• Is theft of cryptocurrency possible in anyways? 
  • How can someone get back their Bitcoin if stolen? 

Theft of Bitcoin 

Cryptocurrencies is developing and capturing huge demand nowadays. Cryptocurrencies have now become a popular digital asset. As its popularity is increasing, so are the scams. To avoid fees or payment, many users are using crypto for payment transactions. By seeing its popularity, it has captured the minds of scammers as well. 

Thieves not only target  companies but also targets individuals. As per the report, in 2022, around $ 3.8  billion in cryptocurrencies were stolen. Yes, cryptocurrencies can become a part of theft. It is difficult to steal Bitcoin, but it is way easy to hack individual wallets. Owners should use or must take necessary steps to save them or to secure their digital assets. 

  1. Crypto Jacking is the most famous mode of stealing cryptocurrencies. Usually, scammers use computing power. Scammers use caution while activating others’ computers or devices. 
  1. Info Stealers – In this type of malware, scammers use personal and professional credentials saved in web browsers. 
  1. Social Engineering Scheme – In this scheme they use and send waves of lies. They send and share false and frivolous e-mails and use different tactics. 
  2.  Exchange Hack- Buyer and Seller uses the centralized exchange of Bitcoin . 
  1. Ponzi scheme.
  2. Phishing scam. 
  3. Cloud mining scam.

How are scams committed ?

Scammers talk politely to their targets. They tried to be very good people or legitimate parties.  They posted or try to be very genuine on social media platforms. They offer fake promotions.  Every user needs to be very prudent while dealing with cryptocurrencies. They must have done research before investing in online digital currencies. 

  1. Users should not share their credentials with anyone.
  2. Users , buyers, sellers or any interested parties in crypto  should not install , update or download any app or any videos from unknown sources. 
  3. Never tap on any link which is coming from unknown sources. 
  4. Every user or any parties interested in cryptocurrencies must be prudent. 
  5. We must check the main source of the website from which any mail or any link comes from. 
  6. Buyer or seller should be  cautious 

Ways to Recover Stolen Bitcoin

 Due to its intrinsic nature it is hard to hack or steal Bitcoin but due to some loopholes in the part of the user, buyer, seller it becomes a thing of theft. Its recovery sometimes depends upon the terms and conditions or exchanges. The main concerning authority will freeze the funds as soon as possible. 

A victim should report this to the concerned authorities. If it involves the cryptocurrencies and exchanges, authorities may be able to recover it. The interested party or the victim should hire a recovery services company to recover the stolen property. The record of transactions in cryptocurrencies like the date of their transactions, accounts, and addresses of all the cryptocurrencies. 

The main part of this research is that every buyer and user must be very prudent in all aspects, especially while dealing with cryptocurrencies. Yes, due to its high safety, buyer keeps security measures, but scams are increasing daily.