Fallen victim to a cryptocurrency scam and unsure how to recover your lost assets? Is crypto recovery possible? Learn how RescueMyCrypto can help you retrieve what’s rightfully yours
The Brief:
A fake investment scheme named “QuantumAI,” featured on a fraudulent BBC website, deceived Ghazala. The scheme, operated by the bogus UK company “Magic Media Ltd.,” initially demanded £250 from her. Persuaded to invest more, Ghazala transferred cryptocurrencies via Binance and Kraken, totalling £40,000. The scammers showed her a portal where her supposed investment profits grew to £200,000 in three months, leading to a complex situation that would eventually require crypto recovery efforts.
Suspecting a scam, Ghazala requested her funds back. The scammers consented, but demanded fees totalling £83,000, including commission, late, management, and network fees. Despite paying these, Ghazala never recovered her investment, as the scammers continually fabricated new excuses. This case highlights the growing need for effective crypto recovery solutions in the face of such sophisticated scams.
The Process:
- Action Plan Development and On-chain Analysis – Upon taking on Ghazala’s case, we first established a strategic plan of action. Our initial step involved conducting an on-chain analysis to trace the connection between Ghazala’s and the scammer’s wallets. This critical step was essential to understand the flow of the stolen funds.
- Tracing Funds and Identifying Exchange Deposits – Our analysis showed the scammer moved the funds through several wallets before depositing them into the HTX exchange. Utilising advanced on-chain analysis tools, we were able to map out a clear route of the funds. This pinpointed the deposit wallets, streamlining our focus and advancing the crypto recovery process.
- Compiling and Reporting the Trace of Funds – After establishing a link with the exchange, we compiled a comprehensive report. This document traces the crypto assets’ journey from Ghazala’s wallet to various transactions and ultimately to the HTX exchange for fund withdrawal. This report was pivotal in illustrating the complete flow of the scammed funds and proved fundamental in crypto recovery.
The Outcome:
RescueMyCrypto has submitted a comprehensive report to the HTX exchange, requesting a freeze on the scammer’s wallets. A significant amount remains in USDT, a currency that can be frozen, even though the scammers have already withdrawn some funds. We’re in talks with Tether, USDT’s issuer, to halt these assets, aiming to stop further illegal withdrawals and recover Ghazala’s lost funds. Additionally, our team is tracking other deposits linked to the scammer across various wallets and exchanges in order to perform an active crypto recovery. Due to the ongoing nature of this case and our commitment to client confidentiality, specific details remain confidential.