Private investigation firm Lionsgate claims it can help its customers recover their stolen crypto assets.
According to Lionsgate’s website page for the firm’s “asset recovery solutions,” the service assists “you in reclaiming what’s rightfully yours.” The page reads:
“Asset recovery solutions refer to the processes and services designed to help individuals and businesses recover their lost, stolen, or inaccessible funds. These solutions primarily focus on recovering cryptocurrencies and blockchain-based investments.”
A dubious claim
Cryptocurrency recovery is a particularly arduous task because of the nature of cryptocurrencies itself. If a victim wired fiat currency to another account as a result of a scam, the account can be frozen and the transaction reversed.
In such cases, the reaction must be swift because all it would take is for the attacker to convert the funds to Bitcoin (BTC) for the assets to become much harder to recover. With Bitcoin no entity can reverse transactions or even effectively freeze accounts.
What can be done is attempt to track the movement of funds and intervene when they reach a centralized entity that law enforcement can act upon. So, if stolen funds are tracked onto a centralized exchange, law enforcement can freeze the exchange account and recover the assets. This appears to be the aim of the Lionsgate service:
“Asset recovery solutions act as a lifeline for those who have lost control over their assets. They employ techniques, like analyzing records conducting digital investigations, and collaborating with legal experts to track the movement of lost assets. In some cases, these solutions successfully recover the assets that were once thought to be permanently gone.”
During a recent interview with Cointelegraph, Lionsgate founder and CEO Bezalel Eithan Raviv explained that police usually share an overly pessimistic outlook with victims. Law enforcement reportedly tends to say “Your money is in China, your money is in Russia, or crypto can never get recovered.” Still, Raviv sees potential opportunities for recovery since the funds often eventually end up on exchanges:
“Mostly what we see is that the funds are being funneled to a centralized wallet through mixers, […] after reviewing over $1 billion cases combined [most] are with Binance.”
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