Recovery of Bitcoin sent as part of scam

[the_g_ster]

Evening

Is it possible to recover Bitcoin monies sent as part of a very unfortunate scam. Asking for a mate

Talking a lot of money here, bought from a Bitcoin platform, paid for via direct transfer to the platform company from a uk bank. Bitcoin then sent to wallet addresses.

Already reported to action fraud, have crime number.

[Petrus1983]

No. It’s gone.

I believe N Korea is rather good at this scam (not kidding).

[98elise]

I would have thought it's gone. One of the "benefits" of it is that it cannot be reversed. I'm no expert though

[Jon39]

Think there is a saying.
Something about a mule and their money .....

I have almost no knowledge of bitcoin, or the various other related products/services/'things'.
A business has the intention (hope) of increasing profits and therefore eventually increasing value for owners/shareholders.
When someone buys bitcoin (etc), is their only hope to sell to someone else at a higher price, in order to make any gain on their purchase ?

A strange concept to an investor like me.

[anonymous-user]

Also I am sure they didn't really have recordings of him "enjoying porn" from his webcam that they were going to send to everybody in his email address book.

[bigandclever]

Who knows, you might be lucky with these people ..https://cryptoassetrecovery.com/

Father and son team, been in the press a lot.

[anonymous-user]

bigandclever said:

Who knows, you might be lucky with these people ..https://cryptoassetrecovery.com/

Father and son team, been in the press a lot.

Chainalysis is another one. You’re going to need solicitors who know what they are doing and make an application to court to have any chance of going after it.

[anonymous-user]

Jon39 said:

When someone buys bitcoin (etc), is their only hope to sell to someone else at a higher price, in order to make any gain on their purchase ?

No, bitcoin is a volatile asset that can be used to purchase other things, for example Tesla cars and Lush products. I’ve no doubt there are other providers of goods or services who will accept bitcoin or other cryptocurrencies as payment.

[dudleybloke]

Where is the exchange situated?

[98elise]

BlackWidow13 said:

Jon39 said:

When someone buys bitcoin (etc), is their only hope to sell to someone else at a higher price, in order to make any gain on their purchase ?

No, bitcoin is a volatile asset that can be used to purchase other things, for example Tesla cars and Lush products. I’ve no doubt there are other providers of goods or services who will accept bitcoin or other cryptocurrencies as payment.

People don't buy bitcoin so they can buy a Tesla. Any normal currency can be used for that.

People buy it because they think someone else will pay more for it in the future. Just be glad you don't buy any last week because it's "worth" quite a bit less today!

[Mr Whippy]

BlackWidow13 said:

Jon39 said:

When someone buys bitcoin (etc), is their only hope to sell to someone else at a higher price, in order to make any gain on their purchase ?

No, bitcoin is a volatile asset that can be used to purchase other things, for example Tesla cars and Lush products. I’ve no doubt there are other providers of goods or services who will accept bitcoin or other cryptocurrencies as payment.

They don’t accept bitcoin. They transact it back to fiat at point of exchange.

[JEA1K]

Most UK banks offer zero protection for buying Crypto, so I cannot see them offering any assistance.

I would unfortunately say that its lost with zero chance of recovery ...

[anonymous-user]

Mr Whippy said:

BlackWidow13 said:

Jon39 said:

When someone buys bitcoin (etc), is their only hope to sell to someone else at a higher price, in order to make any gain on their purchase ?

No, bitcoin is a volatile asset that can be used to purchase other things, for example Tesla cars and Lush products. I’ve no doubt there are other providers of goods or services who will accept bitcoin or other cryptocurrencies as payment.

They don’t accept bitcoin. They transact it back to fiat at point of exchange.

If you’re talking about Tesla, they did accept bitcoin, don’t now but may do again in the future. My mistake.

They currently accept payment in Dogecoin:

How do I buy something from Tesla with Dogecoin?
To purchase using Dogecoin on the Tesla Shop, you will need a “Dogecoin wallet.” A Dogecoin wallet is a device, platform, app or software that supports Dogecoin transfers. When checking out with Dogecoin, the payment page will display the Tesla Dogecoin wallet “address” in both an alphanumeric code and a QR code form for you to connect to your Dogecoin wallet to transfer the Dogecoin. It is the responsibility of the purchaser to ensure that Dogecoin is transferred to Tesla’s Dogecoin wallet accurately.

(From Tesla’s U.K. site).

[digger_R]

the_g_ster said:

Evening

Is it possible to recover Bitcoin monies sent as part of a very unfortunate scam. Asking for a mate

Talking a lot of money here, bought from a Bitcoin platform, paid for via direct transfer to the platform company from a uk bank. Bitcoin then sent to wallet addresses.

Already reported to action fraud, have crime number.

Depends which exchange. If it's sent out from that exchange address to a private wallet (belonging to the scammer), there are means of tracking and following the trail. again it depends on whether it's worth it to him. I would hazard a guess from the first part of your message that your not that aware of the tech side of things- in which case you'll need someone who is

[bigandclever]

the_g_ster said:

Talking a lot of money her...

This is of no help to you, but my old boss is currently about $1 billion down, on his company's bet (well, his bet really) on the 129,218 bitcoin they hold.

[Tye Green]

bigandclever said:

This is of no help to you, but my old boss is currently about $1 billion down, on his company's bet (well, his bet really) on the 129,218 bitcoin they hold.

is he managing the situation ok?

[OddCat]

the_g_ster said:

Talking a lot of money here, bought from a Bitcoin platform, paid for via direct transfer to the platform company from a uk bank. Bitcoin then sent to wallet addresses.

Is it just me or is anyone else struggling to see what the fraud is here ?

Man buys Bitcoin and has it credited to his crypto wallet ?

Surely we aren't saying the bloke paid a platform to send Bitcoin to some randoms crypto wallet ? In which case why, what did he think he was buying and what due diligence did he do ?

[anonymous-user]

OddCat said:

Is it just me or is anyone else struggling to see what the fraud is here ?

Man buys Bitcoin and has it credited to his crypto wallet ?

Surely we aren't saying the bloke paid a platform to send Bitcoin to some randoms crypto wallet ? In which case why, what did he think he was buying and what due diligence did he do ?

I assumed the platform is the scam. Takes money, sends bitcoin elsewhere. IOW scammers use the scam platform to get punters to buy bitcoin for them.

[Countdown]

Mr Whippy said:

BlackWidow13 said:

Jon39 said:

When someone buys bitcoin (etc), is their only hope to sell to someone else at a higher price, in order to make any gain on their purchase ?

No, bitcoin is a volatile asset that can be used to purchase other things, for example Tesla cars and Lush products. I’ve no doubt there are other providers of goods or services who will accept bitcoin or other cryptocurrencies as payment.

They don’t accept bitcoin. They transact it back to fiat at point of exchange.

Why would you exchange a Tesla for a Fiat? that's crazy.........

[r3g]

the_g_ster said:

Evening

Is it possible to recover Bitcoin monies sent as part of a very unfortunate scam. Asking for a mate

Talking a lot of money here, bought from a Bitcoin platform, paid for via direct transfer to the platform company from a uk bank. Bitcoin then sent to wallet addresses.

Already reported to action fraud, have crime number.

More info needed...

Was it Kucoin or Exodus, per chance?