How to recover stolen cryptocurrency？

Market Analysis and Predictions

Will Bitcoin drop again？

It's impossible to say for certain whether Bitcoin will drop again. The cryptocurrency market is known for its volatility, and Bitcoin's price has fluctuated significantly in the past.

Bitcoin has been the subject of many price predictions, some of them extreme.

Notably, Cathie Wood, CEO of Ark Invest, predicted that Bitcoin could reach an astounding $1.48 million by 2030.

Obviously, the worlds oldest cryptocurrency has come a long way since its first recorded price of less than a cent. In March 2024, BTC set a new all-time intraday trading high by breaking through the $69,000 level and even topping out at $73,000 before declining in price.

Nicholas Sciberras, senior analyst at Collective Shift, points out that the idea that Bitcoin could one day be worth a million dollars per unit “really shows how far weve come.”

However, while great highs are possible, so too are catastrophic lows.

By May 9, less than two months after reaching new highs for the first time in over two years, BTC was trading below $63,000 once again.

Bitcoins performance in 2024 depends on a variety of potential catalysts.

Numerous factors, such as institutional adoption, the most recent halving event, regulatory changes and macroeconomic trends, will influence the price of Bitcoin in 2024.

Why is crypto down today

Bitcoin experienced a significant decline in May 2024, falling from a high of $65,000 at the beginning of the month to around $54,000. A variety of factors contributed to Bitcoin's decline, including:

Expected Fed Rate Hike: The Federal Reserve announced a rate hike in May in an effort to curb inflation. Rate hikes typically lead to a drop in the price of risky assets, including Bitcoin.

Weak U.S. Economic Data: U.S. economic data for May showed slowing growth and weak consumer spending. These data heightened investor fears of a recession, leading to a sell-off in risky assets, including Bitcoin.

Cryptocurrency Regulatory Concerns: Increased regulation of cryptocurrencies in a number of countries and jurisdictions has raised investor concerns about the uncertainty of the future regulatory environment.

Profit-taking after the “halving” event: On May 12, Bitcoin experienced a “halving” event, which resulted in the production of new Bitcoins being cut in half. Some analysts believe that investor profit-taking after the halving event also contributed to the decline in the price of Bitcoin.

Sentiment Shift: Since May, overall cryptocurrency market sentiment has turned pessimistic and investor risk appetite has declined, leading to a drop in the price of cryptocurrencies such as Bitcoin.

Crypto price predictions

We use technical indicators to make cryptocurrency price predictions and estimate cryptocurrency prices in the future. The technical indicators used include popular indicators such as moving averages, RSI and MACD.

According to our price prediction algorithm, the price of Bitcoin will increase by 30.03% in the next month and hit $ 85,441. Meanwhile, Ethereum is predicted to rise by 2.98% in the next 30 days and reach a price of $ 3,130.24.

The most common way of predicting crypto price movements is using technical indicators. These are tools that will help you analyze crypto price charts and determine whether cryptocurrency is currently overvalued or undervalued.

One of the simplest technical indicators are moving averages, which is an intuitive way of tracking price trends. You can gain valuable insights depending on whether the asset's price is currently above or below a key moving average. Some of the most commonly used moving averages are the 21-day, 50-day and 200-day moving averages.

Other popular technical indicators include oscillators such as RSI and MACD, which can be used to examine short-term trends in the market and identify trading opportunities.

Will crypto come back？

Short-term: It's impossible to say for sure, but the market is volatile. Following a recent dip, it's possible prices could rise again in the short term.

Long-term: The future of cryptocurrency is uncertain. Here are some arguments for and against a potential comeback:

For:

Underlying Technology: Blockchain technology, the foundation of cryptocurrency, has potential applications beyond just finance. Continued development and adoption could benefit cryptocurrencies.

Increased Institutional Interest: More institutions are entering the cryptocurrency space, which could bring stability and legitimacy.

Limited Supply: For some cryptocurrencies like Bitcoin, there's a finite supply, which could drive value up in the long run.

Against:

Regulation: Increased government regulation could hinder innovation and adoption.

Security Concerns: Hacking and scams are still issues within the cryptocurrency space.

Cryptocurrencies may experience significant price fluctuations in the future, with both potential for growth and risk of decline.

Scam Prevention and Recovery Measures

What to do if scammed online

Scammers can be very convincing. They call, email, and send us text messages trying to get our money or sensitive personal information — like our Social Security or account numbers. And they're good at what they do. Here‘s what to do if you paid someone you think is a scammer or gave them your personal information or access to your computer or phone. If you paid a scammer, your money might be gone already. No matter how you paid, it’s always worth asking the company you used to send the money to if theres a way to get it back.

Cryptocurrency fraud

Types of Cryptocurrency Scams

Generally speaking, cryptocurrency scams fall into two categories:

1.Initiatives aim to access a targets digital wallet or authentication credentials. This means scammers try to get information that gives them access to a digital wallet or other types of private information, such as security codes. In some cases, it can include access to physical hardware, such as a computer or smartphone.

2.Schemes that involve transferring your cryptocurrency directly to a scammer, prompted by impersonation, fraudulent investment business opportunities, or other malicious means, are popular scams.

Frauds Promising Romance

Scammers often use dating websites to make unsuspecting individuals believe they are in a real relationship, whether a new or long-term one. Once the individual trusts the scammer, conversations often shift to supposedly lucrative cryptocurrency opportunities and the eventual transfer of either coins or account authentication credentials.

The Federal Trade Commission (FTC) found that in 2022, nearly 20% of the money reported lost in romance scams was in cryptocurrency. Fraud schemes, in general, promising romance rank No. 1 among all money scams, according to the FTC, with the median amount swindled being $4,400 and the total reaching $1.3 billion.

Imposter and Giveaway Scams

Moving down the sphere of influence, scammers also try to pose as celebrities, businesspeople, or cryptocurrency influencers. To capture the attention of potential targets, many scammers promise to match or multiply the cryptocurrency sent to them in what is known as a “giveaway scam.”

Well-crafted messaging from what often looks like an existing social media account can often create and spark a sense of validity and urgency. This mythical “once-in-a-lifetime” opportunity can lead people to transfer funds quickly in hopes of receiving an instant return. Impersonators claiming to be from the cryptocurrency exchange's support or security teams also contact crypto owners to trick them out of funds.

Phishing

Within the cryptocurrency industry, phishing scams target information about some of the best crypto software wallets. Specifically, scammers need a crypto wallet's private keys—a string of letters and numbers that act like a password and are required to access cryptocurrency.

Fraud Involving Investment or Business Opportunities

The adage “if something sounds too good to be true, then it probably is” is one to keep in mind for anyone venturing into investing in general. This is especially true for cryptocurrencies. Countless profit-seeking speculators turn to misleading websites offering “guaranteed returns” or other setups for which investors must invest large sums of money for even larger guaranteed returns. Unfortunately, these bogus guarantees often lead to financial disaster when individuals find that they cant get their money back.

How to report fraudulent charges

The best way to spot fraudulent charges when they happen is to take advantage of technology. Log onto your bank and credit card accounts and sign up to receive text and email alerts when transactions are made on your account. You should be able to choose the alerts you want to receive in your account settings. Then, if you get an alert for a transaction you dont recognize, you can act quickly to report it as fraudulent.

Also, sign up for a credit monitoring service, which will keep tabs on your credit reports and alert you when there are changes to your report. If, for example, a new credit account is opened in your name, you should receive a notification, and you can report it as fraudulent if you dont recognize it.

If you discover a fraudulent charge, contact your bank or credit card issuer immediately. Use the customer service phone number listed on your card, or visit your financial institution's website to find a customer service number or an option to dispute the charge online.

If you discover that someone has opened a fraudulent account in your name, contact the fraud department of the company where the account is held, explain that your identity has been stolen and close the account. Contact your local law enforcement to report the crime and file a report with the Federal Trade Commission at IdentityTheft.gov.

Investment Insights and Expert Advice

Is Bitcoin a good investment

Bitcoin is the largest cryptocurrency by market capitalization, and after a gradual rise in 2023, the dominant cryptocurrency hit a new high in March 2024, surpassing $70,000 for the first time.

But deciding whether Bitcoin has a place in your portfolio requires looking beyond today's headlines. Bitcoin is a risky investment with a high degree of volatility, and should generally only be considered if you have a high-risk tolerance, are in a good financial position, and can afford to lose some or all of your investment.

If you choose to invest, it is important to maintain a diversified portfolio that includes many different types of investments to minimize overall risk exposure. As a rule of thumb, do not invest more than 10% of your portfolio in risky assets such as Bitcoin.

Is crypto real？

Yes, cryptocurrency is indeed real. It refers to digital or virtual currencies that use cryptography for security and operate on decentralized networks based on blockchain technology. While some people may have doubts or misconceptions about cryptocurrency, it has gained widespread recognition and adoption over the years.

Cryptocurrencies like Bitcoin, Ethereum, and others are traded on various exchanges and used for various purposes, including investments, transactions, and as a store of value. Blockchain technology, the underlying technology behind cryptocurrencies, has also found applications beyond digital currencies, such as in supply chain management, voting systems, and decentralized finance (DeFi).

James Zhong

Damian Williams, the United States Attorney for the Southern District of New York, and Tyler Hatcher, the Special Agent in Charge of the Internal Revenue Service, Criminal Investigation, Los Angeles Field Office (“IRS-CI”), announced today that JAMES ZHONG pled guilty to committing wire fraud in September 2012 when he unlawfully obtained over 50,000 Bitcoin from the Silk Road dark web internet marketplace. ZHONG pled guilty on Friday, November 4, 2022, before United States District Judge Paul G. Gardephe.

On November 9, 2021, pursuant to a judicially authorized premises search warrant of ZHONG‘s Gainesville, Georgia, house, law enforcement seized approximately 50,676.17851897 Bitcoin, then valued at over $3.36 billion. This seizure was then the largest cryptocurrency seizure in the history of the U.S. Department of Justice and today remains the Department’s second largest financial seizure ever. The Government is seeking to forfeit, collectively: approximately 51,680.32473733 Bitcoin; ZHONG‘s 80% interest in RE&D Investments, LLC, a Memphis-based company with substantial real estate holdings; $661,900 in cash seized from ZHONG’s home; and various metals also seized from ZHONGs home.

U.S. Attorney Damian Williams said: “James Zhong committed wire fraud over a decade ago when he stole approximately 50,000 Bitcoin from Silk Road. For almost ten years, the whereabouts of this massive chunk of missing Bitcoin had ballooned into an over $3.3 billion mystery. Thanks to state-of-the-art cryptocurrency tracing and good old-fashioned police work, law enforcement located and recovered this impressive cache of crime proceeds. This case shows that we wont stop following the money, no matter how expertly hidden, even to a circuit board in the bottom of a popcorn tin.”

Financial and Legal Considerations

How long do banks refund scammed money？

After you notify your bank about the scam, it will normally have to refund you within five working days. However, depending on the complexity of the case, if your bank needs extra time to gather additional evidence from you, or make inquiries with the bank on the other end, it will have up to 35 working days instead.

Banks will have the option to charge an excess of up to £100 on each claim. This means they can choose NOT to refund an amount up to the first £100 lost. As the rules have only just been confirmed, we don't yet know what each bank's excess will be.

Crypto loss tax deductible

Cryptocurrencies such as Bitcoin are treated as property by the IRS, and they are subject to capital gains and losses rules.

This means that when you realize losses after trading, selling, or otherwise disposing of your crypto, your losses offset your capital gains and up to $3,000 of personal income.

Any net losses exceeding $3,000 in a given year can be rolled forward into future tax years.

It‘s possible that you may be able to claim losses in other circumstances, such as losing your crypto in an exchange bankruptcy or if the value of your crypto has fallen to 0. We’ll cover the tax implications of these scenarios later in this article.

How do I calculate my capital losses？

You can use the following formula to calculate your capital loss from cryptocurrency disposal.

Capital Gain/Capital Loss = Proceeds - Cost Basis

In this case, your cost basis is how much you originally paid to acquire your cryptocurrency. Meanwhile, your proceeds are how much you received for disposing of your cryptocurrency.

Crypto recovery

With high transaction speeds, perceived anonymity and decentralization, cryptocurrency is the preferred payment method in almost all major financial fraud cases. If your cryptocurrency has been stolen, crypto tracing services can help to maximize the likelihood of successful crypto scam recovery.

Whether to inform a financial crime investigation or assist an asset search, IFW can identify target transactions and locate assets across the globe. Our skilled investigators utilize sophisticated cryptocurrency tracing tools and worldwide resources to map out money trails on the blockchain.

If you have fallen victim to a cryptocurrency investment scam, hack, or theft, we are here to hunt down your crypto assets and expose the offender behind the crime. Equipped with evidence of payment paths, crypto exchanges, and perpetrators, you can take legal action to recover your coins.

Asset Protection and Recovery Solutions

How many bitcoins are lost

Bitcoin, being a decentralized and secure digital currency, has seen its fair share of lost coins. These lost bitcoins are typically inaccessible due to forgotten passwords, discarded hardware, or other unfortunate circumstances. Approximately 7.8 million Bitcoins have been lost, translating to $484.06 billion.

How to find lost bitcoins

While most lost bitcoins are indeed irrecoverable, there are some avenues for potential recovery:

Despite Bitcoins renowned security features, which prevent unauthorized access to funds, they can pose a challenge for rightful owners as well. High-tech firms specialize in helping users recover lost private keys. They charge fees for their services and may be able to retrieve a portion of lost coins. As mentioned earlier, Rhonda bought six bitcoins in 2013, priced at about $80 each.

In 2017, when Bitcoins value soared to nearly $20,000, she tried to log in and cash out but realized she was missing some login details. After years of unsuccessful attempts, she turned to crypto treasure hunters Chris and Charlie Brooks. They successfully recovered her wallet containing three-and-a-half bitcoins, which were then worth $175,000.

While it‘s estimated that around 20% of lost coins could potentially be retrieved, representing a value of up to $6 billion, the process isn’t foolproof. Factors like encrypted private keys and failed hard drives present avenues for recovery, but success isnt guaranteed, with approximately half of cracked wallets turning out to be empty.

Demonstrates the complex interplay between security and accessibility within the cryptocurrency landscape, where lost fortunes may still lie dormant, waiting to be rediscovered.