I have just transferred money to a platform that turns out to be fake, can that transfer still be followed and for how long?
Date: | Week: 37 | Reading time: 7 minutes | Updated: Author: Tyler Dijst, blockchain investigation specialist
In short
Want to trace a crypto transfer after paying a platform that looks fake? You can, even now: a transaction on the blockchain does not disappear. What does change is that new steps are added every day. Whether the platform really is fake, and where your money is now, becomes clear once someone works out the route properly.
Paucitas follows payments like this transaction by transaction, in hundreds of cases a year, with a turnaround from the same day to around two weeks.
Get in touch with Paucitas and we will have a look with you, without obligation.
Your payment stays visible, but the overview gets harder every day. Record what you have now and let Paucitas work out the route. Then you will quickly know where you stand.
You paid this morning or yesterday, and now something is not right. Perhaps you cannot withdraw any more, or the platform is asking for another payment. That is a shock, and it is completely understandable that you only want to know one thing: can that money still be found? There is an honest answer to that, without anyone promising you anything.
Can you trace a crypto transfer after paying a fake platform?
Yes. Every step of your payment is on the blockchain, with amount, time and receiving address, and that visibility does not fade. Everything hinges on the transaction hash: the unique code of your transaction. With that code every next step can be checked.
One thing is fixed, though: a transaction on the blockchain cannot be reversed. In the first hours your payment is usually passed on once or a few times, after which the amount often splits into smaller parts. That gives the impression the trail goes cold, but every step remains visible. Which route your payment took is something Paucitas works out for you.
How long can a crypto transfer be traced?
For as long as the network exists. A transaction is not deleted or overwritten. What fades over time is not the transaction but the overview. In the first days the chain is still short. After a few weeks the route is often branched and mixed with other people's payments. The transactions are still there, but working it out takes longer. So speed is not about the tracing itself, but about recording.
Just paid and having doubts? Let Paucitas look at it now. You can always ring us, 24/7, on +31 20 244 5774. Through the form you will hear from us within 1 to 3 hours.
Which details should you record now?
It helps to record five things first. Then an investigation can start by tracing rather than searching.
- the transaction code of each payment, from your own wallet or account;
- date and time as your wallet shows them;
- the receiving address and the network;
- the amount, including fees;
- screenshots of the platform, its web address and your contact, before they disappear.
Also check whether the firm appears on the FCA Warning List. If it is not there, that does not mean it is fine; if it is, that is an important signal. The FCA also explains how recovery room scams target people who have already lost money.
Did you pay by bank transfer or card?
Then your money went through your bank first, and that part is not on the blockchain. In that case contact your bank straight away and report what happened. Whether you bank with a digital bank or a traditional high street bank, all work under the same rules and take such a report seriously. If your money was then turned into crypto, the route on the blockchain starts at that purchase, and Paucitas can pick it up from there.
Case: a transaction code, a screenshot and eleven transactions
Someone paid on a Saturday to a platform that stopped responding two days later. She only had the transaction code and a screenshot of her account page. With those, the route could be traced across eleven transactions, to a service provider where most of it arrived. With the report she could make a targeted report to the police, with transactions already identified and checkable.
Names, amounts and details differ from reality; the situation is as we come across it in practice.
What can Paucitas work out for you?
Paucitas looks into everything: the transactions, the route of the money, the addresses and providers, the documents and the timeline. Paucitas does all tracing itself, without tracing tools, and checks every transaction individually. On top of that, Paucitas reads through all the conversations, messages, documents, emails and other communication, so you get a complete picture, with a timeline and where all the money went, step by step. You receive a report that anyone can follow and understand step by step.
Sometimes the platform turns out to exist after all and the delay lies elsewhere. Sometimes the report shows which provider received the money, so the police, your bank or your solicitor can follow up. What that looks like is shown in the case where a transaction was traced to an exchange. If your money has already moved on via pooling addresses, read where your money goes after investment fraud. How the trail ends at an exchange is covered in tracing stolen crypto to an exchange.
Watch who gets in touch with you afterwards as well. Anyone who promises to reverse your payment or recover your money for an upfront fee deserves extra caution. Paucitas never asks for your recovery phrase or private key.
What can you do with the Paucitas report?
The report shows whether there is still money available, or where it has gone, and what the next steps are. If it was a scam, that might be a report to Report Fraud in England, Wales and Northern Ireland, or to Police Scotland in Scotland. The Paucitas report is a strong attachment to that, because it sets out every transaction fully and clearly. How loose details become a readable whole is covered in mapping a crypto transaction flow. What we do for private individuals is on the page for private individuals.
Every investigation is tailored: you receive a bespoke quote in advance that we go through together, with no surprises. A free intake is without obligation. Start small: send Paucitas the transaction code and the time, and you will soon know whether there is a route to follow. You can always ring us, 24/7, on +31 20 244 5774. Through the form you will hear from us within 1 to 3 hours, and we answer emails within 24 hours, usually the same day.
Sources: FCA, Warning List; FCA, recovery room scams; Report Fraud; Police Scotland, scams and frauds.
Do you have questions about this blog?
Feel free to get in touch with Paucitas. Paucitas can be reached by phone 24/7, including evenings and weekends. Through the contact form we usually reply within 1 to 3 hours, and we answer e-mail within 24 hours.
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Frequently asked questions about tracing a crypto transfer to a fake platform
Does crypto disappear from view after a few days?
Paucitas explains that crypto does not disappear from view. A transaction stays on the network and can still be seen months later. The route does get longer and mixed with other people's payments.
What do I need to find my payment again?
Paucitas needs the transaction code and the network you paid on. Without the code you can search by amount and date, but that often gives several candidates.
Can my crypto transfer be reversed?
Paucitas: that depends on your situation. If you still have access to your own wallet or account holding funds, there may still be options. If everything has been sent to the fraudsters, the picture is different. That cannot be judged from a distance. Paucitas first looks at your situation and tells you honestly what is and is not possible. Be careful with anyone who promises in advance that your money will come back. In doubt? Contact Paucitas and you will know where you stand.
What can I do with the Paucitas report?
Paucitas shows in the report whether there is still money available, or where it has gone, and what the next steps are. If it was a scam, it is a strong attachment to a police report, because it sets everything out fully and clearly.
What does it cost to have a transfer traced?
Paucitas tailors every investigation. You receive a bespoke quote in advance that we go through together, with no surprises. The intake is free and without obligation.
From Amsterdam, for the whole of the UK
Everything can be done fully online. Prefer to meet in person? You are very welcome at our office in Amsterdam, by appointment.
Paucitas is an independent expert firm based in the Netherlands that, for clients across the UK, investigates investment fraud and crypto fraud, establishes the origin and legitimacy of crypto assets and prepares expert reports for legal proceedings and compliance.
Your own situation
If you are reading this, you probably have a question about your own situation. That is exactly what Paucitas does.
The first step is contact by phone. You can book that call by phone or through the contact form, so you do not have to wait. In the call we look together at what can factually be established in your case and what Paucitas can examine for you.