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Cryptocurrency Frequently Asked Questions
I will try my best to answer a few questions so I don't have to bother myself with posting the same information every time.
Can you reverse a crypto transaction?
A transaction cannot be reversed, it can only be refunded by the person receiving the funds. This means you should take care to do business with people and organizations you know and trust, or who have an established reputation.
Many advanced cryptocurrency users can recall an incident when they failed to double-check their transaction details and accidentally sent funds to the wrong recipient or sent the wrong amount. As unfortunate as it is, cryptocurrency transactions on the Bitcoin, Ethereum, and Bitcoin Cash networks are designed to be irreversible and we have no control over them.
How do I recover from a cryptocurrency scam?
You don't. At least, you don't recover your money. I guess you recover by learning from the mistake and doing things more safely in the future. It may be worth asking an accountant if the financial loss on your investment can be offset against other taxable income.
I contacted my bank to see if they could do anything about this situation
The whole point of cryptocurrencies is to take control away from banks.
Local police say it’s impossible to get my money back.
True. For any loss of less than $100000, the police are likely to only hand out advice. It isn't worth their while to try and investigate most cases where people willingly give their own money to unknown people in faraway countries. Foreign police forces often just ignore any requests for help in such matters. The blockchain is deliberately designed to promote privacy and an effect of this is to make it harder for police to investigate crypto-related crime.
Can someone help me recover my lost money?
No. However, plenty of scammers will offer to help you. Ignore them.
This has made me really frustrated as I invested all my savings.
This is understandable. Sorry for your loss, I hope you are able to put this behind you and move on.
Who controls the Crypto network?
Nobody. Much like no one owns the technology behind email. While developers are improving the software, they can't force a change in the protocol because all users are free to choose what software and version they use. In order to stay compatible with each other, all users need to use software complying with the same rules. Therefore, all users and developers have a strong incentive to protect this consensus.
Can quantum computers impact the security of cryptocurrency?
Yes, most systems relying on cryptography in general are, including traditional banking systems. However, quantum computers don't yet exist and probably won't for a while. In the event that quantum computing could be an imminent threat, the protocol could be upgraded to use post-quantum algorithms. Given the importance that this update would have, it can be safely expected that it would be highly reviewed by developers and adopted by all Bitcoin users.
My lost Dogecoin account was hacked, found it again after 6 years but found it had been emptied 3 weeks earlier, absolutely gutted
@ian If you used an online service, chances are your credentials were hacked, not your wallet, and the hacker managed to use those to transfer the funds. I would advise you to change your passwords.
Dear @Avalerion ,
I am scammed and lost my USDT to a group of chinese scammers. I know, in this topic you told that our loss cannot be recovered and we need to put our loss behind and move on. However I am so desperate, as a 31 years old man I lost nearly all of my life savings. Amount may not be seems big ~10000 usd but I am living in a country where USD is highly valued. So this amount is actually big in my country. I was checking your another post about hacking a bitcoin wallet. Can I hack that scammers wallets back (USDT wallet)? Can you help me about this please? Sorry for my long post but you can see whole story below;
A chinese girl convinced me to make investment in "www.wincoindc.com". She told me that she will tell me insider information and we would make tradings together. So, I made several deposits and trades in that website. Later then, I wanted to withdraw my USDT. But when I tried to withdraw, they put my account in freeze. When I contacted to their customer services, they told me that my account is frozen since I am not chinese. And in order to fully activate my account they told me to send 30% percent of my withdraw amount as tax from another wallet (not from that website wallet - in order to scam me more) to their usdt wallet.
It seems totally scam. And I checked wallet movements on that website wallet and I noticed that; the wallet I deposited my USDT is not actually my wallet in that website. Whenever I send USDT to my USDT wallet, they were withdrawing that amount to another wallet and from that wallet to another wallets (in order to make tracks less trackable). But on that website they were showing some numbers as if that wallet has amounts. Can you help me about this case please?
@zura I am not familiar with the website you mentioned in your post.
I am sorry there's nothing I can do to help.
I see, thank you very much. I guess I have no other choice then forget my loss.
@zura If you have any information that can lead to the scammers or the Chinese girl which you mentioned in the post, you can contact their local police to help you out.
Hello @Avalerion , thank you very much for those tips. I have phone number of that girl (she was contacting me via whatsapp). And also I will request more information from godaddy. Then I will request support from local chinese police.
victor oparaugo last edited by
If you lost crypto to scammers, I also did, but now I'm investing and earning with a crypto group and I've earned all the money I lost, contact me if you lost and want to recover too
@victor-oparaugo Please mention the group you are referring to. If you are not clear about what you are saying and asking people to contact you to get information, personally I would consider you a scammer as well.