Predatory Recovery Firms Exploit Victims

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️ After major crypto hacks, >95% of recovery firms are predatory, says ZachXBT:

Charge large fees for basic reports, offering little actionable help.

Target victims via SEO & social media, promising fund recovery that is often impossible.

The Ellipal case highlights the risks of self-custody confusion and a secondary layer of exploitation post-hack.

Advice for users: Stay cautious with recovery services, double-check wallet security, and educate yourself on cold vs. hot wallets.

[Pitchfork_IS_power]

This post warns that over 95% of crypto recovery firms are scams, often exploiting victims post-hack by charging high fees for minimal help. It highlights the Ellipal case as an example of how self-custody confusion and fake recovery services can worsen losses. The key takeaway is to verify wallet security and avoid trusting unsolicited recovery offers.