How to Track Stolen Cryptocurrency Easily


According to journalist Laura Shin and Blockchain data security firm Chainalysis, in 2016, a programmer, Toby Hoenisch, allegedly stole 3.6 million ETH from The DAO, worth roughly $9 billion today.

In the DAO breach six years ago, the co-founder and former CEO of a cryptocurrency business named TenX are charged with stealing a sizable Ethereum hoard. The stolen cryptocurrency is currently worth $9 to $11 billion. The ex-CEO has refuted the allegations made by journalist Laura Shin in her Forbes article, nevertheless.

Laura Shin Bitcoin Tweet
Laura Shin on Twitter

Details of the Findings

This discovery, according to Shin, is a result of a thorough investigation for her next book. Shin discovered 36-year-old Hoenisch, an Austrian native who was living in Singapore at the time of the breach, through their collaborative investigation with Chainalysis.

They discovered that TenX, a business owned by Hoenisch, took part in the ICO (initial coin offering) a year after the hack and raised $80 million with their offer. The business also introduced a token, which shared the same demise as many other ICO-launched coins.

bitcoin-cryptocurrency-wallet
Bitcoin Cryptocurrency Wallet

Unexpectedly frequently, bitcoin exchanges get hacked. One of the biggest heists occurred in August when $610 million in various cryptocurrencies were stolen from the Chinese website Poly Network. The hackers eventually had to return the money they had taken.
That doesn’t happen very often. In 2014, the business went bankrupt as a result of the theft of $450 million in Bitcoin and other cryptocurrencies from the Japanese exchange Mt. Gox.

People who are known to possess large amounts of cryptocurrency have also come under attack. According to Canadian police, a 17-year-old Hamilton, Ontario resident has been detained in connection with the theft of 36.5 million Canadian dollars’ worth of cryptocurrencies, totaling 46 million Canadian dollars. This is the largest known theft of bitcoin from a single person, claim the investigators.

According to Hamilton, Ontario, police, the victim was the target of a SIM-swap attack, in which thieves tricked wireless carrier staff into copying the victim’s phone number. This gave them access to the victim’s account by intercepting two-factor authorization requests and two-factor verification. The police claim that they have so far seized C$7 million in cryptocurrencies connected to the inquiry.

Scammers stole your cryptocurrency? Here is where you can find help.

Even if you store your bitcoin on one of the most reputable exchanges, you can find it challenging to get your money back. One of the most well-known exchanges, Coinbase, opened a live phone helpline in September following the alleged receipt of hundreds of client complaints over their customer service.

Through a subscription service, users will be able to buy, trade, and convert digital currencies for free, the company announced on Wednesday. The program also includes “additional account protection” and “prioritized phone assistance” on the website.
If your personal wallet is compromised rather than the exchange itself, you won’t be protected even if the exchange is compromised. Since cryptocurrencies are decentralized, nobody is in charge of them. You might feel the need to vent, but it will be difficult to find a sympathetic ear.
It’s bad enough to have your money stolen. It’s fascinating to watch how money flows through the blockchain, which records every transaction.

“Your stolen money is right in front of your eyes, but there’s no way to get it back,” said Don Pezet, co-founder of ITProTV. It appears that someone stole your car and parked it in front of your house, according to a neighbour. Don’t lose heart if anything terrible occurs. Here are some suggestions from the experts.
bitcoin-mining
Bitcoin Mining

Take care of what’s left.

Transfer any money still in your compromised wallet, then delete it and get a new wallet.
Senior security intelligence analyst at ZeroFox Andrew Gunn advises updating your exchange account’s password right away. Attempt a different mail service. Reformatting or removing your computer completely will prevent someone from using it to access your account.

Immediately Inform Cyber Security Department.

Although it is unlikely that filing a formal report can help find stolen cryptocurrency, having documentation or a case number is always beneficial. You never know if you’ll be a part of a legal or insurance claim. Having proof that you took the theft seriously will help if you have to appear in court.
Trying to track down and reclaim stolen cryptocurrency? Please click this link for further details.

Contact the company’s customer service number.

If your trade is larger and more well-known, you’ll receive more assistance. According to Gunn, if you act immediately, your exchange could be able to freeze your assets depending on the stage of the theft.
Though many exchangers aren’t required to help, keep that in mind. Numerous bitcoin exchanges are located in countries with lax regulatory environments. Government support is less likely because several countries do not view cryptocurrencies as assets.