Cryptocurrency has changed the way we think about currency. It is a part of the trend of digitisation, and now people can earn, spend and trade money completely online. There is no need to use a credit card or to deal with banks.
However, the dark side to the cryptocurrency revolution is the increase. The amount of money lost to cryptocurrency fraud has increased 30% between 2020 and 2021. It isn’t just fraud that is the problem. Even in legitimate disputes, there is no third party to adjudicate between a customer and a merchant, unlike with chargebacks or wire recall. Fund can’t be reversed on the blockchain, but must be returned through a separate transaction.
One essential tool in the fund recovery process on the blockchain is the cryptocurrency report. These reports are drafted by fund recovery experts who have extensive experience recovering cryptocurrency funds from the blockchain. Since transactions are anonymous, supporting data is essential for making a case and unmasking identities if merchants and brokers are unwilling to provide information that will help the customer in their fund recovery claim.
FundRecovery UK will prepare your case and be your advocate. Our professionals have expertise and strategies that will improve our chances of getting your funds back. We consult with clients, assist them with cryptocurrency reports and negotiate with banks and other institutions. Ask us about chargebacks, wire recalls intelligence reports, and crypto recovery.
What Is a Cryptocurrency Report?
A cryptocurrency report is an organized presentation of evidence that assists with the recovery of cryptocurrency transactions from the blockchain. It is drafted as a fund recovery service by financial companies.
The cryptocurrency report provides a timeline of the customer’s interaction with the merchant, supporting evidence through screenshots of websites, product descriptions, and communication through chat and emails. The report also contains in-depth research and, in the case of an anonymous merchant, some theories about the identity of the other party based on patterns and clues.
Fund recovery experts who draft these cryptocurrency reports have a depth of knowledge and usually a database that assists with identifying certain patterns that can help them track down the people behind the blockchain transactions.
The purpose of the cryptocurrency report is to provide the information regulators and investigators need to pursue fund recovery cases. In many situations, this involves a suspected crypto scam or suspected fraudulent behavior. Law enforcement can use cryptocurrency reports to track down repeat offenders. Outside of criminal investigations, it can help regulators decide a complaint against a merchant or broker who received money through a cryptocurrency transaction.
How Do Cryptocurrency Reports Help With Fund Recovery?
Along with the rise in the number of cryptocurrency frauds and complaints, there is skepticism surrounding the likelihood of fund recovery on the blockchain. Many customers do not avail themselves of fund recovery services for cryptocurrency transactions because they have heard falsely that it is impossible to get money back.
However, this is untrue, and it is precisely the assumption that unscrupulous merchants and fake brokers depend on. If customers lose hope from the beginning of retrieving their funds from a bitcoin transaction, they can therefore avoid chargebacks and fund recovery.
One reason many merchants are quick to accept cryptocurrency as payment is that they believe this frees them from the risk of refunds and chargebacks. Many cybercriminals use the blockchain as a place to hide assuming that law enforcement will not have the energy or resources to track them down there for individual purchases.
However, with the increased awareness of cryptocurrency fraud and class action suits against crypto scam brokers, the game is up for unscrupulous services who think they can disguise their identities behind cryptocurrency transactions. Regarding legitimate merchants, they can no longer assume they are safe from having to give refunds from bitcoin transactions.
Cryptocurrency reports provide regulators, law enforcement, and government agencies with a complete account of what happened and supporting evidence in the form of copies of communications, screenshots of websites and social media pages, and marketing content that may include false and actionable statements.
A thorough cryptocurrency report can result in a court order to release crypto keys, codes, and other information that will identify the parties involved. This has been crucial in solving many cryptocurrency cases and disputes from the high-profile Colonial Pipeline crypto-ransomware attack to smaller-scale crypto scams that rob traders of their cryptocurrency.
Having a cryptocurrency report is vital for fund recovery from the blockchain. Unlike a straightforward error on a credit card transaction which usually is easily corrected with a chargeback, any attempt to get money back from a cryptocurrency transaction requires effort, information, and expertise. Hiring a fund recovery professional and drafting a detailed cryptocurrency report are necessary steps to retrieve funds from the blockchain.
What Do You Need to Create a Cryptocurrency Report?
The two things required for a successful cryptocurrency report are an excellent fund recovery service and plenty of detailed information and supporting evidence. This means selecting a financial company with proven experience in issues related to fund recovery, particularly with cryptocurrency transactions.
Any information related to the transaction should be given to the fund recovery expert. This means copies of texts, emails, screenshots of social media posts, cryptocurrency platforms, and even advertisements. Misleading language on marketing content can be enough to establish a strong suspicion of fraud, which can help your case.
Do not ignore the details and seemingly minor pieces of information. A financial services company has databases from prior crypto investigations, and a small detail provided by one client can be a piece of the puzzle that creates a full picture. Therefore, be prepared to provide information on an ongoing basis to the people creating your cryptocurrency report.
Consult with Fund Recovery UK if you are trying to retrieve your funds from cryptocurrency transactions. Talk to us and we will map out a strategy with effective tools and methods for fund recovery. Our professionals have a strong working relationship with banks and regulators and understand how to make a claim persuasive and successful.