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FAQs

Are there any legitimate crypto recovery services? ›

Legitimate crypto recovery services specialize in assisting individuals to regain access to their digital assets through technical means, such as data recovery from damaged storage devices or forgotten password retrieval.

If you believe you or someone you know may be a victim of a cryptocurrency scam, immediately submit a report to the FBI Internet Crime Complaint Center (IC3) at www.ic3.gov or contact your local FBI Field Office and provide as much transaction information as possible.

NEW YORK − Sam Bankman-Fried was sentenced to 25 years in prison Thursday for stealing $8 billion from customers of the now-bankrupt FTX cryptocurrency exchange he founded, the last step in the former billionaire wunderkind's dramatic downfall.

Did you pay with cryptocurrency? Cryptocurrency payments typically are not reversible. Once you pay with cryptocurrency, you can only get your money back if the person you paid sends it back. But contact the company you used to send the money and tell them it was a fraudulent transaction.

Use an exchange to sell crypto

You'll quickly exchange cryptocurrency into cash, which you can access from your cash balance in Coinbase. From there, you can transfer the money to your bank account if you wish.

Signs of crypto scams include poorly written white papers, excessive marketing pushes, and get-rich-quick claims. Federal regulatory agencies, such as the Federal Trade Commission (FTC), and your crypto exchange are the best places to contact if you suspect you've been the victim of a scam.

An easy way to tell if an account is a bot or a real person is to check the user profile. Bots usually lack photos, have inconsistent photos or AI generated photos. They lack bios or the bios they do have are generic. Bio: No bio, short and generic bio, or a bio that's too specific.

While bots have many helpful purposes, they have unfortunately become a tool for malicious actors to gain fraudulent access to financial accounts, personal information and even company-wide systems.

Bot fraud, or bot-driven fraud, is an umbrella term referring to all types of online fraud performed or assisted by malicious bots. The malicious bots dedicated to performing these bot fraud attempts are called scam bots.

How do I get help with the crypto scam? ›

Although it doesn't assure fund recovery, it's also best to report the cryptocurrency scam to your area's designated law enforcement authorities. Typically, when you report a crypto scam, the government will track down the criminals and get your funds back for you. Hence, don't hesitate to work with your government.

Whether a victim of a cryptocurrency scam can successfully sue an exchange involved would depend on various factors, including the jurisdiction, the specific circ*mstances of the case, and the applicable laws.

Bernie Madoff

But the Madoff story was revived in 2023 with the successful Netflix documentary "The Monster of Wall Street," which retold the tale of the mastermind behind the biggest Ponzi scheme ever recorded.

NEW YORK, Nov 2 (Reuters) - FTX founder Sam Bankman-Fried was found guilty on Thursday of stealing from customers of his now-bankrupt cryptocurrency exchange in one of the biggest financial frauds on record, a verdict that cemented the 31-year-old former billionaire's fall from grace.

Bankman-Fried, 32, sentenced for fraud on customers of the FTX cryptocurrency exchange he founded. Former crypto tycoon Sam Bankman-Fried has been sentenced to 25 years in United States federal prison for stealing $8bn from customers of the now-bankrupt FTX cryptocurrency exchange he founded.

Jeffrey Skilling is an American former CEO of Enron Corporation, convicted of securities fraud (and other crimes) for his part in the 2001 Enron scandal, a $63.4 billion bankruptcy ($109.1 billion today).