Immediate measures after discovery of the fraud
- Keep calm: Even if the shock is great, it is important to act as calmly as possible. Rash decisions can cause further damage.
- Secure access and accounts: Change all passwords for your crypto wallets, exchange accounts, email accounts and other relevant platforms immediately. Activate two-factor authentication if you have not already done so.
- Back up transaction histories: Document all transactions and save screenshots of transfers, wallet addresses, chat histories and all communication with the perpetrators.
- Check devices: Have your computer, smartphone and other end devices checked for malware to prevent further data from being spied on.
Procedure in the event of damage
If you have been the victim of crypto fraud, you naturally think, how do I get my lost assets back?
The first natural reaction is to report the offence to the police. This is not wrong in principle, but unfortunately it is not effective. As the first point of contact, the police are often overwhelmed and often see no grounds for investigating crypto-assets. A lack of expertise, overwork and often a certain bias combine to mean that these types of fraud cases are simply closed down without any real investigation.
So what is the right approach?
Complete documentation is essential.
- Save all available information: Emails, chat histories, screenshots, transaction logs, IP addresses and any websites or social media profiles of the perpetrators.
- Create a detailed log with times, amounts, wallet addresses and platforms involved.
- Keep a record of any subsequent contact made by the perpetrator and keep all correspondence safe.
- Do not respond to any further contact attempts by the perpetrators.
- Block the fraudulent accounts and phone numbers.
- Do not respond to threats, further demands or so-called offers that purport to recover your losses - these are usually further attempts to defraud you.
Now is the time to take concrete measures to minimise the damage suffered or even to recover a large part of the lost assets.
Seek qualified help from a specialised lawyer and a Crypto forensic experts.
The crypto forensic expert analyses the whereabouts of the crypto assets. Wallets containing the stolen assets and/or so-called cash-out points, where the perpetrators attempt to exchange cryptos for fiat currency such as euros, US$ or similar, are located. Cash-out points are usually crypto exchanges or peer-to-peer platforms.
Important information on the identity of the perpetrators can be found here afterwards.
The lawyer will then use the information obtained to file a criminal complaint directly with the public prosecutor's office for reasons of efficiency. Although the public prosecutor's office will also instruct the police, it also has the direct authority to direct the investigation in the right direction.
The decisive advantage of this approach is that the public prosecutor can directly freeze and seize accounts in parallel to the police investigation.
If you go to the nearest police station first, the public prosecutor's office only finds out about the fraud case at a much later stage of the proceedings and valuable time is lost.
Psychological support
- Inform those around you: Talk to people close to you about what has happened. Support can help you to cope better with the emotional stress.
- Seek psychological help: Crypto fraud can be a considerable psychological burden. Do not be afraid to seek professional help.
- Analyse the financial loss: Get an overview of the total damage. 8. educate and help others
- Warn others: Inform friends, family and colleagues about the scam so that they do not become victims too.
- Share your experiences: Share your story anonymously in forums or via consumer protection agencies to encourage and educate others affected.
- Co-operate with authorities: Support ongoing investigations by providing your documents and experience.
Crypto fraud is a serious threat in the digital world. Anyone affected should proceed in a level-headed and structured manner despite all the stresses and strains. The focus should be on quickly securing evidence, informing the authorities and consistently limiting the damage. At the same time, it is important to learn from the incident and improve your own security measures. By raising awareness, networking and sharing experiences, everyone can contribute to making the crypto community as a whole more secure.
If you have any questions about crypto fraud, you can obtain free advice from Krypto Investigation GmbH. Before a possible assignment for a Crypto forensics analysis We work together with specialised lawyers to achieve the best possible result for our clients and use our relationships with public prosecutors, local and international police authorities to give you the decisive advantage in the recovery of your crypto assets.
