Cipher Asset Recovery claims to be able to trace stolen Bitcoin but is actually a scam operation.
Customers are lured into parting with large sums of cash over a period of time for crypto recovery services that never happen.
It joins a long list of scam operations that are targeting people who’ve already lost money to a fraudulent crypto investing platform.
It’s likely that the two incidents are linked and the victim is targeted because they are known to have already fallen for a scam and are desperate to recover their funds.
Usually the victims of this scam are cold called – something a legitimate recovery company would never do – and told that their crypto has been found and secured.
However, the caller explains that they need to pay a fee to have it released and transferred into a wallet before they can access it.
If this fee is paid, the scammers will then demand a further payment and this will continue until the victim has run out of money.
The scammers are incredibly persistent and often present as being professional and knowledgeable making it harder for people to realise what’s going on until it’s too late.
If you are a cold called or contacted in some other way by someone claiming to be able to recover crypto or funds lost to a scam you should ignore the call and not part with any cash.
Have you had any experience with this platform? Kindly share your thoughts in the comment section to help others stay informed and safe.