CRYPTOCURRENCY FRAUD
We are at the forefront of investigating cryptocurrency scams. Digital and virtual currencies secured by cryptography – cryptocurrencies – have been around for more than a decade now, and people from all walks of life have been legitimately using and trading this new type of currency for great rewards.
What Is Cryptocurrency?
Although they’re often thought of as a new trend, cryptocurrencies have been in development for a long time. Bitcoin, the most well-known cryptocurrency, was launched in 2009. More than 2,000 cryptocurrencies are active on the international market. Standard currencies (such as the Australian dollar) are centralised and regulated. These have a middleman (a bank or the government) to keep a record of how much currency is available and who has what. This helps to track fraud attempts, such as counterfeiting. A cryptocurrency is a peer-to-peer trading system that has no middleman. Instead, all logs are recorded in a ‘blockchain’. People who own some of a particular cryptocurrency all keep track of payments and transfers of money. If person A sends a bitcoin to person B, every bitcoin owner is notified. The blockchain speaks to participants’ computers, and when they all agree on where the money is, an extra ‘block’ is added to the chain with updated balances and the whereabouts of the money.
Cryptocurrency Investment Scams
Cryptocurrency investment scams include Initial Coin Offerings (ICOs). These are ways that new cryptocurrencies fund their startup by offering new investors the opportunity to receive coin tokens in return for money. While legitimate ICOs do exist for the development of genuine cryptocurrencies, they are also a favourite mechanism used in cryptocurrency fraud. Many ICOs are marketed without any real technology or legitimate business plans to back them by individuals or small groups with little to no industry or IT experience. In recent years regulatory bodies have prosecuted scam ICO perpetrators. In 2019, the US Securities and Exchange Commission charged the CEO of a software company worth $42million, for defrauding investors through an ICO.
Cryptocurrency Trading Scams
As with any type of investment, malicious individuals and scam groups have found numerous ways to defraud well-meaning investors out of their hard-earned funds. The cryptocurrency trading market is rife with unregulated brokers who use dodgy tactics to steal investments or fleece investors out of more cash. Often these operatives work from call centres, usually based overseas, by cold calling people with enticing offers and promises of hot tips that will return high dividends.
Facebook Scams, Fake News and Bogus Bitcoins
One example cryptocurrency-related fraud is the advertisements you may have seen on popular social media platforms. These often show up on Facebook using photos of well-known celebrities such as Mel Gibson, to entice people into cryptocurrency investments. These scams are perpetrated by organised criminal gangs across the world, who prey on people’s lack of knowledge in this area.
Have you been involved in a cryptocurrency scam?
Just like many types of investment fraud, cryptocurrency scams are often carried out internationally – sometimes across many jurisdictions. This is to limit and frustrate law enforcement in tracking scammers and to make it harder for investors to reclaim their money. If located in Australia, these scams should be reported to the ACCC via its ‘report a scam’ page so others can be warned about current scams and they can be disrupted where possible. If you are located overseas, these scams need to be reported to your local authority. If you’re the victim of a cryptocurrency scam, we want to help you. Please contact us to discuss your experience with cryptocurrency fraud.
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FREQUENTLY ASKED QUESTIONS
Explore our comprehensive FAQ section to find answers to a wide range of questions and gain a deeper understanding of how we work.
If your money has ended up in another country, it may be recovered through the relevant jurisdiction’s Court process or a private settlement negotiation. A negotiated outcome is particularly likely once we have gained strong legal leverage against the fraudsters.
Given the legal complexities of forex fraud, a successful outcome is never guaranteed. However, the stronger the evidence against the offenders, the more likely a legal case can be filed – and Court proceedings can often result in a recovery.
Our investigators will conduct a preliminary assessment of your case to identify any commercial or financial risks of the investigation and advise on the realistic chances of recovery. Equipped with these expert insights, you will be able to make an informed decision on whether or not you wish to proceed with our services.
The duration of a forex scam investigation depends on its complexity and whether legal proceedings are involved. Typically, we are able to track down the fraudsters and their locations within one to three months.
After this milestone, a recovery strategy must be implemented in light of the investigation’s discoveries. This process usually includes preparing an initial demand letter, which, if ignored, is followed by legal action and/or the lodging of a criminal complaint and close liaison with law enforcement agencies.
In this case, our investigators will assist law enforcement officials with the filing of search warrants and/or criminal charges against the offender, who will most likely end up arrested and prosecuted.
The fundamental features of forex fraud are deception and dishonesty. Therefore, as the victim, you must prove that your decision to send money was based on the fraudster’s false statements about the purported investment.
From there, the expert investigators will take care of the rest, gathering clear evidence of fraud to meet the criminal burden of proof required in Courts around the world.
The cost of investigating a forex scam varies according to the complexity of the case, the amount of money concerned, and the country from which the offenders operate.
In general, the larger the losses, the more challenging and expensive the investigation – particularly if your funds have been transferred across various financial institutions or money remitting platforms.
Our skilled investigators will prepare a personalised proposal for your unique case, budgeting to maximise the likelihood of a successful outcome.
Due to the amount of time, resources and expenses involved in tracking down criminals behind complex cross-border investment frauds, we do not take on any unfunded investigations.
Our Mission
To provide Fund Recovery services that best fit situation requirements.
We aid you, we guide you, and we get your money back.
If we don’t win; you don’t pay any fee!
We prepare to win. Our experts handle your financial matters with timely, transparent, and thorough strategizing. We proficiently fight scams within the Cryptocurrency, Binary, Forex, and other markets.
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Money recovery with an unfaltering caliber.
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Serving clients across 22+ countries.
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No Win, No Fees!
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Transparent and timely solutions.
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Has accomplished 92% win rate globally.
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Digital Forensic Experts
We influence lives! Our services aid victims of financial turbulence with timely wealth recovery.
Whether you’ve lost money in your capacity as a trader, shopper, or online user, we’re eligible to help you in our capacity as a consultant, recovery agency, legal aid, or simply with support and information.
Molding Fund Recovery services that best fit your requirements.
We’re a financial pioneer that leads the way to easy recovery solutions and safer market access. While successfully regaining your money is a part of the process, we also create awareness on popular scams that go around.
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Understand the process and make an informed decision about engaging our services. Complete our inquiry form and get started with your investigation.