Success stories have tempted many beginners investing in cryptocurrency. However, crypto investing presents unique risks, which you should consider carefully before taking the plunge.

One of the most significant risks is fraud.

The anonymity of crypto assets creates the perfect environment for scammers looking to prey on unsuspecting first-time crypto investors. There have been a number of high-profile scandals in recent years. Scammers stole $14 Billion in crypto in 2021. Can scammed crypto be recovered?

First and foremost, you would need to contact the closest law of authority like your police or your country's financial authorities dealing with scam cases. The courts in many countries have confirmed in a number of civil cases that crypto assets are "property" in the traditional sense. Therefore, the usual orders allowing you to trace and freeze assets are available.

Then the next thing you need to do if you didn’t do it before reporting the case to the police is to gather all the information you can lay your hands on that could help in tracking your lost funds. You need to do is contacting the trading platform where you lost your money. Not that you will get your funds back for sure, but there is still hope, and you can warn them that you reported to relevant financial authorities.

Also, there are many companies that help people track their lost funds, determining if the funds stolen from them can be recovered or not. The recovering agency that offers you help should be willing to cooperate with law enforcement bodies. This, of course, requires further investment on your part, and there is no guarantee of return, particularly where fraudsters are located overseas.

Despite being repeatedly warned by crypto experts, beginners commit the same mistakes.

There are several tips that can help you:

1) Back up non-public keys associated with bitcoin addresses to your email. If you don’t back up these keys and data, the chances are thin for recovering the lost or scammed bitcoin.

2) Encrypt your backups because there is still a chance of hackers breaking into your accounts.

3) Use offline storage. Offline storage is nothing but a kind of vault that is not connected to any network. It is difficult to break into the offline case because it is not connected to the network

4) Use hardware wallets. These wallets are another clever solution against scammers and hackers. It saves your bitcoins and makes it easy to recover your lost funds.

5) Use a strong password. A strong password contains letters, capitals, numbers, and special symbols. Watchwords like names are simple, weak, and easy to break.

6) Use reliable platforms to buy and sell bitcoins and other cryptocurrencies.
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