What to Do If Your Coin Wallet Is Stolen

Taking actionable steps towards recovering stolen cryptocurrency is vital to restoring faith in a personal, decentralized bank. In fact, it is nearly impossible to retrieve a stolen wallet, but it can be done. Follow these steps to do what you can.

Visit Etherscan and Blockchain Info

As soon as possible, visit Etherscan.io and blockchain.info to verify where the funds went off to. During online thefts, it is quite common that they do not even leave the next wallet they have been dropped of into. Even if they are moved, it is your first step to attempt a recovery.

Take note of the address that stored your previously owned coins. Vital information such as this may be the only lead for you when it comes to attempting to recover lost cryptocurrency.

Wallet Manufacturer Support

Contacting the original manufacturer for the cryptocurrency wallet is your next actionable step. Their assistance can provide plenty of reassurance throughout this dire situation.

Knowing the ins-and-outs of the online wallet brings an advantage to the table rather than venturing out alone to retrieve the money. Although it is difficult, it is possible to recover hard-earned funds.

Exchange Communication

Coming into 2018, most online wallets are still a part of cryptocurrency exchanges. If yours was a part of popular exchanges such as Poloneix, GDAX, Kraken, or Coinbase, be aware these companies have extensive support teams to guide you along the way of a breach.

Contact them immediately because the more information they have on current, up-to-date breaches, the more they can protect all of their customers as a whole. Plus, they are at the forefront of combatting the thefts and actively searching for ways to return the lost money. Once again, it is a rare feat to recover digital coins from criminals; but, communicating with the exchange will be your best bet in accomplishing it.

Let Everyone Know

Tweet, post, snap, and yell your way to share your message. As many people that are involved in the cryptocurrency space need to be informed of what is going on. For all they know, your theft could be the tip that leads them to save their own coins before a larger breach about to take place.

Or, you might just be pleasantly informed that Bitcoin or other coins you lost might be experiencing buggy issues that are providing transactions that are not real. Just take 24 hours or a few days to let the commotion settle down if that is the case.

Secure All Other Assets

After confirming your other online and physical wallets are in good shape or not, double up on their security features. Two-step authentication is widely used to demand that you are the sole owner of the accounts and wallets you are logging into online. Although it is not perfect, as with all technology, it is a better preventative measure than nothing at all.

At this point, your goal is to only have enough money online to day trade. Other than that, store most of your Ethereum, Bitcoin, Litecoin, Dogecoin, XRP, or any coin you invest in offline.

Enlist Digital Forensics

Approaching this step is only if you truly need your money back. Hiring professional investigators concerning cryptocurrency skip tracers is your last option to regain your wealth. Although it can be costly, it can pay off in droves – recovering what you thought was lost forever.

Investing to take the time, research, and interview potential candidates for this job is crucial. Losing more money down the drain is to be avoided, but a strong attempt at retrieval is needed. Around the globe, individuals and companies are in need of cybercrime justice.

When are you armed with these specially trained operatives, it does not stop there. They cannot persecute the criminals, so finding lawyers and law enforcement to take care of putting the case to rest is the next step.

Invest in Hard Wallets

Take note, storing your wealth on real, tangible wallets such as Trezor can save you from any similar, future panics. Even if you do not connect to online exchanges, your PC is still at risk from viruses that hackers install on your computer. Essentially, the difference with protected USB wallets are separate storages that offer their own second layer of security. At the moment, this is the most sophisticated wallet for offline storage.

Conclusion

If your coin wallet is stolen, either online or offline, you need to take the necessary measures to regain your wealth. No one will do anything for you if it is not brought up through social media, hiring professional cryptocurrency skip tracers, and contacting exchanges and wallet manufacturers.

The deep security of blockchain technology is too much of a match for brute force. With this in mind, keeping the rest of your password keys tucked safely away. Clearly, passwords are the only real target under threat, so operating in way to protect them first is paramount.