WHAT TO DO IF YOUR CRYPTO IS STOLEN

The current state in Nigeria is lots of individuals are using cryptocurrency. We utilize it in order to save money, to send money to friends, even to trade in order to make a profit. Crypto can be stolen just as money can be stolen in the bank. It is the sad part because when crypto is stolen you cannot simply just go to your bank branch and block the account. Crypto does this in a different way and when the criminal transports it, it may become extremely difficult to retrieve it. Nevertheless, you can undertake some measures in case this occurs to you.

The thing is to calm down. I understand that easier said than done. Loss of crypto will get your heart beating and shaking. You can cry or freak out but breathe and think. Hurry and you can do all wrong things that will assist the thief. It is important to remember that the time is crucial and yet your mental state should not waver to make the right decisions.

The second move comes to confirm the occurrence. In some cases, owners can be in a situation where people believe that their crypto was stolen because they had sent to the wrong address or there is a problem in the network. View your wallet history to know the transaction details. Check the time, the date and the place where money was spent. This will make you understand whether it was actually theft or a wrong transfer.

In case you establish that it leads to theft, the third step is to protect the remaining assets. Change your passwords at once. And the first thing is, visit our exchange account, (that is, Binance, KuCoin, Luno, or whoever you use), and turn on two-factor authentication (2FA) in case it is not already turned on. When the thief had access to one wallet, then they could attempt to access the other ones as well. It is highly important to transfer the rest of your crypto in a compromised-free wallet.

The fourth is to write everything about the theft. This will be the time it was reported that you lost one, the transaction ID, the amount of money taken and the wallets addresses. This will also bring on board this information when making a report to the right people. Never rely on your memory but make your notes down as soon as possible.

Then send an email to the exchange/ wallet provider. Contact the support of exchanges immediately, in case Your crypto is on an exchange. Give them the information that you jotted down. Others exchanges could block stolen money which has not been taken out yet. The sooner you report the more likelihood that you will prevent the money being taken out by the thief.

Crypto stolen in a personal wallet (e.g. Trust Wallet or MetaMask) can still be reported to the wallet provider, but they they are unlikely to be able to reverse your take. But they are able to make suggestions and assure you whether your wallet is safe to use or not. The issue might sometimes be malware on your phone or computer.

Report to authorities is the second thing to do. You can report to the Economic and Financial Crimes Commission (EFCC), in Nigeria or to Nigerian Police Force Cybercrime Unit. Provide as much detail as possible, the screenshots as well. Though it is admitted that not every case of stolen crypto is recovered, reporting serves to draw an official record. In case the one who stole is caught in future, you will have evidence that you have been robbed.

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The second thing that you can do is to employ blockchain tracking tools. The block chain is a sort of a public ledger where crypto transactions are recorded. It is possible to use web sites such as Etherscan, Blockchain.com, or BSCScan, etc., to trace to which account the stolen money is transferred. It is also possible to approach blockchain analysis firms such as Chainalysis or CipherTrace. Such companies are able to track stolen funds and even collaborate with exchanges, to freeze them.

Along with these, you ought to caution others. Conversely, tell your friends, trading groups, and social media circles about how the thief managed to steal your crypto, be it possibly via a fake giveaway or phishing link or Telegram group hack. This will prevent subsequent fall of other people into the same trap. Crypto scams are like wildfire in Nigeria so helping others avoid the pitfall is doing them a favor.

And now there is a bitter fact that very often stolen crypto cannot be returned. After the thief resorts it to various wallets, exchanges, or changed it into another coin, it is hard to track. This justifies the reason behind prevention being the best cure. It is always important that you keep a lot of crypto in a hardware wallet (offline). It is also important not to give your seed or your own keys to anybody, including people who purport to be customer service.

Avoid using weak passwords and never should you use one and the same password across email and crypto accounts. Activate 2FA not only through SMS but an authenticator such as Google authenticator as hackers can obtain the SIM card as well. Do not send messages by clicking on dubious links and do not download any files including those sent by WhatsApp and Telegram groups.

In the event that your phone or computer is hacked, then clean it up before using it again to do crypto. Put good antivirus software on your device and keep your device updated. It should be born in mind that openings through the small door is what the robber finds easy most of the time the security of weak or carefree clicks or opening of unattended devices.

The last thing to consider is that when your crypto is stolen, do not own it up to your wounds. Intelligent, prudent individuals have been victims in large numbers. Learn and get more secure with the experience. Participate in crypto security communal groups on the Internet, in which information is published about tips and warnings. Through appropriate habits, you can minimize the chances of its recurrence.

To sum up, in case your crypto is stolen, you should: remain calm, make sure that it was stolen, secure what remains, write down all the details, contact your exchange or wallet provider, report to the police, use blockchain tracking services, warn others and learn your lesson. The recovery process could be difficult but preventing yourself in the future would be more essential. Crypto is strong in Nigeria nowadays and what makes it safe is when we handle it with as much dexterity as handling cash in our hands.