Cryptocurrencies like Bitcoin (BTC) are among the high priority targets for cybercriminals. So, whether hacking the exchanges or targeting your wallet direct, you need to act fast as soon as cybercriminals accessed your Bitcoin investment.

If you are into BTC investment, then you need to be extra careful to avoid it from being stolen. In this post, you’ll learn how to recover stolen cryptocurrency, especially the Bitcoin.

How Is Bitcoin Stored?

A public key or a private is necessary to store Bitcoin. If someone wishes to send BTC to you over the blockchain, that person sends those coins to a public key or also known as a hashed version. As for the private key, you are the only one who knows the key as it is hidden from everyone. It can be utilized to derive the public key.

How Is Bitcoin Stolen?

If you are not aware, the private key is used for generating your signature for each cryptocurrency transfer transaction. Meaning, you are signing the transaction using a private key for the Bitcoin that you decide to send to another person on the blockchain.

For example, someone obtained your private key, so that person can transfer your crypto to himself, therefore stealing them from your wallet.

How Is Blockchain Being Used to Recover Stolen Bitcoin

Once your Bitcoin investment has been stolen, you still have a chance to recover it with the use of blockchain. While the thief might likely use a BTC exchange to trade the stolen currency for traditional cash right away, the money will leave a trail that you can use to follow it to the cybercriminal’s identity. How to recover stolen Bitcoin investment ?

Blockchain comes with blocks that can store data about your monetary transaction. The best way to recover your stolen BTC investment is by checking it on your wallet backup.

By making a wallet backup, you can always access your funds. As you use your backup, you will be recovered and get an entirely new wallet along with a new Wallet ID. The recovery phase lets you restore access to your BTC investment. However, you need to store it offline as anyone else can also gain access to your fund.

To backup your wallet, simply:

  • Go to the Security Center of your blockchain
  • Click the “Print Recovery Sheet”
  • Click “Backup Funds,” and groups of four words will appear
  • Check if you write down the words correctly and are in exact order
  • After writing down the last four words, Click the “Finish & Verify” option to verify the phrase
  • Verify the random selection of four of the words in the phrase
  • Click “Confirm”

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Cybercriminals are everywhere, so make sure that you always have a crypto recovery expert by your side.

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