Since we began offering clients assistance in 2017 to recover stolen cryptocurrency, our most frequent response has been, “If your cryptocurrency is stolen, there is nothing we can do.”
Okay, not any longer. Now that the stolen assets and transaction of victims are “trapped” in compromised Ethereum wallets or stolen, we can assist them. Yet, how does cryptocurrency get locked in a wallet?
What to Do If Your Crypto Is Stolen
First, they remove all of your money from the wallet when cryptocurrency criminals get their hands on it. Then, as soon as you transmit anything to that wallet, a sweeper bot that checks the amount every few seconds drains it.
But, occasionally they are unable to drain the entire asset, either because they cannot see it or because it is locked up. You might, for instance, have investments in a liquidity pool or an income-producing node. In this situation, they must wait till the money is released. They continue to refuse the victims access in the interim.
Getting Past Crypto-Criminals
We can help in this situation. The scammers need to see the financing Ethereum transaction that covers the withdrawal before they can steal money from a compromised wallet. But what if we transmit the transaction—which includes both the funding transaction and the recovery operation I wish to carry out—directly to the Ethereum miners? The Ethereum used to pay for the gas is never lost to scammers. In addition, we manage our own sweeper bot to prevent the con artists from accessing the hijacked wallet.
How Does It Function?
We utilize sponsored transactions to pay for Ethereum transactions coming from a third-party address. In essence, we pay an Ethereum miner to agree to a transaction bundle that consists of a financing transaction, transactions obtaining tokens from a compromised wallet, and a final transaction that confirms the validity of the earlier transactions before paying the miner. When it’s over, our bundle doesn’t appear on the public blockchain, and the scammer is helpless to stop us.
How do we create the transaction bundle?
In order to execute each smart contract that we want to put in the bundle, we basically search up the source code, reverse engineer it to identify the necessary functions, and then develop code to do so.
We simulate the entire procedure to determine the amount of gas (transaction fees) we will need to pay for each transactions, and we then give the miners a commission to process it immediately.
Our own burn bot, which prevents scammers from accessing hacked wallets, is the other component of this project. Every 100 milliseconds, the burn bot scans the blockchain for a transaction and reads from a database of stolen keys. If the balance increases above a certain point, it will either send the entire amount to itself or to us.
To ensure that it can operate more quickly than the scammer’s bots, the bot establishes a connection to a full Ethereum node on a potent workstation with quick Internet.
Assets and Projects Supported
We have to reverse-engineer the smart contract for each supported cryptocurrency and project to figure out how to get the customer’s assets back. We only need to do it once because the ERC-20 standard is adhered to by all ERC-20 tokens. ERC-721 also works with NFT’s. By directly invoking an NFT’s smart contract, We can transfer hundreds of NFT’s in one transaction. Additional work is needed for other initiatives. While we can use a separate procedure for any EVM-compatible chain like Avalanche, Binance Smart Chain, and Blockchain, supported ecosystems currently include Ethereum and Polygon.