Standing at the cryptocurrency market’s forefront, Bitcoin is starring the news for quite a while due to its positives and pitfalls. First Option Recovery, a firm dealing with crypto scams (primarily Bitcoin scams), has been in the business for over a decade with more than 3000+ cases handled and over $19 million recovered. The firm, headquartered in Albany, New York, is at its forefront handling all the complex financial cases with ease and professionalism and a 90% above success rate. Our unique methodology of dealing with crypto frauds (primarily bitcoin scams), forex frauds and even chargeback fraud has made us the number one choice among all fund recovery programs worldwide.
There is an age-old debate about whether bitcoin is a scam or legit. A form of decentralized currency, without a proper administrator and no government regulations backing it, BTC was developed by Satoshi Nakamoto in 2009, who has remained anonymous to date. When fragmented, the term makes two words Bit, and Coin means Shorter Coin.
Transactions occur after being recorded in the blockchain mechanism; these have a set of network nodes that need to be verified to form the required blockchain. The transactions are encrypted, and no third authority can know how much money has transacted. The prime reason this currency is used for illicit activities and has been at the forefront in the bitcoin scam race exists.
Initially started with a base value of $1, today 1 BTC is approximately worth $7000. Price fluctuations being normal, it once reached a high of $16,000 in the wee hours of 2017. While First Option Recovery already predicted its upsurge way before, thanks to its fantastic team of advisors, we constantly keep in touch with the price fluctuations daily.
Storing Bitcoin is no longer an issue, with various e-wallets coming up nowadays. The e-wallet encrypts with a password, and one can easily keep as much money as he wants. The other option is Hardware wallets, although their storage is limited.
Due to its popularity, Bitcoins can misuse a lot, which is happening globally. Bitcoin scams have skyrocketed in the past few months, and faithful to its calling, new scams are coming up every day. First Option Recovery already has a vast portfolio of all the bitcoin scams happening in this world, and it now details the bitcoin scams list to you.
UNVERIFIED BITCOIN EXCHANGES
The most famous among the lot is where a scammer creates a new website and starts promising insane returns on the amount of money invested. To make the website look genuine, they hire an expert team of developers to replicate an actual website with perfection.
A lot of significant exchange websites are spoofed, IQ Option included. These scammers produce a fake license number that is unverified in nature to accentuate the process. Little does one check whether the number is fake or genuine by verifying it with the regulatory authorities.
Suppose you want to ensure safety from these bitcoin scams. In that case, it is advisable to verify the license number of the exchange with the specific country’s financial regulatory body, where all the license numbers of such deals are publicly available. And yes, First Option Recovery has already done the above stuff for you. Their portfolio boasts all the validated and non-validated firms associated with bitcoins and other stuff.
PHISHING BITCOIN SCAMS
If you send us a consultation request, you will see that when we reply, the mail arrives from the sender with a domain name @eampertaa.in. A majority of the investors don’t know about it and click on the bitcoin scam’s email sent from other domain addresses. These types of crypto frauds are known as Phishing scams. Here you will be sent an email offering you an exceptional return or bonus based on your investment sum. The email generally contains a link to a website, which would redirect you to a site that would look exactly like the original website.
You will end up providing all your info to the website, and they will steal your info and credit card details as well. To save oneself, it is advisable to always check the URL of a website before entering your details into it.
ICO BITCOIN SCAMS
Initial Coin Offerings are what IPO’s would be for cryptocurrencies. However, ICO’s don’t have to go through the same rigorous, complicated process that an IPO needs. The regulations and paperwork are exempt when ICO processes, which paves the way for scammers to fool the investors easily. To save oneself from the scam, it is always advisable to check the white paper before investing in an ICO. A white paper is an official document that the new blockchain projects need to be issued before their ICO, informing the reader about the latest technology or product launched. First Option Recovery highly suggests you hire a financial expert to look into the matter in a better way.
SOCIAL MEDIA SCAMS
BITCOIN GIVEAWAY SCAMS
Recently, there has been a new type of bitcoin scam on social media, so the First Option Recovery investigators decided to investigate the mishappenings. We realized that these new types of scams are called giveaway scams. Giveaway scams are relatively new in the crypto market but have been quite successful in ripping an investor off. These scammers create fake profiles of celebrities, gain a substantial following, and eventually start running a phoney giveaway of many BTC’s.
The innocent fans of these celebrities, having trust in them, end up participating in the giveaway, but there lies a catch. One needs to make a small deposit in BTC’s to participate.
Avarice, being the trait of most human beings, and having too much trust in these celebrities, they end up investing without knowing that they will get scammed. After making thousands of dollars from each giveaway, the scammer runs away with the money.
When Facebook and Twitter started tracking these and eventually suspending those accounts, the scams ended up on Youtube, where hackers started hacking channels with substantial followings and renamed them under a recognizable brand name. They started putting morphed videos of celebrities asking their fans to participate in the bitcoin giveaways. The blue tick verified brand names were enough to make their fans join the giveaways.
WHAT TO DO WHEN YOU LOSE YOUR MONEY?
Bitcoins have been in the news for over a decade, even the scams surrounding them. Whenever a person loses his money, he ends up sad, dejected, and despairing. Rarely does he know that there is always a way out to recover your money, and the best amongst them is to take the help of a good fund recovery firm instead of report the bitcoin scam to the FBI authorities.
Being pioneers in fund recovery for over a decade, First Option Recovery has successfully recovered funds from all types of scams happening globally. Be it cryptocurrency scams, binary options scams or any investment scams, our team of expert attorneys and bankers worldwide have successfully recovered over 19 million dollars as of now. Do send us a consultation mail with your query, and we will get back to you at the earliest.