There are many positive discussions about owning Bitcoin. Compared to other wealth transfer methods, Bitcoin is borderless and permissionless, requires no, requires no storage, and is much cheaper to transfer. Digital coins are now also frequently seen as stores of value and hedges against rising inflation. Storing the world’s leading Cryptocurrencies is not always easy.
Even people who are not connected with the cryptocurrency industry regularly have listened to stories of big amounts of bitcoin being lost or stolen. Antidolos ICO scams alert will cover what is possible, steps to avert it, and the most common ways to recover stolen Bitcoin.
Is It Possible To Recover Stolen Bitcoin?
Bitcoin is complicated to obtain. However, it is not 100% impossible and depends on many things. The primary thing that will determine how Bitcoin funds are discovered is whether the Bitcoin has been lost or stolen to decide how to track down the funds.
If your wallet’s private key is completely lost, your chances of getting your money back are practically zero.
If you lose your bitcoins for legal reasons or bankruptcy, like a crypto exchange shutting down, you can get your funds back, but it can be a long process. The same happens to someone who wants to recover scammed crypto.
How Does Antidolos Recover Stolen Bitcoin?
Bitcoin stolen through compromised seed phrases, fraudulent depot wallet access, or cryptocurrency exchanges can be recovered. The most common way to try to recover stolen bitcoins is to track the funds and notify the cryptocurrency exchange to freeze the account and hire expert bounty hunters. So many people use this way to recover stolen bitcoin.
Track the stolen Bitcoin
Transactions on the Bitcoin blockchain are irreversible, but cryptocurrency platforms can be notified to track down those responsible and freeze their accounts. To track Bitcoin funds, you need to use a Blockchain explorer like Block Cypher to track the funds sent to the criminal’s wallet address.
If the funds are transferred to a wallet connected to a Cryptocurrency exchange or brokerage firm, Know-Your-Customer documentation is usually required by those wishing to change from Bitcoin to fiat.
Hire a professional bounty hunter
Using cryptocurrency-hunting services for seed phrase and password recovery, you can track stolen bitcoins. The form of payment is often a percentage of the complete Bitcoin amount recovered. Also, there are some crypto scam alert websites that you can use.
Why Is It So Hard To Recover Stolen Bitcoin?
Bitcoin was started as a decentralized Blockchain made up of individuals and groups of miners who process, validate, and confirm transactions. As it is, there is no central authority to contact if bitcoins are lost or stolen.
All cryptocurrencies are controlled by a group of private keys, similar to passwords. This unique string authorizes the owner to transfer, buy, or sell the associated digital asset. Investors should be responsible for storing their Bitcoins and protecting these private keys. If you lose or steal Bitcoin’s private key, your funds can be lost forever. The level of accountability and unforgiving nature of holding Bitcoin is one of the main reasons people and institutions worldwide have been slow to accept it.
In addition, unlike holding fiat currency in banks, Bitcoin is not subject to the government-backed insurance policies that customers in the traditional financial industry are accustomed to.
Organizations like the Federal Deposit Insurance Corporation (FDIC) in the United States, the Financial Conduct Authority (FCA) in the United Kingdom, and the Financial Claims Scheme (FCS) in Australia do not protect cryptocurrency assets. Only recently have such organizations begun offering insurance to core cryptocurrency service providers. However, they are still primarily uncovered. Therefore, recover stolen bitcoin is hard, and using and holding Bitcoin accountable is required.
3 Common Ways Bitcoin Is Lost or Stolen
1. Lost Seed & Recovery Phrase
Bitcoin holders who lose or forget their seed phrase risk losing their Bitcoins forever. Each cryptocurrency wallet creates public and private keys that can be recovered using a unique seed phrase. If you lose the seed phrase, access to the wallet will not be granted.
Many new investors are unaware that using an unmanaged wallet (a wallet that only you control) will prevent you from accessing your stored bitcoins if you delete or forget your seed phrase. You should write down a hard copy of your seed phrase and keep it safe if you need to restore your cryptocurrency wallet.
2. Sent Bitcoin To The Incorrect Address
A public key is a Bitcoin wallet address used to send transactions between other wallets. They consist of a long series of numbers and letters for security reasons. However, public addresses can easily be mistyped and sent to the wrong Bitcoin wallet.
Sending bitcoins to nonexistent wallet addresses is rare, but sending bitcoins to unintended wallet addresses is more common. The problem with sending bitcoins to an obligatory wallet address is that once the bitcoins are sent, the transaction cannot be reversed. In that case, it is solely at the recipient’s discretion whether or not the money is returned.
3. Bitcoin Exchange Hack
While there is some accountability to storing bitcoins in non-custodial wallets and thereby personally backing up seed phrases, these wallets are still the most secure option.
By storing Bitcoin on an exchange, investors trust the exchange to protect their Bitcoin funds and not misuse them. Unluckily, several exchanges have disappeared with user funds or been hacked and lost funds.
According to our research, over $2.66 billion has been thieved from cryptocurrency exchanges from 2012. While security is constantly improving and some platforms offer insurance, these historical stats underscore the continuing need to keep Bitcoin funds safe. So it is always better to pay more attention and know how to fight against scams and hacks rather than looking for a way to recover stolen bitcoin.
How To Recover Lost Bitcoin
Losing Bitcoin usually means the investor loses access to the seed phrase, private key, or password. The owner can know the wallet address where the bitcoin is stored and use Blockchain Explorer to track the bitcoin and find her bitcoin transaction ID.
However, you may lose access if you forget your seed phrase or restore your wallet after deleting it. If you don’t have access to your Bitcoin wallet, there are two ways to get back your lost Bitcoins. This includes using professional crypto-hunting services, and the second way is extracting data from the hard drive with the lost private key.
Conclusion on how Antidolos recover stolen Bitcoin
Storing the world’s leading cryptocurrencies is still risky. Despite all the advantages Bitcoin offers, it is still possible for coins to be stolen or lost. Luckily, there are some steps an investor can take to prevent losing their money. And in the worst-case scenario, Antidolos ICO rating and review show how to get your money back if it becomes inaccessible.
You can use data recovery software or crypto-hunting services to find your lost bitcoin funds. Alternatively, tracking Bitcoin transactions or hiring cryptocurrency bounty hunters can provide a solution to those whose money has been stolen. Although the chances of recovery remain low, several ways can help users find their missing Bitcoins.