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A few months ago, I thought I had found both love and financial opportunity. I met a lady online who seemed genuine, kind, and knowledgeable about cryptocurrency investments. Over time, she convinced me to invest in Ethereum through what she claimed was a secure platform. Trusting her and believing in the potential profits, I invested over $200,000 in Ethereum. At first, everything seemed fine. The profits shown on the account looked real, and she assured me my funds were safe. But when I tried to withdraw my money, the problems began. My requests were delayed, my access to the account was restricted and the lady disappeared without a trace. That's when it hit me I had been scammed. In my desperate search for help, I came across Salvage Asset Recovery. At first, I was skeptical after all, I had just been scammed, and trusting anyone again felt impossible. But their professionalism, transparency, and detailed explanation of how they could trace and recover stolen crypto gave me a glimmer of hope so the Salvage Asset Recovery team got to work immediately. They conducted a blockchain forensic investigation, tracked the stolen Ethereum through multiple wallet addresses, and coordinated with relevant platforms to freeze and recover the funds. The process wasn't overnight; it took time, patience, and constant updates but they never gave up. A few weeks later, I received news that my Ethereum had been recovered. Seeing those funds back in my account brought me to tears. It felt like a huge weight had been lifted from my shoulders. I am sharing my story to warn others to be extremely cautious when meeting people online, especially when it involves investments. And to let anyone in my situation know, I am more careful with my investments and grateful beyond words to the Salvage Asset Recovery team for their incredible work. They not only recovered my funds but also restored my faith that justice can be served, even in the digital world.
So of all the gin joints, you happen to come to the place where this lawyer actually teaches a blockchain technology course in a major university and has represented clients at major crypto exchanges who were victims of pig butchering scams? I've kept your post up, including contact numbers, so that people who search can find out what crypto scams look like - and I'm talking about your "asset recovery service" and not the pig butchering which allegedly took place, which is what these scams are called for those of you who are unaware.
This post is the ultimate insult. I've represented clients who were victims of "pig butchering." In short, it's the process of finding someone who doesn't understand how crypto actually works, getting them to invest small amounts that get gradually larger, such as $500, then $1000, then $10,000. The victim - the pig who is fattened up - doesn't realize that the gains they are seeing in their investment portfolio, perhaps and app or a website, are actually fabricated. Then they invest a large amount after seeing what they think is proof of success, such as $150,000. After the large investment, the scammer disappears with the funds and the victim is left with access information to a service that is showing fake results and a "crypto account" that does not exist.
Now here comes the specialist peddling to the victim that they can recover the lost $200,000 if you just pay them $10,000. Anyone who deals with "Ethereum" knows that there is no authority that can "freeze" and Ethereum wallet (that's the equivalent of an bank account number) and then restore the funds to the rightful owner. The problem with crypto, such as Ethereum and Bitcoin, is that there is no centralized authority that can act in the manner described above. But it does sound good to victims who do not understand this. And then these scammers get victims to be victims yet again by throwing out even more good money after funds that are highly likely to never be recovered. In some rare instances there are recoveries, usually involving tremendous costly efforts and the good fortune that the scammers make a mistake when they try to convert their crypto into some real world assets - like converting Bitcoin to US dollars with a financial institution, purchasing an asset that requires a name attached to it (such as a house or a car), etc.
Now what kind of bona fide asset recovery service operates only using a Telegram account? For those of you who don't know, it's a haven for crypto scams because it's easy to carry out scams. Users can easily cross borders, reaching people around the globe. User accounts are anonymous (technically pseudonymous) and can easily disappear without the victim knowing to whom they are speaking. This is an excellent article that explains why WhatsApp and Telegram are so popular to carry out crypto crime.
How Telegram and WhatsApp Are Facilitating Crypto Crime
In summary, many of these crypto platforms are "decentralized." The platform - a computer network of thousands of independent computers - do not have any person or entity that control them. Nor is there any organizational control over the "wallet addresses" that hold cryptocurrency such as Ether or Bitcoin, which you can visualize as the equivalent of bank accounts. Tracing the use of sending money from one account to another doesn't involve any tacking wizardry using platforms like Ethereum because all of that movement is public information. If you're curious, it is called a "block explorer" which shows all the movement of funds from one account (or "address") to another.
The problem with recovery is mutlifold. No one knows who specifically is associated with a specific account (remember this is called a wallet "address") and where they are located. Most importantly - nobody can specifically freeze their Ethereum account or force funds to be transferred because there is no central authority - such as a Chase Bank or Citibank - which controls the entire network of computers that comprise the Bitcoin and Ethereum network. Only the individual who has access to the "private key" (consider it your password to your bank account) has control over the funds in that wallet address. The scammer is not going to voluntarily transfer the money back to you and there is no authority that can reverse or force a transfer. This is what these decentralized networks were designed to do - create finality of a transaction once funds are sent. After that point, the transaction is final and no one can reverse it. To "reverse" a transaction, the holder of the funds would need to voluntarily transfer them back using the password (private key) that only they know and control.
Since the Ethereum platform (you can think of this as the "bank" network) is actually a series of many thousands of decentralized computers that act independently and are not under control of a person or entity, there is no entity or person that controls them nor the network. It's like the Internet - if some connected computers drop off, the system finds computers that are online to continue to on your path to its destination. This is a major problem that regulated financial systems have being connected to the decentralized and mostly unregulated crypto ecosystem. Each of these crypto platforms, such as Ethereum or Bitcoin, is operated by thousands of individual computers running worldwide. If all the participating comptuers on the Ethereum network in the US are shut down by the US government, the network can still continue by anyone engaging and connecting with computers on the Ethereum network located in different countries and jurisdictions where they have not shut them down. And even if governments intervene, as to who specifically owns and controls that wallet address (the bank account) who scammed the victim is completely unknown. Getting a wallet address requires no identification like there is in a bank or financial institution. Thus trying to identify who the individual is requires not only tremendous effort with little available data, but often requires the scammer to make a major mistake.
The other instances of asset recovery using crypto exchanges or services occurs when there is a centralized authority that interacts with these crypto platforms - such as major "stablecoin" issuers such as Tether, Circle and Paxos. Here is a relevant article that covers such an instance.
Tether Freeze Raises Stablecoin Centralization Concerns
Essentially, these are centralized financial institutions that interact with pseudonymous crypto platforms, such as Ethereum. As opposed to thousands of decentralized unrelated computers running a system in a network, these "exchanges" or stablecoin issues are typically regulated financial institution that operates similar to a bank. The difference is that these institutions issue their own cryptocurrency, such as "stablecoins." (This is a type of crypto designed to maintain value, such as 1 coin redeemable for $1 at all times. The idea is that assets are held by this stablecoin issuer in reserve that maintain its value (such as $1 in paper money in a vault for each Tether coin that is created on the blockchain), unlike crypto such as Ethereum or Bitcoin which has no asset "backing" its value.)
If you're fortunate enough that a scammer used a decentralized platform like Ethereum which could be traced when the crypto is exchanged for US dollars or stablecoins or any currency which is controlled by a regulated financial institution (I use the term "regulated" loosely), then you might have a chance of having funds frozen. Centralized cryptocurrency exchanges (CEXs) include Coinbase, Kraken, Robinhood, Gemini among others. The smart crypto scammers stay away from these exchanges if they can knowing that their funds could be frozen if traced. As mentioned above, when the scammers try to take their crypto funds off-ramp - taking it out of the crypto ecosystem and into the real world - this is the ideal place to try to connect the real world asset with a named buyer (like a house or car which must have an owner registered with the government) to the conversion of the psuedonymous crypto funds.
Now what can I do for you if I was your lawyer or asset recovery specialist? It all depends upon the circumstances of how you got scammed. Did you use a regulated centralized cryptocurrency exchange that breached its terms of service to you such as through negligence? This happened far more often in the past, when the industry was younger and virtually unregulated. Your recovery would most likely be through the institution that aided the scammer in the theft of your funds and not an actual return of the funds directly from the scammer. Recall that the scammer's identity is unknown to you, to the authorities, and can be far away in a distant jurisdiction. Consider the same chances you have of success by trying to locate and then enforce a telephone scam perpetrated in a call center in some remote village in India. If your bank or phone company made a mistake (such as a "SIM Swap" scam), you have a better chance of recovering from your financial institution or mobile communications provider due to their negligence than actually recovering directly from the scammer. This type of scam is easier than crypto scams to recover funds directly from the scammer because at least there may visible trails to the perpetrators (registered owner of a phone number, bank account, etc.) But following the trail will almost certainly cost a tremendous sum of money, effort, and the cooperation of international authorities. The investment is likely not going to provide necessary return. This is the unfortunate reality of crypto and telephone scams in the modern era.
A Short Conclusion
I hope this post helped those of you who have been trying to understand what you can do if you've been a victim of a crypto crime. The best defense is being cautious and protecting yourself from engaging in any activity which you do not fully understand how it works. Best of luck to all of you.