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Protecting digital assets means securing the keys that control them, recognizing fraud before sending funds, and acting quickly if a loss occurs. If you suspect a crypto scam, stop sending money, preserve the evidence, and report it to the FBI’s Internet Crime Complaint Center (IC3) or a local FBI field office. Reporting and blockchain tracing can support an investigation, but neither guarantees that stolen cryptocurrency will be frozen or returned.
What does digital asset protection involve?
There are three different problems that are easy to blur together: preventing someone from accessing your wallet, responding to a scam or unauthorized transaction, and recovering assets after they have moved. Each calls for different steps. A wallet can help you manage access to keys; it cannot reverse a transaction or ensure an investigation recovers funds.
Cryptocurrency transactions can be difficult to reverse. The FBI says the decentralized nature of cryptocurrency, the speed of transactions, and cross-border transfers can make stolen funds harder to recover. Its 2024 reporting recorded more than $5.6 billion in cryptocurrency-related fraud losses in 2023. Investment scams accounted for nearly 71% of that total, with $3.9 billion in reported losses.
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Start by deciding how you will manage access, how often you need to transact, and whether you can securely maintain a backup. A hot wallet is connected to an internet-enabled device; a hardware wallet is designed to keep private keys offline. Neither choice removes the need to protect your credentials and carefully review transactions.
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- Effortlessly build your crypto portfolio via the all in one Ledger Wallet app: buy, sell, send, receive, swap, stake and more across popular blockchains. 15,000+ coins & tokens in a single dashboard. Keep a close eye on the market. Compare service providers. Track performance. Get timely alerts. Build your portfolio with confidence.
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| Wallet approach | Key environment | Practical trade-off |
|---|---|---|
| Hot wallet | Connected to an internet-enabled device | Convenient for frequent access, but its connected environment is part of the security picture. |
| Hardware wallet | Designed to keep private keys offline | May suit people who choose self-custody, especially when their holdings matter to them, but requires secure device and backup practices. |
A hardware wallet does not contain the cryptocurrency itself. The assets remain recorded on the blockchain; the wallet stores the keys used to control them. A hardware wallet also cannot stop you from being tricked into authorizing a transaction, revealing a backup, or sending funds to a scammer. Trezor’s educational guidance warns that anyone with access to a private key can send funds from the addresses it controls; that is vendor guidance, not an independent product test or agency endorsement.
Choose a self-custody setup you can maintain
- Private-key exposure: Understand where keys are kept and what actions could expose them.
- Convenience and transaction frequency: Match the setup to how often you need access without treating convenience as protection from fraud.
- Asset and network support: Confirm that the wallet supports the assets and networks you actually use. Compatibility and specifications can change, so check current manufacturer information.
- Backup and recovery: Know how access can be restored if the device is lost or damaged, and whether you can reliably follow that process.
- Device and firmware practices: Follow the manufacturer’s current instructions for setup and updates.
Protect the backup as carefully as the device
A backup can restore wallet access after device loss or damage, but anyone who obtains it may be able to access the wallet. Keep it separate from the device, and do not enter it on an ordinary computer or phone. A durable metal backup plate may help protect against fire or flood; it does not prevent theft or disclosure. If you cannot keep a backup secure and available to you, self-custody may create a risk you are not prepared to manage.
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What should I do after a crypto scam?
- Stop sending money. Do not pay more to unlock an account, increase a promised return, or continue a purported recovery process.
- Preserve evidence. Before deleting accounts or messages, save communications, websites, phone numbers, usernames, platform details, exchange information, and a timeline of what happened.
- Record transaction details. Note each affected cryptocurrency address, asset type and amount, date and time, and transaction ID or hash. Keep copies of relevant wallet and platform information.
- Report promptly. Submit a report through the FBI’s official IC3 channel or contact a local FBI field office. Follow official guidance and provide the details you have.
- Be cautious about follow-up contacts. Do not send money or sensitive information to an unverified person claiming to investigate or recover the loss.
The FBI says victims should report even if they do not have transaction information. A report may support investigative and intelligence work and could help recovery efforts, but it does not ensure that funds will be frozen or returned.
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Organize facts in a timeline so investigators can see how the contact began, what was promised, what you did, and where funds went. Include the transaction details above when available, along with:
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- How the person or investment opportunity first contacted you, and the dates of key conversations.
- Communication platforms, websites, phone numbers, email addresses, usernames, and any account or platform names involved.
- Wallet addresses, exchange details, and the type and amount of each asset sent.
- Transaction dates and times, transaction hashes, receipts, and screenshots or copies of messages.
Keep original records where possible. Do not delay a report solely because you are missing a hash, address, or other transaction detail.
Can blockchain tracing recover stolen cryptocurrency?
Blockchain analysis can help investigators follow transaction flows and connect addresses or funds with victims and suspected fraud networks. In an investigation by the FBI and U.S. Secret Service, blockchain analysis and other techniques helped connect seized cryptocurrency with theft and laundering affecting fraud victims. That example shows how tracing can support an investigation; it does not establish a guaranteed consumer recovery method.
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Tracing is not the same as freezing funds or returning them. The FBI states that private recovery companies cannot issue seizure orders. An exchange may freeze an account under its own internal process or in response to legal process. Civil litigation may be an option in some cases, but an outcome is not assured.
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How can I recognize a recovery scam?
People who have already lost money may be targeted again by someone claiming to be a recovery firm, investigator, lawyer, or government official. The FBI warns that fraudulent firms may charge an upfront fee, stop communicating, or provide an incomplete or inaccurate tracing report before demanding additional money.
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- Unsolicited outreach: Be wary of a supposed recovery service that contacts you unexpectedly.
- Advance fees or unusual payment demands: The CFTC describes recovery fraud as advance-fee fraud: a victim is asked to pay upfront for a larger promised return. Claims that recovered money is waiting but requires taxes, a donation, or a retainer are warning signs.
- Guaranteed results: A promise that funds will definitely be returned is not proof of authority or ability to recover them.
- Impersonation: Verify claims of government or legal authority using contact details you obtain independently, not details supplied by the person who contacted you.
- Requests for sensitive information: Do not share wallet backups, private keys, bank details, or personal information with an unverified contact.
In its victim-contact guidance for cryptocurrency investment fraud, the FBI says it will not ask victims for money, move communications to private messaging apps, or request bank account details or personal identifying information. A caller knowing details about your loss does not, by itself, establish that the caller is legitimate.
What do reported losses say about recovery chances?
Reported losses show the scale of the problem, not an individual victim’s odds of recovery. The FBI’s 2024 comparison put reported cryptocurrency investment-fraud losses at $2.57 billion in 2022 and $3.96 billion in 2023, a 53% increase. Separately, the FBI’s IC3 reported that in 2025 it received 181,565 cryptocurrency-related complaints reporting more than $11 billion in losses. Those are complaint-reported figures, not a claim that every loss was independently confirmed.
The FBI also says its IC3 Recovery Asset Team has assisted in freezing more than a billion dollars for victims of cybercrime. That is a broad cybercrime figure, not a crypto-specific recovery rate or a promise about any one case. The available figures do not establish the probability that an individual will recover cryptocurrency.
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Reporting gives authorities information that may support investigative work, and fast action can matter when funds are moving. But cryptocurrency’s transaction characteristics can make recovery difficult, and a tracing result does not itself authorize a seizure or return. Use official reporting channels, preserve evidence, and treat anyone promising a certain outcome as a potential risk.
This guidance is U.S.-focused and is not legal advice. Reporting procedures and legal options may differ elsewhere.
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