I have been scammed after investing my hard earned $12,000 in a fake online bitcoin investment platform. How can I recover my loss

What can I do if I got scammed on Bitcoin?

In the US, you can report a crypto scam to the Federal Trade Commission (FTC) at ReportFraud.ftc.gov, the Commodity Futures Trading Commission (CFTC) at CFTC.gov/complaint, the U.S. Securities and Exchange Commission (SEC) at sec.gov/tcr, or the Internet Crime Complaint Center (IC3) at ic3.gov/Home/ComplaintChoice.

Is it easy to get your money back from Bitcoin?

Bitcoin payments are irreversible

A Bitcoin 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.

Can you get scammed on Bitcoin?

Scammers will often work from any angle or take however much time they need to gain the trust of a potential victim so that they reveal key information or send money to the scammer’s digital wallet. When one of these trusted connections demands cryptocurrency for any reason, it can often be a sign of a scam.

Can the FBI trace Bitcoin?

The trail of Bitcoin addresses allegedly links all that money to online illegal drug sales tracked by FBI and Interpol. If Bitcoin’s privacy shortcomings drive users away, the currency will quickly lose its value.

What happens if I get scammed?

If you’ve been scammed, consider reporting the fraud to the police to see if they can take any action, as well as to your state consumer protection office. You can also report scams to the FTC. File a report online with the FTC, or by phone at [phone].

How do I report a crypto scammer?

Report Fraud

1. The FTC: ReportFraud.ftc.gov.
2. The Commodity Futures Trading Commission (CFTC) at CFTC.gov/complaint.
3. The U.S. Securities and Exchange Commission (SEC) at sec.gov/tcr.

Can you cancel a pending Bitcoin transaction?

Due to the nature of digital currency protocols, transactions cannot be cancelled or altered once they are initiated. This is what allows merchants to accept digital currency without the risk of chargebacks.

Can you owe money on Bitcoin?

If you disposed of or used cryptocurrency by cashing it on an exchange or buying goods and services, you will owe taxes if the realized value is greater than the price at which you acquired the crypto. You may have a capital gain that’s taxable at either short-term or long-term rates.

Can you cash out cryptocurrency?

If you want to cash out bitcoin to your local currency, you have a fairly simple process ahead. First, you sell your bitcoin and other cryptocurrencies using your preferred cryptocurrency exchange. From there, you withdraw funds to your bank account.

Which cryptocurrency is untraceable?

The Monero security protocols ensure that outsiders cannot see any individual user’s balances or activity. This is in contrast to more well-known coins like Ethereum or Bitcoin, which have transparent blockchains. According to its creators, Monero is the only cryptocurrency where, by default, every user is anonymous.

Can Bitcoin wallet address be traced?

Since users usually have to reveal their identity in order to receive services or goods, Bitcoin addresses cannot remain fully anonymous. As the block chain is permanent, it’s important to note that something not traceable currently may become trivial to trace in the future.

Is bitcoin address traceable?

Using Bitcoin to make payments does not mean that your transactions are hidden from the world. Since Bitcoin is built on blockchain, which is a public ledger, the address of your crypto wallet is visible to everyone.

Can police track bitcoin?

The dark web provides a layer of anonymity for illicit transactions using bitcoin. However, it is still possible to trace seized bitcoins back to these dealings. This is done by accessing a ‘blockchain’ ledger that stores information which is similar to a full history of banking transactions.

Can stolen bitcoins be traced?

Anybody can go and look at the history of all these Bitcoin transactions, every single transaction in the history of Bitcoin’s operations is on an open ledger that you can track.

How do I track a bitcoin transaction?

Bitcoin’s blockchain can be accessed at https://blockchain.info/. Here, you’ll be able to enter your Bitcoin TxID, or your exchange or wallet address, to track your transactions.

Does Bitcoin blockchain store IP addresses?

The blockchain doesn’t store IP addresses.

In order to obtain the IP address of someone sending or receiving bitcoins, you would have either observe the activity of the network very carefully, or track them down by some other means.