Short answer. Bitcoin transactions cannot be reversed, so the first 24 hours are about stopping further loss and creating a report others can act on. Move any remaining funds to a new wallet, record every transaction ID and address, report to IC3 or your national cybercrime unit and to any exchange that received the funds, and ignore anyone who contacts you offering recovery.
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Stop further loss
- Move any remaining funds to a new wallet created on a clean device, with a new seed
- Change passwords and 2FA on email and exchange accounts, starting with email
- Revoke token approvals if an Ethereum or other smart-contract wallet was drained
- Scan or replace the device if malware is possible
Build the transaction trail
Write down the transaction IDs, the sending and receiving addresses, amounts, dates and times. Take screenshots of the wallet history and any messages from the scammer.
Public block explorers show where the coins moved next. If they reached a known exchange, that exchange can sometimes freeze them after a law enforcement request.
Report it
In the US, report to the FBI's Internet Crime Complaint Center (IC3) and the FTC. Elsewhere, use your national cybercrime reporting service and local police. Send the receiving exchange's compliance team a short notice with the transaction IDs and your police or IC3 reference.
A complete report filed quickly is the single thing that most improves the chance of any freeze.
Beware the second scam
Victims are targeted by fake recovery services within days, often posing as lawyers, hackers or government agents. They ask for upfront fees, 'taxes' or your seed phrase. Legitimate help never does.
Step by step
- Secure remaining fundsMove them to a fresh wallet on a clean device.
- Lock down accountsEmail first, then exchanges, with new passwords and app-based 2FA.
- Record the trailTransaction IDs, addresses, amounts, times and screenshots.
- ReportIC3 or your national cybercrime unit, the FTC, local police.
- Notify exchangesSend the receiving exchange the transaction IDs and your report reference.
FAQs
Can stolen bitcoin be traced?
Yes, the movements are public. Tracing helps law enforcement, but tracing alone does not return funds.
Will my exchange refund stolen crypto?
Usually not when the theft came from a compromised password or device, but report it anyway; policies differ and some cases involve exchange security failures.
Should I pay a tracing company?
Only a reputable firm working with attorneys or law enforcement, with clear scope and no guaranteed recovery. Be very wary of firms that contact you first.