Bitcoin is a leading cryptocurrency. Its enhanced safety, speed, lower cost, anonymity, and overall convenience drive its growing popularity. Since it uses blockchain technology, Bitcoin transactions are permanent and cannot be deleted or edited. Blockchain applies advanced cryptographic methods to ensure the security of the platform.
Despite the high-security level of blockchain, somebody can steal Bitcoin. While hackers may not hack the blockchain network, they can hack a user’s Bitcoin wallet or crypto exchange to gain access to their Bitcoin and steal. Hackers can wipe everything clean when they gain access to your Bitcoin wallet. So, if you are a newbie and planning to invest in digital assets, here is the simple guide on buying a stock
The Difficulty of Recovering Bitcoin
Recovering your lost Bitcoin is not easy, mainly because of Bitcoin’s decentralized nature. With decentralized control, Bitcoin eliminates the role of the government or a particular entity in managing it. The government or any specific entity does not back up Bitcoin.
When somebody hacks your crypto wallet and steals your Bitcoin, you will not have anyone to help you. You cannot go to the central bank or another bank. And this is different from your centralized financial system, where if you notice some weird activities in your account, you can report it to your bank, and the bank can act accordingly.
Moreover, Bitcoin provides anonymity. Those who steal your Bitcoin from your Bitcoin wallet will not leave their identifiable information like names or addresses. Instead, they will still enjoy the same anonymity that every other Bitcoin user enjoys making it even more challenging to track them.
What to Do To Recover Stolen Bitcoin
If you fall victim to Bitcoin theft, don’t lose hope. You can still take measures to try and recover your stolen Bitcoin. An important thing to know is that the faster you take these measures, the better your chances of recovering the stolen Bitcoin. Mostly, hackers will want to cash out or hide your stolen Bitcoin as far away as possible.
Contact Your Wallet Provider
The first thing to recover your stolen Bitcoin is to contact your wallet provider. Inform the wallet provider of the theft and provide all necessary details. And this will be important in helping the wallet provider begin taking steps toward recovery. To avoid further theft, the wallet provider may first stop all transactions from your wallet.
Bitcoin theft is just like any other theft. Therefore, report to the police as soon as possible. The police may help in tracking down the thieves. Law enforcement agencies are enhancing their capacities in handling cybercrimes, including emerging ones such as the theft of Bitcoins from crypto wallets.
Use a Cryptohunter
The growing incidents of Bitcoin theft have created an opportunity for crypto hunters. Crypto hunters are entities that help Bitcoin owners track and recover their stolen Bitcoin. They work with many stakeholders, including the police, crypto wallet providers, and crypto holders. They also use specialized software to do their work. You will pay the crypto hunters the agreed fee for their work even if they don’t recover the stolen Bitcoin.
Recovering stolen Bitcoin from your crypto wallet is not easy. However, it is possible. If you act fast and apply all appropriate measures, then you can recover your stolen Bitcoin. However, considering the difficulty of successfully recovering the stolen Bitcoin, it is essential to take preventive measures against theft.