Cryptocurrency is an exciting topic, but it also carries risks for investors and traders. Indeed, there are scams and frauds related to cryptocurrencies that can cause significant financial losses. This is why more and more people are looking for ways to protect themselves against these risks and to get their money back in case of fraud.
This is where Broker Defense’s Crypto&Check service comes in. This service offers a preliminary analysis of cryptocurrency transactions to help people who have been victims of a scam to recover their money. Blockchain experts from Broker Defense oversee the Crypto&Check service. We rely on our internally developed tools and databases. With these resources, we are able to conduct research to trace cryptocurrency transactions on various blockchains. We provide detailed analysis reports for the police, the justice system, or for use by our lawyers.
The Crypto&Check analysis process goes through several essential stages. First, you will be in contact with one of our specialists for a preliminary analysis. This stage, mostly conducted over the phone, involves the production of initial documents. This step is a first filter that confirms the relevance of the request and the legitimacy of the application. Indeed, in some cases, cryptocurrency fraud reveals a completely different legal reality, with a fictitious sale of cryptocurrency. In such a case, it is not necessary or even possible to perform a trace analysis. It is then necessary to redirect actions towards more traditional solutions, such as banking remedies. Once this first step is validated, the arduous work begins. It involves identifying and verifying all payment transactions that have been made, especially the essential elements for the future: the date, time, and reference number of each transaction.
The third stage of the process is the most important. Based on the previous elements, our blockchain specialists will be able to use tracking software. Many websites allow you to obtain information from a particular blockchain for free. However, this information does not provide a complete picture of the transactions, and queries are manual, making their use inefficient in a context of in-depth investigation. Simple searches take hours, even days, and provide raw data that needs to be analyzed. Without expertise, a novice can make interpretation errors. A misinterpretation means missing the target. Needless to say, the negative consequences this implies in terms of fund recovery.
The objective of this type of analysis is to determine a legally relevant target. These may be known natural or legal persons, or crytocurrency exchange companies. Whatever the target, questions must be asked. For a natural person, it is a question of their degree of involvement and complicity in the acts committed. For legal persons whose trade or main activity is this, it is the respect of the basic principles of their activity. Whatever the country, a professional or regulatory consensus has been developing for several years around the concepts of KYC (Know your Customer) and AML (Anti Money Laundering).
This first concept covers the problem of knowing one’s customer, one’s activity and of course the legality of one’s actions. AML speaks for itself, it is the fight against money laundering. When the tracing has been established in a relevant manner, these elements are then formatted and summarised in the analysis report. This document also contains general information. They allow a person who is not familiar with the world of cryptoassets to orientate themselves and better understand the content of the investigation.
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