A positive ray of hope in crypto security came this week when officials from Cyber-Forensics.net revealed they had successfully exposed a bitcoin scam and recovered most of the lost bitcoins.
Cyber-Forensics.net is a cyber forensics service for online scam victims that offers due diligence services, blockchain trail audit tracing, triangulation service, bitcoin recovery services, and much more.
The statements made by officials affirmed that bitcoin recovery is not as hard to track as cybercriminals think. Chief analyst Timothy Benson said on Monday, “The same properties that make conducting bitcoin scams attractive to scammers can be leveraged by investigators to catch the criminals.”
The agency had actively put efforts to trace bitcoins- the fruits of which officials say they could bear when a customer, Billy Thatchers’ complaint regarding a scam, initiated the investigation. Account recovery specialist Peter Thompson helped the victim recover $4.3 million.
The agency revealed that they had been consistently adopting high-tech bitcoin tracing tools to trace the digital breadcrumbs that led them to a network of bitcoin scammers. The investigators say there is a trail of instructions that users can follow to avoid such traps.
What is Bitcoin Fund Recovery?
Bitcoin Fund recovery refers to the investigative process of recovering lost funds by victims to scammers due to identity theft, any online fraud, or any online scam. Typically, when a scam victim reports the occurrence of such frauds, the primary object of the officials is to reflect the existing situation as it is. This includes whether the amount is recoverable or not. In most cases, bitcoin recovery is possible given that the victims remember their 12-word phrase private key.
Can Bitcoins be Traced?
The New York Times recently published an article that explained that a pipeline of investigations led by government agencies clearly stated that Bitcoin tracing is possible. The news article also wrote that the Justice Department in the United States had announced that it traced 63.7 of the 75 Bitcoins that a company paid to the hackers as ransomware- an issue which the United States has been facing for a long time.
The attackers later shut down the company’s computer systems prompting fuel shortages and a spike in gasoline prices. Officials probing the case refused to provide in-depth information to maintain security. Although, one of the officials mentioned bitcoin tracing of the successful fund recovery demands intricate knowledge.
What is Bitcoin Tracing Technology?
Bitcoin Tracing technology is as simple as it says. According to the same news article, “the digital currency can be created, moved and stored outside the purview of any government or financial institution, where each payment is recorded in a permanently fixed ledger, called the blockchain.”
This means all the transaction details are out there on the networks. Anyone can view the ledger system plugged into the blockchain. Given the public nature of this digital ledger, experts say that all they need is to figure out how to connect the criminals to a wallet that holds the stolen bitcoins.
To do so, best crypto recovery services like Cyber-Forensics.net focus on the following:
1) Extracting data from hard drives: Since it’s challenging to say how many wallets and keys have been lost, estimated figures confirm bitcoin lost are in millions. A good way for those looking to regain lost coins after a scam is to access the wallet to which the bitcoins have been transferred. Investigative agencies use current data recovery technology to access the hard drives and recreate the deleted files for the same purpose. But there is no guarantee if the recovered bitcoins are intact.
2) Take help from cryptocurrency hunters: Bitcoin recovery services can help recover stolen keys. Most of them, like Cyber-Forensics.net, rely on massive power processing to pierce through networks and brute-force the proper key combination to a wallet. Such firms can seed data significantly and reduce fund recovery process time.
That being said, accessing a bitcoin wallet without a code is close to impossible. Breaking down such levels of encryptions requires immense processing power that takes the investigation into the realm of quantum technology.
In a nutshell, this means the outstanding amount recoverable falls short of the technology cost required to recover the entire amount making it costly.
About Cyber-Forensics.net
Cyber-Forensics.net is committed to providing the most accurate tracing service for victims of online scams. Cyber-Forensics.net empowers and simplifies the process of tracking down the cyber-criminals and assists in recovering the funds and creating an atmosphere for a negotiated settlement. For more information, please visit http://cyber-forensics.net.