Key facts
- Individuals are being contacted by companies claiming they can help recover forgotten bitcoin.
- These companies often ask for an upfront fee to 'trace' or 'unlock' supposed cryptocurrency wealth.
- Scammers may impersonate regulators like the Financial Conduct Authority (FCA).
- The FCA has reported common scam methods involving fraudsters claiming the FCA has recovered funds from illegally opened crypto wallets.
Many individuals invested in bitcoin and other cryptocurrencies during the 2017 hype, and may have since forgotten about their holdings or how to access them. This creates an opportunity for scammers to exploit the allure of 'forgotten bitcoin,' which may have significantly increased in value due to the volatile nature of cryptocurrencies.