The way to retrieve stolen crypto after a broker cheats
The world of cryptocurrencies has its drawbacks. Sometimes a simple cheat by broker can drain a whole wallet dry, even professional traders occasionally find themselves in such situations. Is there a way to locate and retrieve stolen bitcoins? Read on to find out!
How do forex brokers cheat traders?
Understanding the roots of the problem is essential. You see, the crypto market is prone to theft, perhaps more than any other financial sector. Although the security protocols of crypto platforms are usually strong, they can't compare to what typical banks have at their disposal. Therefore, a crypto forex broker can cheat traders in several ways.
One of the most common tactics depends on manipulating prices in different currencies, which usually leads to someone losing money on a forex trading account. Some brokers may also engage in stop-loss hunting, where they artificially trigger stop-loss orders to liquidate traders' positions.
A cheat by broker also occurs through slippage. Because of that, traders may get a different price than expected due to yet another broker's price manipulation. It is important for traders to remain careful before choosing a crypto broker and only deal with reputable ones to avoid such fraudulent practices.
How can a broker client retrieve stolen money?
A forex market, even in the crypto environment, provides some means to deal with unethical brokers. There are also agencies like NEXUS Group, for example, that possess the ability to actually block stolen crypto on particular accounts. Tracking tools are available to them as well. They allow both forex industry investigators and the police to precisely locate assets after a cheat by broker is performed.
That doesn't mean retrieving stolen crypto is easy. Only highly specialized financial firms can do it with a certain degree of efficiency. Regulated brokers often cooperate with them, but people with other skills are a must too. The same can be said about equipment. Today, sophisticated software solutions can play a significant role in hunting crypto thieves. Many of them aren't even aware such tools exist. Other brokers can't do absolutely anything to stop them. Nevertheless, getting back stolen bitcoins wouldn't be possible without qualified people who simply know how to make all that happen. Even in the seemingly hopeless cases.
What to do after a cheat by broker takes place?
The smartest thing to do is to contact a specialized agency right away. The faster, the better. It is also important to gather as much information as possible. Being careful and diligent in the crypto world always pays off.
Having that in mind, it is advisable to keep the track of all dealing desk brokers and other people engaged with an account. Reputable brokers won't hide information, you know. Furthermore, they won't make promises that sound too good to be worth anything. If they do, spotting such red flags might be just the thing to avoid a criminal. But even regulated forex brokers can shift to a more profitable business model, so to speak. Collected data can become quite useful to the investigation against them, eventually.
Locating and blocking stolen assets in the crypto environment is possible. Bitcoin cheats by brokers require experience and special tools, though. A crypto PI firm seems to be the best direction to head in. Only there one can actually expect the full return of money in a relatively short amount of time.
