Several months ago, my brother Mike experienced firsthand how scammers prey on vulnerable people already affected by crypto scams. Mike initially lost some Bitcoin through a phishing scam, and desperate to recover his funds, he searched online for solutions. He came across a website called “Crypto Recovery Experts,” which claimed to specialize in retrieving stolen crypto assets for victims.

The website appeared legitimate, complete with professional-looking testimonials, case studies, and even videos of supposed successful recoveries. Encouraged by the apparent professionalism, Mike reached out to them immediately. A representative responded quickly, assuring him they had the technology and expertise to recover his lost Bitcoin. They requested an upfront fee of $500 as a “security deposit” to start their investigation.

Hesitantly, but hopeful, Mike paid the fee. A few days later, the scammers claimed they had located his stolen funds but requested another payment of $1,000 to complete the recovery process. Doubtful but desperate, Mike paid again. Soon after, communication ceased entirely, the website disappeared, and Mike realized he’d fallen victim to a cruel secondary scam.

Further investigation revealed numerous victims had been similarly scammed, losing thousands to these fake recovery services. The scammers exploited people’s desperation, offering false hope while stealing even more money.

Mike’s painful experience taught our entire family a vital lesson: if someone claims they can guarantee the recovery of stolen cryptocurrency, especially if they demand upfront fees, it’s almost certainly a scam. Always report stolen crypto to proper authorities and avoid unverified services promising easy recoveries.