Cryptocurrencies are small pieces of digital information that are recorded on a blockchain block and that information is protected. To access the ledger and transfer ownership, you need to use a password encrypted with the public or private encryption key that is part of the digital signature associated with that ledger account containing your crypto currency. If you do not have a password you cannot access this log. If the encryption level is based on a secure algorithm with a bit of a bit long enough, your digital signature cannot be hacked.
But someone may simply try to change the booklet by changing the ledger itself and replacing it with a new copy that displays the input when your crypto currency is transferred to another account as if authorizing the transfer with your digital signature. The decision-making process (consensus method) for ensuring new ledger copies prevents unauthorized copies of the manual from being accepted by network verifiers (“miners”). Thus the use of digital signatures and consensus methods make cryptocurrencies like bitcoin safe from double spending.
However, someone may steal your password. They may hack your computer or service provider servers carrying your digital wallet. By using your digital signature the hacker will transfer your cryptocurrency to another book account and the transaction will be verified in a blockchain. Your cryptocurrency will be lost, you as if someone stole your money from the analogue world. No third party mediator like bank or Credit Card Company can ask you to fix a mistake. The blockchain is not changeable, corruptible or vulnerable to manipulation, which means that any transfer on the blockchain, even by mistake is forever and the cryptocurrency sent can now be controlled only by the person in control of the wallet that received the cryptocurrency. The very impenabtrable nature of the blockchain prevents correcting even the slightest error in a transaction once it has been executed.
If you can find a thief (that is, if you can find the person who hacked your account or the person in charge of the blockchain account where the cryptocurrency was transferred) you can face your claim against them. Here you may have a profit that you did not earn before, if it was your stolen analogue money. On the Internet everyone, including hackers, is leaving digital trails. New recovery services have emerged that provide tracking of stolen cryptocurrencies by tracing the movement of cryptocurrency with advanced tools that allow them to identify the entities that own the wallets and other types of traffic data that could lead to a criminals. We recommend hiring an experience firm for Cryptocurrency Tracing and Recovery such as CNC Intelligence Inc..
However, the best advice to prevent cryptocurrency losses is to never send cryptocurrency as payment for anything unless you have done proper due diligence to ensure that you can trust the person, or use a smart contract to ensure the counterparty upholds their end of the deal and always protect your password and digital signature diligently as you protect other important confidential information.
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