Recovering money from a crypto scam

What a wallet trace can actually show

Most crypto scams move funds through a public blockchain, so a trace can often show which wallet received your crypto and where it moved next. This does not return your money by itself, but it can identify an exchange that may be able to act.

Tracing works best when done quickly, before funds pass through many wallets or get converted again. Treat any offer to trace or recover crypto for an upfront fee, with no verifiable track record, as a warning sign.

Once you have a wallet address, save it exactly as shown, along with the transaction hash, since a single incorrect character can send you down the wrong trail.

Reporting to the police and the exchange

Report to the police, including the Commercial Crime Investigation Department, and describe the platform, the wallet addresses, and every message from the person who contacted you. This matters even if the platform has since disappeared.

If a real exchange was used to receive or move the funds, report to that exchange directly, since it may be able to flag or freeze the linked account under its own rules. Exchanges vary in how they respond, but a report costs nothing to try.

Keep screenshots of your account balance and every conversation, since this becomes the evidence a report or a later claim will need.

When a bank transfer was also involved

Many crypto scams begin with a bank transfer or DuitNow payment used to buy crypto through the platform, before the funds move on-chain. If any part of your loss moved this way, contact your bank immediately and ask about a recall.

Call the National Scam Response Centre on 997 if that transfer was recent, since this portion often has the best chance of being stopped. This bank-transfer step usually moves faster than a purely on-chain trace.

When a civil claim becomes realistic

A claim becomes more realistic once the exchange or the wallet’s controller can be tied to a real identity. A civil claim against a scammer or account holder explains what this kind of case needs to move forward.

Whether it is worth pursuing depends on the amount lost and what the trace has actually uncovered. An honest look at whether legal action is worth it helps you weigh this before spending anything further.

What to do next

Save the wallet address, the transaction hash, the exchange name if one was used, and every message with the person who contacted you. Report to the police and, if a bank transfer was involved, to your bank the same day.

Read more about how legal help after a scam works once reporting is underway, so you understand what a lawyer can add at that point.

A short conversation can help you see which of these routes fits your specific situation.