The theft of cryptocurrencies such as Bitcoin and Ethereum is becoming increasingly common and has become a high-priority target for fraudsters. According to a recent report compiled by Chainalysis, cybercriminals made away with a whopping $14 billion worth of crypto assets in 2021, translating to a 79% increase in crypto-related crime compared to the previous year. Scamming and hacking were the two biggest forms of crypto-related crimes reported. The question on most investors’ minds is: Can cryptocurrency be stolen, and if so, can you get it back? Here’s everything you need to know about how to recover stolen cryptocurrency.
Can My Bitcoin Be Stolen?
The short answer is—yes. To understand how this would be possible, you need to familiarize yourself with how this widely popular form of cryptocurrency came into being. Bitcoin was first launched in 2009 and was designed to be a decentralized virtual currency. The idea behind its creation was that it was supposed to be independent of government and bank oversight and would not be regulated by any single administrator. Instead, every transaction would be recorded on a public ledger referred to as a blockchain, which is how all currency activities would be logged and verified.
Digital Wallets and Crypto Exchanges
Bitcoins and other forms of cryptocurrencies are stored in wallets. Users rely on digital currency platforms known as crypto exchanges to trade (buy, sell, and exchange) crypto assets. Coinbase is one of several popular crypto exchanges. These two components pose some inherent security risks that may lead to the loss of crypto assets through theft and other types of fraudulent activities. While the developers of these platforms are always looking for ways to improve their overall security, fraudsters mainly focus on using dubious means to gain access to people’s wallets before proceeding to empty them of the crypto assets contained within.
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