As a former employee of a cryptocurrency company, I have dealt with several account theft incidents. I could share the specific processes used to recover losses through various legal and illegal means from the company level. As an individual, especially as a beginner, do you know what you can do?
1. Immediately freeze or lock the account
Log into your exchange account as soon as possible, change your password, and enable two-factor authentication (2FA) if you haven't already.
If your account has a 'lock account' or 'pause trading' feature, use it immediately.
If the theft occurred at a certain wallet address, try to freeze or report it through the wallet provider's services.
2. Contact the exchange and wallet service provider
If stolen on an exchange, immediately contact customer service and report the theft. Many exchanges have asset tracing functionalities that may help track the flow of funds.
Provide the exchange or wallet with specific details such as the time of theft, amount stolen, transaction records, etc.
3. Report the theft incident
Report to local law enforcement or cybercrime units, providing as much transaction record and stolen funds information as possible.
In some countries or regions, law enforcement agencies collaborate with exchanges to help trace stolen funds.
4. Track the flow of funds
Use a blockchain explorer (like Etherscan, Blockchair, BTCScan) to check if your Bitcoin has been transferred. If the transaction records are traceable, there may be a chance to recover some assets.
5. Stay calm and assess the situation
Confirm whether it is possible that security measures were insufficient (like weak passwords, no 2FA enabled), and strengthen subsequent security protections.
If using a hardware wallet, confirm whether the device was lost or stolen. For storing large amounts of assets, ensure the hardware wallet has not been tampered with.
6. Enhance future security measures
Enable 2FA: Use a mobile app (like Google Authenticator or Authy) for two-factor authentication.
Hardware wallet: Consider transferring assets to a secure hardware wallet (like Ledger or Trezor).
Diversified storage: Avoid storing all assets in the same account or platform; diversify storage to reduce risk.
7. Common prevention advice
Avoid using insecure Wi-Fi: Ensure you are trading through an encrypted network.
Beware of phishing attacks: Do not click on unknown links or provide your private keys, mnemonic phrases, or other sensitive information.
If you have any questions, or need further advice and assistance, feel free to let me know!
