Cryptocurrency scam recovery: what you can do after a loss
No service can guarantee recovery of crypto sent to a scammer. Report the loss to the FTC and the FBI's IC3 with wallet addresses and transaction hashes.
Vahe HakobyanEditor-in-chief
Updated Oct 5, 20263 min readFact-checked
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Crypto payments are usually irreversible and lack the legal protections of credit or debit cards. If your wallet or exchange account is still accessible, secure it and save records. That work is part of how to recover stolen cryptocurrency.
What is crypto scam recovery?
Cryptocurrency scam recovery is the process of trying to get back money lost to a crypto scam. It exists because crypto payments are usually irreversible and lack card protections. No company, agency, or investigator can promise that stolen crypto will be returned.
How do I report a crypto scam?
Report to the FTC at ReportFraud.ftc.gov and file with the FBI's IC3. Give them wallet addresses, transaction hashes, and messages with the scammer.
Can exchanges freeze stolen crypto?
Contact your exchange or wallet provider right away. If the coins are still in an account they control, they may freeze those funds while they investigate. They cannot reverse a transaction that has already settled on the blockchain.
How do recovery scams work?
Recovery scammers target people who already lost money. They may pretend to be from a government agency, a consumer group, or a law firm. They often ask for upfront fees and promise guaranteed recovery. Do not pay upfront, and do not give personal or financial information to get a refund.
Why tracing is not recovery
A public blockchain lets anyone follow coins from wallet to wallet. Tracing can show where funds went and help investigators build a case. It cannot reverse a transaction or force a scammer to return coins.
Tracing may identify wallets, but it does not give you control of them or create a refund. A confirmed transfer is final.
Frequently asked questions
They can investigate and may seize funds held by an exchange. They usually cannot reverse a blockchain transaction or recover coins from a private wallet.
No. Do not pay upfront for recovery help, and do not give personal or financial information to get a refund. Search the name with words like complaint or scam.
Save wallet addresses, transaction hashes, dates, and amounts. Keep messages with the scammer, account statements, and receipts.
Federal law shields you from unauthorized credit and debit card use, so tell your bank or card issuer at once. If you authorized the crypto purchase, a refund is less likely because crypto payments usually lack card protections.
