• Skip to primary navigation
  • Skip to main content
Evertas Logo Get in touch
  • Home
  • About Us
  • Insurance
  • Services
  • Certifications
  • Blog
  • News
  • Resources & Education
  • Contact Us
    Twitter
    LinkedIn

Blog

You’ve Been Scammed by a Too Good to Be True Cryptoasset “Investment” — Can You Get Your Money Back? Part 2 of 5

read
27 October 2020

TLDR — Commercial Cryptoasset Recovery (CAR) services are still in their infancy. While blockchain explorers are available, risk and attribution — also known as off-chain — data is key to understanding any individual case’s odds of recovery. That said, big data analytics, risk and attribution data only get you so far.

Last week, I introduced the idea of cryptoasset recovery as an emerging industry. In this post, I take a look at the first step of any investigation.

  • Be aware that this is not meant to be an exhaustive description of of the investigative process but a general guide as to the steps a victim might encounter when working with a commercial cryptoasset recovery firm.

Information Collection 

The goal of this first step is essentially the same as in any other forensic investigation, the need to establish the objective facts of a particular case.

In the cryptoasset context, that means identifying the fraud that has taken place, for example, whether it’s a social media enabled “investment” opportunity, exit scam or pyramid scheme.

Part of that process is collecting as much data as available on the criminals; the social engineering or other TTPs (Tactics, Techniques and Procedures) employed; and as many selectors as possible used to communicate with the victims.

The range of data can cover emails, WhatsApp / Telegram / Facebook Group chats / calls, records of individual cryptocurrency transactions and so on. As many scams are organized fraud, there may be other victims, and in the event individual recovery is unfeasible there may be a future possibility of a class-action approach to funds recovery.

Depending on the level of severity, monetary loss or nature of the fraud, the commercial asset recovery firm may recommend outreach and reporting to local and / or national law enforcement and regulatory bodies if the victim has not already done so.

Please note this is not a comprehensive list of data for collection or a detailed enumeration of the investigative approach.

Related articles

Insight

Evertas Update: Spring 2022

Read More
Insight

Turkey Closer to New Legislation After Recent Cryptoasset Exchange Failures Plague Consumers; New Central Bank Report Sheds Light on Turkish Government’s Perspective

Read More
Insight

FBI Recovers 85% of BTC Paid to Hackers in Wake of Colonial Pipeline Ransomware Attack; Additional Seizures to Follow?

Read More
  • About Us
  • Insurance
  • Services
  • Twitter
  • LinkedIn

Call On An
Old Friend Today.

Contact Us

Keep Me Informed

By subscribing, you’ve read and agree to our privacy policy.

Evertas Logo ©Copyright 2022, Evertas Legal Notice | Privacy Policy | Terms of Service
This website uses cookies to ensure you get the best experience. Learn more.
DeclineAllow cookies
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT