Countries around the world are beginning to regulate cryptocurrencies, or are seriously considering doing so. Nevertheless, the regulatory status of crypto is currently far behind the ability of unscrupulous merchants to cause serious financial harm to consumers.
A cryptocurrency exchange allows users to transfer regular national (fiat) currency for crypto, or vice versa. The crypto currency goes into or out of the user’s personal digital crypto wallet.
Funds held in exchanges like Coinbase may be insured if there is a physical security, cyber security or employee breach, but funds you hold in your wallet are not usually insured. With the correct software and tools, it may be possible to locate where your cryptocurrency went, so do not give up.
In principle, either of the above could apply to a crypto purchase, but you would need to prove that to the bank. This process is more complicated than it should be.
Lost or locked wallets are a serious challenge, and The New York Times reported in January 2021 that hundreds of millions of dollars worth of bitcoin have been stranded due to forgotten passwords, reformatted hard drives, etc. A number of companies are offering potential solutions for existing and future cases, but the situation remains uncertain.
Crypto transactions are anonymized, which leads to the common perception that they are untraceable. Although, in fact, a number of highly technical proprietary solutions exist that do allow for the tracking of these transactions in many cases.
If you are ready to fight for what’s yours, the first step is a free no-commitment consultation with a fund recovery expert. Let us help.
You can report a scam by contacting the police or national financial regulator in your country. You can also click on the <TEXT HERE> button on the bottom of this page to report the scam, as well as to schedule a free no-commitment consultation with our fund recovery experts.