How ERMProtect Traced $1.2 Million in Alleged Crypto Scam - Cybersecurity | Digital Forensics | Penetration Testing | ERMProtect (2024)

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How ERMProtect Traced $1.2 Million in Alleged Crypto Scam - Cybersecurity | Digital Forensics | Penetration Testing | ERMProtect? ›

Using Chainalysis, a licensed crypto tracing tool, ERMProtect's certified crypto investigators were able to trace around $1.2 million in cryptocurrency back to an alleged scammer who persuaded South Florida victims to send him money using the Ethereum network.

Local law enforcement: Contact your local police department and provide them with all the evidence you have gathered. They will guide you through the process and initiate an investigation. Financial regulatory bodies: Report the scam to the relevant financial regulatory bodies in your jurisdiction.

Cyber Scam Organization Disrupted Through Seizure of Nearly $9M in Crypto. The Justice Department announced today the seizure of nearly $9 million worth of Tether, a cryptocurrency pegged to the U.S. dollar.

Using a combination of Open-Source Intelligence (OSINT) and Know Your Customer (KYC) data collected by the exchanges, an investigator can work to identify the owner of a cryptocurrency address. From there, law enforcement can issue subpoenas and try to recover the funds.

Be wary of social media adverts: Crypto scammers often use social media to promote their fraudulent schemes. They may use unauthorized images of celebrities or high-profile businesspeople to create a sense of legitimacy, or they may promise giveaways or free cash.

By examining the blockchain, experts can follow the flow of funds from the victim to the scammer. This process helps identify potential avenues for recovering stolen cryptocurrency. Experts utilize sophisticated tools and techniques to analyze blockchain data, providing valuable insights into fraudulent activities.

One method used to trace the theft of bitcoins is called "blockchain forensics." Blockchain forensics is the process of analyzing the public blockchain ledger to track the movement of funds. This can be done by identifying the address of the stolen bitcoins and then tracking the transactions made from that address.

Criminals are creating impersonation tokens and sending them to victims with the hope the tokens will make victims more likely to trust or feel indebted to the criminals. Victims typically do not realize the impersonation tokens have no value until they try to redeem them at a cryptocurrency exchange.

In cases of cryptocurrency scams, it is possible for the scammers to face legal consequences, including potential jail time, depending on the jurisdiction and the severity of the scam. However, the process for reporting and seeking justice can vary from country to country.

With blockchain forensics, law enforcement can: Identify exchange accounts receiving proceeds of crime to request account freezing. Issue subpoenas to exchanges armed with specific wallet addresses and transaction details. Trace funds moved to derivative platforms like DeFi protocols.

What companies investigate cryptocurrency? ›

Kroll is the leading global provider of crypto compliance, risk, and investigative services.

As of Apr 20, 2024, the average annual pay for a Cryptocurrency Investigator in the United States is $75,325 a year.

If you've transferred money to someone because of a scam

This type of scam is known as an 'authorised push payment'. Your bank or building society should reimburse you if it's registered with the Lending Standards Board under their Contingent Reimbursem*nt Model Code (CRM Code).

Devices begin to run suspiciously slower than usual since cryptojacking drains its computational resources. Processors or graphics cards get damaged without any apparent reason, or the device is overheating than usual. A high and consistent CPU usage percentage could indicate the presence of a crypto malware.

Can the government track Bitcoin? Yes, the government (and anyone else) can track Bitcoin and Bitcoin transactions. All transactions are stored permanently on a public ledger, available to anyone.

Yes, bitcoin transactions are traceable. Every transaction made on the Bitcoin network is recorded on a public ledger called the blockchain. While individual users can remain pseudonymous, their transaction history can still be traced through analysis of the blockchain.

If you have any doubts contact any law enforcement agency ask ask them. Contact a legitimate Bitcoin recovery professional some online platforms and organizations claim to specialize in helping scam victims recover their funds. Exercise caution and thoroughly research any service before engaging with them.

Recovering money sent to a scammer can be challenging, but here are some steps you can take: Contact your bank or payment provider:Report the scam to your bank or payment provider as soon as possible. Provide them with details of the transaction, including the date, amount, and the recipient's information.