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#1 2023-03-20 09:07:13

Camavinga
Member
Registered: 2023-01-06
Posts: 836

Beware of crypto recovery services!

If you lose your crypto, take it that it is gone; most crypto transactions are irreversible and the moment it is lost, it is not possible for the owner to recover their funds. There are many scammers out there who are pretending to offer crypto recovery services, whenever you encounter such people, please block them. I know someone who lost his crypto and contacted a crypto recovery service to recover his money, they asked him to deposit another huge sum to help them work towards getting it, as soon as he sent the money, they began requesting for more, this is what they would do until they have taken away all your money.

Protect your crypto, but once you lose it, forget about it and learn from your errors, if you try to recover it, you may just be losing more money.

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#2 2023-03-20 15:12:45

full
Member
Registered: 2023-01-06
Posts: 979

Re: Beware of crypto recovery services!

Yes, 98% percent of all cryptocurrencies are irreversible, and those that can be reversed are only done when the transaction is yet to be confirmed through double-spending. An example is Bitcoin.
Anyone who's not the Fed or authority trying to offer the service of getting back lost crypto is just trying to scam the victim again.

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#3 2023-03-20 15:19:18

level
Member
Registered: 2023-01-19
Posts: 1,224

Re: Beware of crypto recovery services!

Camavinga;6216 wrote:

If you lose your crypto, take it that it is gone; most crypto transactions are irreversible and the moment it is lost, it is not possible for the owner to recover their funds. There are many scammers out there who are pretending to offer crypto recovery services, whenever you encounter such people, please block them. I know someone who lost his crypto and contacted a crypto recovery service to recover his money, they asked him to deposit another huge sum to help them work towards getting it, as soon as he sent the money, they began requesting for more, this is what they would do until they have taken away all your money.

Protect your crypto, but once you lose it, forget about it and learn from your errors, if you try to recover it, you may just be losing more money.

I believe what every cryptocurrency enthusiast need is to protect their crypto and those that don't know how to do that can learn it and also let the Crypton coin of UtopiaP2P do the job for them since prevent prying eyes intervention.

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#4 2023-03-20 17:45:16

Lanistergame2
Member
Registered: 2022-12-25
Posts: 1,456

Re: Beware of crypto recovery services!

This is apt. Scammers recognize their victims to be vulnerable at the time and try to get them to fall for another scam right after scamming them. Your finds cannot be recovered by any magical service. One can try to seek legal recourse, but that is a slow, long and mostly unproductive step. Move on from it.

full;6218 wrote:

Yes, 98% percent of all cryptocurrencies are irreversible, and those that can be reversed are only done when the transaction is yet to be confirmed through double-spending.

100% of the time. Unconfirmed transactions do not count. They were never confirmed.

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#5 2023-03-20 18:03:16

Detroit
Member
Registered: 2022-12-27
Posts: 1,391

Re: Beware of crypto recovery services!

Lanistergame2;6228 wrote:

This is apt. Scammers recognize their victims to be vulnerable at the time and try to get them to fall for another scam right after scamming them. Your finds cannot be recovered by any magical service. One can try to seek legal recourse, but that is a slow, long and mostly unproductive step. Move on from it.

full;6218 wrote:

Yes, 98% percent of all cryptocurrencies are irreversible, and those that can be reversed are only done when the transaction is yet to be confirmed through double-spending.

100% of the time. Unconfirmed transactions do not count. They were never confirmed.

So you are saying that if I just realized that I was scammed and I cancel the transaction it won't work? I thought if you have just one confirmation you can cancel or it doesn't apply here.

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#6 2023-03-20 18:23:28

Lanistergame2
Member
Registered: 2022-12-25
Posts: 1,456

Re: Beware of crypto recovery services!

Detroit;6233 wrote:

So you are saying that if I just realized that I was scammed and I cancel the transaction it won't work? I thought if you have just one confirmation you can cancel or it doesn't apply here.

You can only double spend a transaction when it has not gotten any confirmation, this does not count as reversing the transaction. Once it has been confirmed, there is no plausible way to reverse it, except you want to hijack the entire blockchain.

For ridiculously high amounts, you can wait for 3-6 confirmations.

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#7 2023-03-20 20:44:45

KAMSI_UG
Member
Registered: 2022-12-26
Posts: 1,772

Re: Beware of crypto recovery services!

Detroit;6233 wrote:
Lanistergame2;6228 wrote:

This is apt. Scammers recognize their victims to be vulnerable at the time and try to get them to fall for another scam right after scamming them. Your finds cannot be recovered by any magical service. One can try to seek legal recourse, but that is a slow, long and mostly unproductive step. Move on from it.

full;6218 wrote:

Yes, 98% percent of all cryptocurrencies are irreversible, and those that can be reversed are only done when the transaction is yet to be confirmed through double-spending.

100% of the time. Unconfirmed transactions do not count. They were never confirmed.

So you are saying that if I just realized that I was scammed and I cancel the transaction it won't work? I thought if you have just one confirmation you can cancel or it doesn't apply here.

Well it depends mate, most transactions require like three confirmations before it reflects on your receivers address I don’t think it’s possible on all platforms but if those transactions block hasn’t been confirmed you can retrieve your coins.

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#8 2023-03-20 22:12:22

IyaJJJ
Member
Registered: 2023-01-25
Posts: 1,499

Re: Beware of crypto recovery services!

Yes, there are a lot of scammers who claimed to be crypto recovery services agent but their aim is to scam their client there are some genuine crypto recovery services agents but they mainly work on hard drive or flash drive that contains crypto wallet recovery phrase.

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#9 2023-03-20 22:12:56

Kelechi
Member
Registered: 2022-12-25
Posts: 2,027

Re: Beware of crypto recovery services!

The cryptocurrency recovery is amongst the final stage of an ongoing scammed, if they have scammed an unsuspicious victim they act like someone from the police department they claim to FBI agent helping those that has been scammed.

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#10 2023-03-20 22:55:39

joanna
Member
Registered: 2023-01-10
Posts: 2,146

Re: Beware of crypto recovery services!

level;6219 wrote:
Camavinga;6216 wrote:

If you lose your crypto, take it that it is gone; most crypto transactions are irreversible and the moment it is lost, it is not possible for the owner to recover their funds. There are many scammers out there who are pretending to offer crypto recovery services, whenever you encounter such people, please block them. I know someone who lost his crypto and contacted a crypto recovery service to recover his money, they asked him to deposit another huge sum to help them work towards getting it, as soon as he sent the money, they began requesting for more, this is what they would do until they have taken away all your money.
Protect your crypto, but once you lose it, forget about it and learn from your errors, if you try to recover it, you may just be losing more money.

I believe what every cryptocurrency enthusiast need is to protect their crypto and those that don't know how to do that can learn it and also let the Crypton coin of UtopiaP2P do the job for them since prevent prying eyes intervention.

You have a point because the provision of security from all sorts of attacks and lost of investment is the reason why the Crypton coin was created to be privacy and no whale manipulation focus cryptocurrency.

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#11 2023-03-20 23:04:30

thrive
Member
Registered: 2023-01-04
Posts: 1,919

Re: Beware of crypto recovery services!

Honestly, I believe the newbie shouldn't fallen for this type of strategy that's if they seek knowledge about cryptocurrency in the first place because it's easy to understand that there's no way a crypto transaction that sent and confirmed can be reversed.

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#12 2023-03-21 06:26:53

Camavinga
Member
Registered: 2023-01-06
Posts: 836

Re: Beware of crypto recovery services!

KAMSI_UG;6256 wrote:

Well it depends mate, most transactions require like three confirmations before it reflects on your receivers address I don’t think it’s possible on all platforms but if those transactions block hasn’t been confirmed you can retrieve your coins.

It is not a matter of reflecting on the receivers balance, the instant you make a transaction it reflects on the receivers balance, but it writes unconfirmed because it is yet to be added into a block, at this time if the sender activated full RBF, then he can double spend the coins with a bigger tx fee. Transactions with 0 confirmations is risky to accept if you are a merchant, but from 1 confirmation it becomes almost impossible to double spend.

But that is not the point of this topic, this topic is for those scammers who claim they can help you recover your crypto, even if it was lost today, or years ago. Do no believe them, they are scammers.

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#13 2023-03-22 18:11:56

Lanistergame2
Member
Registered: 2022-12-25
Posts: 1,456

Re: Beware of crypto recovery services!

KAMSI_UG;6256 wrote:

Well it depends mate, most transactions require like three confirmations before it reflects on your receivers address I don’t think it’s possible on all platforms but if those transactions block hasn’t been confirmed you can retrieve your coins.

This is incorrect. Platforms like exchanges require a minimum of three transactions to accept a transaction as valid, but at the time the transaction is made, it would reflect on the other address and from the first conformation it is spendable by the receiving address.

If it has 0 confirmations, it has not technically been sent and it is possible to double spend.

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#14 2023-03-22 20:22:32

Detroit
Member
Registered: 2022-12-27
Posts: 1,391

Re: Beware of crypto recovery services!

Lanistergame2;6499 wrote:
KAMSI_UG;6256 wrote:

Well it depends mate, most transactions require like three confirmations before it reflects on your receivers address I don’t think it’s possible on all platforms but if those transactions block hasn’t been confirmed you can retrieve your coins.

This is incorrect. Platforms like exchanges require a minimum of three transactions to accept a transaction as valid, but at the time the transaction is made, it would reflect on the other address and from the first conformation it is spendable by the receiving address.

If it has 0 confirmations, it has not technically been sent and it is possible to double spend.

These whole transaction cancelation is driving me crazy. When you say double spend, do you mean if I should send $10 out to another wallet and want to cancel the transaction I have to send another $10 to cancel my previous transaction??

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#15 2023-03-23 14:33:30

Camavinga
Member
Registered: 2023-01-06
Posts: 836

Re: Beware of crypto recovery services!

Detroit;6519 wrote:

These whole transaction cancelation is driving me crazy. When you say double spend, do you mean if I should send $10 out to another wallet and want to cancel the transaction I have to send another $10 to cancel my previous transaction??

No, it depends on the network here, if we use bitcoin as an example, if you wanna double spend a coin you are actually spending that particular coin “twice”, you could send 0.1 btc to a merchant whom you want to purchase goods from and use a very low fee, if the merchant lets you go, and with the transaction still in 0 confirmation, if you set RBF, you can spend that same 0.1 btc again by sending it to a different address with a bigger fee, the miners would drop the first transaction and confirm the second one because it has a bigger fee, and in that way the merchant loses and would not get any pay. That is why it is always good to wait for 1-3 confirmations before letting your customer go, if you accept a coin like bitcoin for payment.

Last edited by Camavinga (2023-03-23 14:38:00)

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#16 2023-03-30 05:14:32

Lanistergame2
Member
Registered: 2022-12-25
Posts: 1,456

Re: Beware of crypto recovery services!

In addition to the comment above, it is also possible to check if a transaction is RBF enabled when you receive it. If it is not, then the transaction cannot be double spent, no matter how low the fee is, but if it is, then the inputs in it can be spent in a new transaction using a higher fee.

It needs to be confirmed to be a part of the chain. The number of confirmations just contribute to the depth and keeps increasing as more blocks are stacked on top of it.

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#17 2023-04-04 06:36:20

Camavinga
Member
Registered: 2023-01-06
Posts: 836

Re: Beware of crypto recovery services!

There are so many recovery services these days, especially on Telegram, their method is to tell you to contact them through mail, do not send them any mail, they are scammers, if your crypto is stolen, then it is stolen forever, what you should do is make sure it does not get stolen.

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#18 2023-04-04 18:01:08

Detroit
Member
Registered: 2022-12-27
Posts: 1,391

Re: Beware of crypto recovery services!

Camavinga;6603 wrote:
Detroit;6519 wrote:

These whole transaction cancelation is driving me crazy. When you say double spend, do you mean if I should send $10 out to another wallet and want to cancel the transaction I have to send another $10 to cancel my previous transaction??

No, it depends on the network here, if we use bitcoin as an example, if you wanna double spend a coin you are actually spending that particular coin “twice”, you could send 0.1 btc to a merchant whom you want to purchase goods from and use a very low fee, if the merchant lets you go, and with the transaction still in 0 confirmation, if you set RBF, you can spend that same 0.1 btc again by sending it to a different address with a bigger fee, the miners would drop the first transaction and confirm the second one because it has a bigger fee, and in that way the merchant loses and would not get any pay. That is why it is always good to wait for 1-3 confirmations before letting your customer go, if you accept a coin like bitcoin for payment.


That's really interesting.  Thank you.  But hold on,  the other 0.1btc that was dropped can another blockchain carry it? Also, what is RBF?
I also have heard that just one confirmation is not enough that it can be canceled.

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#19 2023-04-04 20:41:41

KingCRP
Member
Registered: 2023-01-06
Posts: 1,054

Re: Beware of crypto recovery services!

Detroit;6716 wrote:
Camavinga;6603 wrote:
Detroit;6519 wrote:

These whole transaction cancelation is driving me crazy. When you say double spend, do you mean if I should send $10 out to another wallet and want to cancel the transaction I have to send another $10 to cancel my previous transaction??

No, it depends on the network here, if we use bitcoin as an example, if you wanna double spend a coin you are actually spending that particular coin “twice”, you could send 0.1 btc to a merchant whom you want to purchase goods from and use a very low fee, if the merchant lets you go, and with the transaction still in 0 confirmation, if you set RBF, you can spend that same 0.1 btc again by sending it to a different address with a bigger fee, the miners would drop the first transaction and confirm the second one because it has a bigger fee, and in that way the merchant loses and would not get any pay. That is why it is always good to wait for 1-3 confirmations before letting your customer go, if you accept a coin like bitcoin for payment.


That's really interesting.  Thank you.  But hold on,  the other 0.1btc that was dropped can another blockchain carry it? Also, what is RBF?
I also have heard that just one confirmation is not enough that it can be canceled.

Yes mate one confirmation is not even enough to seal a transactions most time the confirmation has to be at least three after this nothing can be canceled anymore.

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#20 2023-04-04 21:35:12

IyaJJJ
Member
Registered: 2023-01-25
Posts: 1,499

Re: Beware of crypto recovery services!

Camavinga;6673 wrote:

There are so many recovery services these days, especially on Telegram, their method is to tell you to contact them through mail, do not send them any mail, they are scammers, if your crypto is stolen, then it is stolen forever, what you should do is make sure it does not get stolen.

Telegram is known as the paradise of cryptocurrency scammer and anyone that have trust in a stranger who promises to recover his lost crypto is still a rookie in the crypto investment.

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#21 2023-04-04 21:38:26

joanna
Member
Registered: 2023-01-10
Posts: 2,146

Re: Beware of crypto recovery services!

IyaJJJ;6754 wrote:
Camavinga;6673 wrote:

There are so many recovery services these days, especially on Telegram, their method is to tell you to contact them through mail, do not send them any mail, they are scammers, if your crypto is stolen, then it is stolen forever, what you should do is make sure it does not get stolen.

Telegram is known as the paradise of cryptocurrency scammer and anyone that have trust in a stranger who promises to recover his lost crypto is still a rookie in the crypto investment.

It is pretty easy to know this trick is a scam strategy. Let's assume I lost my crypto. How would a stranger know I lost the crypto in the first place if the stranger is not the scammer that stole the crypto?

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#22 2023-04-04 21:41:30

level
Member
Registered: 2023-01-19
Posts: 1,224

Re: Beware of crypto recovery services!

Despite how cryptocurrency was an ecosystem full of opportunity, we should ignore the fact of theft we will try every possible means to abuse the system for their own selfish gain.
I said this because there are genuine crypto recovery services but they offer their service in person and they only work on HD or computers that corrupt, die, and contain long-term crypto wallet private information.

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#23 2023-04-04 22:18:32

level
Member
Registered: 2023-01-19
Posts: 1,224

Re: Beware of crypto recovery services!

Camavinga;6603 wrote:
Detroit;6519 wrote:

These whole transaction cancelation is driving me crazy. When you say double spend, do you mean if I should send $10 out to another wallet and want to cancel the transaction I have to send another $10 to cancel my previous transaction??

No, it depends on the network here, if we use bitcoin as an example, if you wanna double spend a coin you are actually spending that particular coin “twice”, you could send 0.1 btc to a merchant whom you want to purchase goods from and use a very low fee, if the merchant lets you go, and with the transaction still in 0 confirmation, if you set RBF, you can spend that same 0.1 btc again by sending it to a different address with a bigger fee, the miners would drop the first transaction and confirm the second one because it has a bigger fee, and in that way the merchant loses and would not get any pay. That is why it is always good to wait for 1-3 confirmations before letting your customer go, if you accept a coin like bitcoin for payment.

That's not double-spending. Double spending is a strategy in which the same crypto can be spent more than once to the same wallet while a second transaction is sent with a high transaction fee. It is a strategy used to terminate previous existing transactions that's yet to receive a single confirmation.

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#24 2023-04-04 22:22:31

thrive
Member
Registered: 2023-01-04
Posts: 1,919

Re: Beware of crypto recovery services!

Detroit;6716 wrote:
Camavinga;6603 wrote:
Detroit;6519 wrote:

These whole transaction cancelation is driving me crazy. When you say double spend, do you mean if I should send $10 out to another wallet and want to cancel the transaction I have to send another $10 to cancel my previous transaction??

No, it depends on the network here, if we use bitcoin as an example, if you wanna double spend a coin you are actually spending that particular coin “twice”, you could send 0.1 btc to a merchant whom you want to purchase goods from and use a very low fee, if the merchant lets you go, and with the transaction still in 0 confirmation, if you set RBF, you can spend that same 0.1 btc again by sending it to a different address with a bigger fee, the miners would drop the first transaction and confirm the second one because it has a bigger fee, and in that way the merchant loses and would not get any pay. That is why it is always good to wait for 1-3 confirmations before letting your customer go, if you accept a coin like bitcoin for payment.


That's really interesting.  Thank you.  But hold on,  the other 0.1btc that was dropped can another blockchain carry it? Also, what is RBF?
I also have heard that just one confirmation is not enough that it can be canceled.

Nah. Blockchain respects its own rules. The idea of double spending is to prevent sending of the same transaction by mistake. When the blockchain notices the same amount is sent to the same wallet twice it will automatically cancel all the two transactions

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#25 2023-04-04 22:34:58

full
Member
Registered: 2023-01-06
Posts: 979

Re: Beware of crypto recovery services!

Detroit;6716 wrote:

what is RBF?

Users can switch out one version of an unconfirmed transaction for another that pays a higher transaction charge using the replace-by-fee (RBF) feature. While the deal is pending confirmation, this can be repeated numerous times.

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