Crypto scams continue to pose threats to investors, yet some companies succeed in recovering stolen funds. One such firm is Lionsgate Network, which claims to have recovered over $4 million in cryptocurrencies.
Lionsgate Network's Methods
Lionsgate Network uses connections with law enforcement in various U.S. states and countries around the world to freeze and return stolen crypto to its owners. The company's founder and CEO, Bezalel Eithen Raviv, notes that tracking and freezing funds are challenging but not impossible due to the use of advanced blockchain analysis technologies.
$100,000 Recovered for Florida Surgeon
Lionsgate Network claims to have recovered over $100,000 for a Florida surgeon who fell victim to a scam. The victim was convinced to invest $100,000 in what appeared to be a lucrative opportunity, which turned out to be fraudulent. Lionsgate traced the funds to a wallet containing over $30 million in cryptocurrency, presumably resulting from multiple scam operations.
$1.7M Crypto Located
In another incident, Lionsgate Network managed to trace $1.7 million worth of crypto belonging to an investment banker in North Carolina. The victim was convinced by a scammer to invest significant amounts in a fake crypto trading scheme. Although the funds have been located, their recovery has yet to be made, and the case is now in the hands of the U.S. Department of Homeland Security.
Despite successes in recovering stolen cryptos, Bezalel Eithen Raviv cautions that it is not always possible to retrieve funds, particularly if law enforcement is unwilling to cooperate. However, he believes that the number of successful cases will grow as law enforcers become more open to collaborating with private firms.
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