The post Busting Myths About Crypto Recovery: Q&A With Bezalel Eithan Raviv, CEO of Lionsgate Network appeared first on Coinpedia Fintech News
Most people tend to think that crypto transactions are untraceable and it is almost impossible to retrieve lost crypto assets. In this session, we talked to Bezalel Eithan Raviv, founder and CEO of the leading crypto recovery firm, Lionsgate Network, where he shared the importance of recovery companies and how to find a reliable firm to retrieve funds.
Q. Hello. Would you please introduce yourself and share your career trajectory with our readers?
Hi, I’m Bezalel and it’s great to be here. I’m the Founder and CEO of Lionsgate Network, a crypto recovery firm that helps individuals and companies retrieve their lost digital assets.
Being an entrepreneur in the web3 domain, I’ve realized that most people still cannot trust crypto assets. According to a 2023 Pew Research Center study, 75% of Americans said they aren’t confident in crypto asset safety.
People lack confidence because they fear losing money to scams or hacks and think they cannot recover their funds. It stems from a common misconception that crypto transactions are untraceable and thus cannot be reclaimed.
With Lionsgate Network, we’ve demonstrated that it is possible to retrieve lost funds and we’ve helped intercept hundreds of millions of USD in crypto. I believe Lionsgate Network will instil confidence in the crypto asset class and dispel the myth that lost crypto funds can’t be regained.
In 2024, the new reality is that recovering stolen crypto has become easier than finding a lost wallet filled with cash on a park bench.
Q. Before we talk about Lionsgate Network, can you explain to our readers how it is possible to retrieve stolen crypto assets? What mechanisms do crypto recovery companies deploy to reclaim funds?
In 2023, $53 billion which is over 2% of the total on-chain transaction volume, was lost to scams. It’s a dangerous zone for the crypto as a whole.
Every successful recovery begins with a thorough analysis. Achieving 99% accuracy is not sufficient; we aim for 100% certainty in identifying new crypto wallets holding our clients’ funds and tracking every dollar in the crypto space. This task is intricate, given the high sophistication of crypto scammers in 2024, requiring us to outmanoeuvre them strategically.
Our approach integrates blockchain analysis, cyber intelligence, and AML fraud solutions to build a compelling case. Utilizing cutting-edge technologies, our analysts extract publicly available data, including wallet address-linked transaction histories and smart contract interactions. By employing address clustering and tracing fund transfers, we uncover fraudulent patterns and pinpoint the destination addresses of stolen funds. It’s a high-stakes game where the winner takes it all.
Furthermore, our analysts navigate through mixers and blenders to unravel transaction trails and trace the flow of illicit funds, leveraging web2 identities like IP addresses and online accounts. Once identified, our recovery efforts are coordinated with local law enforcement to retrieve the stolen funds.
Thanks to enhanced collaboration, particularly with DHS, 2024 has seen a record number of successful recoveries.
However, the rise of fraudulent recovery firms poses a significant challenge. While promising to reclaim stolen funds, these firms often exploit investors further.
Therefore, users must exercise caution and conduct thorough due diligence before entrusting any recovery firm with their funds, ensuring they avoid falling into deeper pitfalls
Q. Since some crypto asset recovery services can be frauds, what should crypto users look for in a company while searching for a crypto recovery firm?
To begin with, no recovery firm can guarantee a successful recovery.
The recovery process involves two critical steps: first, law enforcement can freeze the suspect’s wallet upon request, and second, obtaining a court seizing order signed by a judge.
Instances have been observed where scammers posed as law enforcement officers. To counter such situations, requesting a video conference is an effective strategy to deter scammers who usually avoid being seen on camera.
As scammers become more innovative, individuals are required to conduct more thorough due diligence.
Also, users must check the credibility of the recovery firm by doing a thorough background analysis on their preferred search engine. Check the company’s market reputation by reading public testimonials, reviews of previous clients, years of experience, fund recovery success rates, and accreditations.
Research the individuals responsible for the company. Run the employees’ names on LinkedIn. If a company lacks transparency about its employees, it’s wise to run away.
Next, a credible company will never ask for huge fees upfront before reclaiming the funds. Moreover, a company should have multiple payment options like credit/debit cards, bank transfers, and crypto payments.
If a company promises a quick and simple recovery process, it’s a red flag. Recovering crypto assets is not impossible but it’s quite complex. So look for companies that transparently share the recovery stages with clients.
A reliable recovery firm will have strong customer support with multiple communication channels like phone, email, and live chats. Make sure to ask relevant questions and test the responsiveness of the customer executive before availing of their services.
Finally, a good recovery company will have robust security measures with a stringent privacy policy and high data encryption standards. Crypto recovery firms handle sensitive financial information so it’s necessary for them to protect user data.
Lionsgate Network meets all criteria, and transparency is our priority.
Q. Tell us more about Lionsgate Network and how is it different from other crypto recovery companies.
Lionsgate Network is a digital asset recovery firm featuring an in-house team of blockchain analysts, cyber intelligence experts, and legal advisors. We invest in hiring top-tier professionals with the necessary expertise to assist our clients in recovering their funds. Our trademarked Recovery Wizard ensures a seamless and fully transparent process for individuals to retrieve their money.
To stay ahead of scammers, we are always staying up to date.
When a user fills out our Recovery Wizard form, an expert schedules a conference video call with the client to offer a free evaluation. Our representative assesses the recovery potential and pursues cases where the recovery possibility is 85% or higher. We only recommend entering a recovery journey if the chances of recovery are high.
When needed, we conduct an Open-Source Intelligence (OSINT) investigation to uncover the entities behind the scam. However, it’s important to note that freezing cryptocurrency does not require identifying these entities.
Lionsgate Network takes utmost care to maintain the confidentiality of our users’ financial data and offers multiple payment options including bank transfer, PayPal, VISA, MasterCard, Coinbase, and Trust Wallet.
To date, Lionsgate Network has successfully recovered funds from multiple wallets and exchanges.
Q. As we progress further, how important will crypto recovery services become? What role will they play in the development of the overall industry?
The more people are able to recover their lost funds – the more formidable the crypto ecosystem will be. It is a huge gain for all.
The Chainalysis Crypto Crime Report states that crypto scam and hacking revenue fell by 29.2% and 54.3% respectively in 2023. However, ransomware attacks and darknet market revenues shot up, signalling that malicious actors are finding new ways to dupe investors.
As crypto crimes become more sophisticated, we will have to come up with more efficient crypto recovery services to retrieve stolen assets. These firms need to have expert personnel to tackle new scams and ensure a high crypto recovery rate.
With the rise of AI, automated fraud detection and prevention may become slightly complicated. In this scenario, a dedicated team of analysts, investigators, and legal counsel must come together to solve cases.
We are here to protect communities that are being heavily targeted through popular social media platforms like Facebook, Instagram, and WhatsApp, a trend we refer to as Ponzigram.
Therefore, crypto recovery services with an in-house team will become one of the most important sectors in the ecosystem. These firms will maintain integrity and accountability, and help build trust in the crypto asset class.