Mr. B. Jamin, a partner at Kob & Kem, a law and an expert in crypto theft cases, told us, “The quicker you can act, the better,”. The longer you wait to start tracing your crypto, the more time you give thieves to transfer your assets to cold storage. It is better to send them to sketchy exchanges, or to tumblers to mix them up. “The more sophisticated you are, and the less sophisticated the thieves are at moving the assets, the better chance you have,” Jamin continued.
capital is at risk.
If the Lol are in an exchange, you’ll need to contact them and ask them to halt the process, and freeze your crypto. This gives you some more time. Unfortunately, not all exchanges might want to comply, so you may have to get a legal assistance engaged to throw more weight around and get you an order an issue for them to be frozen.
How Legal is It?
For the judicial system to actually work in your favor, you will have to know who stole your cryptocurrency. While you may be able to freeze funds against a random person, it will be challenging. According to M. Jonas, a partner at hacksolution7@gmail.com a funds recovery, “In general, to enforce an order requiring fraudsters to pay damages or handover stolen property, ultimately you’ll need to know who they are.”
Thankfully, one of the many benefits of cryptocurrency is that you can see where the coins have gone. If they go through an exchange, you will most likely be able to find out who the owner of the wallet is. Thanks to the KYC (know your customer) process. This will enable you get an order to reveal the crypto thief’s identity and recover your stolen crypto.
Email: hacksolution7@gmail.com
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