public Key
- A Private Key
When an individual decides to send cryptocurrency to you over the blockchain, they are sending those coins to a hashed version known as a Public Key. Another key, known as a Private Key is hidden from everyone on the blockchain and only known to the user. The private key can be used to obtain the public key.
How are Cryptocurrencies Stolen?
The private key is used to create a signature for each transaction concerning the transfer of cryptocurrency. This implies that a user endorses the transaction for the cryptocurrency that they want to send to another person on the blockchain, using a private key. If someone obtains your private keys, they would be able to transfer your cryptocurrencies to themselves, therefore stealing the coins from your wallet.
Let discuss a little bit about the two major types of cryptocurrency wallet we have
- Cold wallet
- Hot wallet
When you make use of a Hot wallet, the private keys will be saved forever on cloud storage which is always connected to the internet. There is always a danger of your wallet getting compromised if hackers manage to get a grip of your private keys. If your private key is stolen, it is guaranteed that your coins will also be stolen from your wallet.
Cold wallets on the other hand are safer than hot wallets as they don’t need an internet connection, which makes it almost impossible for anyone to try and hack into. Since your private keys are stored on a physical device and not connected to the internet, this guarantees the safety of your private key from been remotely hacked. These devices can range from writing your private key data on a piece of paper to storing them on external hardware devices like pen drives, external hard drives, laptops, phones or tablets.
The only drawbacks are related to the fact that one cannot instantly transact using a cold wallet, as they still require a connection to a computing device for transactions to take place on a blockchain and the fact that once you lose the physical device you store your private key on, your key is lost forever.
We will be looking at the top ways to recover your lost crypto assets and how to avoid this type of shenanigan from the onset. Apart from been hacked, there are other ways you can lose your cryptocurrency. Which include
- Fake cryptocurrency investment
- Giveaway scams
- Phney jobs offer
- ICO fraud
- Fake crypto wallet
- Bitcoin stealing-malware
In addition to the scam listed here more are more like to spring up, because as interest in crypto grows, malicious ideas to scam people grow with it. The fraudster may even adopt blackmail, telling you they have a secret picture or video of you and tell you to pay them with BTC or other types of cryptocurrencies. Generally, any kind of transaction that you are been forced to make payment in BTC is probably a scam.
To protect yourself, double down on protecting your crypto wallet using a secure password and virus protection just like you will do with other financial accounts. You can also keep multiple copies of the private keys in a place where you can easily access them but thieves can’t.
Paraventure, you lost your cryptocurrency either it to sending to the wrong person account or been scammed by an organisation, here are steps you can take in the process of recovering your cryptocurrency:
- Contact the platform that scammed you: You will have to reach the trading platform that scammed you and stole your bitcoin or other types of cryptocurrency. Let it be known to them that, failure to return your funds will lead to you reporting them to the appropriate financial authority. This doesn’t necessarily assure that they will give you your money back, but it is a step in the right direction. Because your action could pay off if followed by action.
- Inform Your Crypto Wallet Provider: Reach out to your crypto wallet provider and notify them that the business you paid to is a scam and is refusing to give back your money. This will raise awareness and ultimately expose any scams connected with the crypto wallet which may also help deter others from being scammed.
- Report to the Appropriate Financial Authorities: You can contact the appropriate authority about your stolen cryptocurrency. Although most local authorities probably can’t do anything about your stolen crypto because of technical know-how, by informing them you help create awareness about the ongoing sham. So, when reporting to authority try to give the most amount of information you can, by doing this the authority will be able to create a proper case which in turn create awareness for the crypto-world at large.
- Contact a hacker: You can hire a hacker to help you get back your stolen cryptocurrency. You can hire our recommended hackers to help you get back your lost or stolen cryptocurrency. We do recommend you go to cybersploits.com to hire a hacker to help you retrieve your cryptocurrencies.