A cryptocurrency is a creation of digital money that lets you pay for things over the internet. Virtual currency, cryptocurrency exchange, and electronic money are all the same. Even though this payment method is easy and safe, thieves can still steal it just like they can steal anything else.
If somebody steals your computer with your private key or hacks it, there are no laws to protect you. How To Recover Stolen Cryptocurrency, and is it even possible? Read this to find out. We can help you regain stolen cryptocurrencies so you don’t lose everything you’ve invested.
What are cryptocurrencies?
Cryptocurrency is real money, even though you can’t hold it in your hand. Cryptocurrency isn’t like regular cash because it’s digital and isn’t controlled by any government or bank. What is cryptocurrency? It’s anonymous and doesn’t use paper money, so what is it? And how does it work? Can you get back the crypto that was stolen?
Are cryptocurrency wallets secure?
Cryptocurrency has value just like any other form of money, and it’s essential to keep it safe. People often keep their crypto in digital wallets on a trading platform like Coinbase or Robinhood. You can also store your crypto on hardware wallets and use other exchanges.
A hardware wallet is an asynchronous device that stores public and private keys. Hardware wallets are safe from online attacks that steal or change digital information because they are not online. In other words, your data can only be stolen or altered by someone who has your hardware wallet in their hands.
Hackers will not be able to perform this. So it’s one way to keep your digital currencies from being stolen. If you own a hardware wallet, you must never forget your password. If you lose the password to your wallet, you won’t be able to use its money.
How To Recover Stolen Cryptocurrency?
Still, someone steals or hacks your computer, and you can’t log in to your account anymore, or if scammers install software on your PC that records your keystrokes and gives them access to your account information, you may lose your coins. Here are four ways to get back your stolen cryptocurrency.
Decontaminate your computer and try to regain your account again
- Use an antivirus program to clean your computer of all malware and keyloggers.
- Use software like Keepass to keep track of all the login information you need for different websites. We recommend that you use two-factor authentication! – After you have cleaned your computer, make new passwords.
- Two ways to prove who you are (Two Step Verification).
- Use a service to help you.
- But it would help if you acted quickly, or you could lose your coins for good. This is an excellent way to get back the cryptocurrency that was stolen.
Use a service for recovery like Blockchain.
The recovery service will look through the internet to find your missing cryptocurrency. You should tell the service what happened if it’s a cryptocurrency exchange. People losing their private keys in business is the most common problem. Most services will need proof of your identity to make sure you are who you say you are.
When you log in to the exchange with a password, email address, or two-factor authentication (2FA), the company will be able to send your coins back to you after verification. If there is nothing you can do on the exchange, you could try calling your local police to report that your account was stolen.
Use a Recovering Seed Phrase
People who keep their coins in paper wallets should use this method. Paper wallets are just pieces of paper on which you write your private key so you can always get to your cryptocurrency address. If someone steals your paper wallet and tries to get your money immediately, the thief can only make one transaction before they realize that the wallet doesn’t belong to you.
The recovery seed phrase is a set of words you can use to recreate your key and cryptocurrency address on any desktop, no matter what software or hardware it uses. This helps make your coins much safer than if you only kept one data set on your computer’s hard drive.
If hackers steal your paper wallet, you can use the recovery seed phrase to print out a new piece of paper with your wallet and cryptocurrency address. So, even if someone steals your wallet and tries to take your coins right away, they won’t be able to.
By taking the proper security steps, one can keep from losing their cryptocurrency. Use strong passwords and hardware wallets for increased protection, and always check the type of authentication needed to log in to an exchange or wallet. Cybercriminals can’t steal your coins if they can’t get their hands on your private key or cryptocurrency address.
Forever do what you can to maintain your digital currency safe, and don’t forget to use the proper security measures. Take the right steps so you don’t have to ask, “How to get back the stolen cryptocurrency?” Also, store a copy of your secret keys and any recovery seed phrases on an offline USB.
If that device gets stolen or hacked, hackers won’t be able to steal its information. Most cryptocurrencies have protections built into both exchanges and wallets, and most of the time, these will be enough to keep hackers away. But it’s important to know that security is the most important thing to keep your cryptocurrency safe.