Introduction
The amount of crypto scams and fraud that happens each day is simply staggering. Each day that arrives, more people wake up as victims. Sometimes, life savings go down the drain and this could represent a terrible experience to anyone. Scammers do not show mercy as they divert crypto funds stolen from their victims. For many, it seems like they are helpless when such a thing happen. But interestingly, there are organizations that are ready to help you fight to regain your lost digital assets. Lionsgate Network is one of them.
But then decentralized nature of cryptocurrencies make it seem impossible to recover crypto lost to scams. While it is not always easy or possible to get back all funds, Lionsgate network and similar crypto recovery firms have successfully helped some victims get back their funds.
Before we look into how Lionsgate network works to retrieve stolen crypto, lets talk about something that makes it possible to pull off a successful recovery attempt after scams steal your crypto.
Scammers usually move it through CEX
Experts at Lionsgate Network have explained why it is always possible to recover lost crypto. After they successfully execute a scam, the criminals need a way to change the crypto into fiat or other forms. Most of the times, they initially send the funds to a non-custodial wallet where it is almost impossible to confiscate it by the authorities. But sooner or later, they will find a centralized crypto exchange platform where the funds would be sent. This is where Lionsgate and local law enforcement hopes to catch the thieves.
Large crypto exchanges like Binance are always a place the criminals like to send the funds. Such platforms boast large tokens listed and enormous liquidity. It will always be easy for the criminals to find the market to either swap the funds for other crypto's, or just convert them to fiat using P2P markets. Since centralized exchanges can easily freeze assets of confirmed or suspected criminals, Lionsgate working with law enforcement could block the assets once they arrive the wallet used by criminals in a centralized crypto exchange.
If the victim acts fast and reports the losses as soon as it happens, Lionsgate could play faster than the criminal and stop the assets before they are moved out of the centralized exchange platform. Otherwise, it might be difficult or even impossible if the assets are not in a centralized crypto exchange.
Lionsgate recovery services and scope
Lionsgate network is comprised of seasoned blockchain analysts who are good at tracing blockchain transactions from the source. They are able to see what addresses initiated a transaction and its destination. When a criminal steals crypto and begins sending it to various wallets across a blockchain network, Lionsgate engineers are able to trace the fraudulent transaction.
One of the scams that Lionsgate works on is fraudulent Investment scheme. These are super common today and perhaps the most popular way people loose their crypto. Crypto investment scams promise participants a huge turnover of their investment capital. Participants are encouraged to send crypto and expect double or tripple or more of the investment after a period of time. Unfortunately, the funds are not returned and victims realize they have been scammed.
Hacked wallet is another incident that Lionsgate could help to unravel. If your wallet in a centralized exchange or a non-custodial wallet is compromised, Lionsgate could help you to track the perpetrators and more important, recover any funds that are stolen. If you also misplaced your keys in the case of non-custodial wallets, Lionsgate will help you find a way into your wallet once again to recover the funds.
How Lionsgate recovery works
Time is one of the most important commodity needed to pull off a recovery process. The team has higher chances of success if the incident was reported as fast as the victims realize it. The recovery process cuts across 3 major events as described below:
- Report the Incident: The first important thing is to let Lionsgate know that you have lost crypto to scam or other incidents. The service has a cool recovery Wizard through which you could let them know what happened. Whether your wallet was hacked or you run into an investment scam, you will provide details.
After reporting the incident through the wizard, a Lionsgate investigator will get in touch with you to provide more details about what happened. Once they get a complete picture of how the scam and subsequent loss unfolded, they will see how to proceed.
- Documenting the case and investigating it: Once the whole data about the scam has been collected, the investigators will create a comprehensive record of the matter. This record would be used to start a blockchain analysis of the transactions.
Expert blockchain analysts working with Lionsgate will carefully study every wallets, person and transaction that was implicated in the scam. The main aim is to find out the identity of the scammers and location of the stolen funds. While Lionsgate tries to recover the stolen crypto, information about the scammers once established is passed on to local law enforcement.
- Tracking the criminals: Once the criminals are successfully identified, the rest of the job then lies with law enforcement in the jurisdiction where the crime was commited. It would be their job to track down the criminals, apprehend them and make them face the law fully. How successful this aspect would be is beyond the scope of Lionsgate operations.
Finally
It is best to be careful with your crypto investments and wallets than to fall to scam. No matter how careful everyone would be, scams will continue to happen. If you lost crypto to a scam project, then Liongate or similar services could attempt recovering the assets. The links below might be useful to you if you are a victim.
Note: Thumbnail is mine