Hiring a blockchain forensic firm can be an important step after falling victim to crypto theft—but choosing the wrong one can lead to further losses. With crypto-related scams totaling over $5.6 billion in 2023 alone, according to the FBI, many fraud victims have been misled by fake recovery services that promise fast results but deliver nothing. If you’re considering working with a forensic firm, it’s important to understand how to spot legitimate services and what to expect.
If you’ve experienced losses due to crypto theft on a trading platform, explore your legal options—our team at Meyer Wilson Werning can talk you through the steps of your case and help those who have been wronged. Reach out today to discuss your next steps with us.

How to Identify a Trustworthy Forensic Firm
The crypto recovery industry has become a target for scammers who prey on desperate victims. Taking a few precautionary steps can help you avoid falling into a second trap.
Warning Signs of Fraudulent Recovery Services
Many victims of crypto theft report being contacted by fake “recovery experts” who demand large upfront fees and promise guaranteed results. Legitimate firms won’t make those claims. Watch for these red flags:
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Unsolicited outreach: Avoid any firm that contacts you first or claims they found your case online.
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Upfront fee demands with no clear strategy: Reputable firms will explain their approach before requesting payment.
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Lack of verifiable experience: Always check the firm’s leadership, background, and online reviews.
If you encounter a suspicious service, report it to the FBI through the IC3 Complaint Center.
What to Look For in a Legitimate Firm
Reputable blockchain forensic firms will provide a transparent plan and proof of past success. Look for:
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Teams with backgrounds in law enforcement, cybersecurity, or financial crime
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Professionals with credentials in blockchain analysis or digital forensics
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Clear contracts outlining deliverables, timelines, and fees
Ask for case studies or references, and verify any claims of success through third-party sources.
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Making Informed Decisions About Crypto Recovery
A blockchain forensic investigation can be useful in some cases, but it also comes with limitations. Understanding the scope and cost of such services will help you determine whether it’s a good fit for your situation.
Best Practices Before Hiring a Firm
Before committing to a forensic firm, take these steps:
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Consult with a legal professional: An attorney experienced in crypto recovery can help evaluate the value of hiring a forensic team and assess your chances of recovering assets.
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Assess qualifications and references: Only hire firms that demonstrate proven experience and can explain their methodology in detail.
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Understand cost ranges: Crypto recovery efforts typically cost between $20,000 and $75,000, depending on the complexity and firm reputation. Ensure any costs are clearly disclosed in writing.
Blockchain tracing can be especially difficult if funds were converted to privacy coins or run through mixing services, so be realistic about potential outcomes.
What Happens During a Blockchain Forensic Investigation
The goal of a forensic investigation is to trace stolen cryptocurrency across the blockchain and potentially identify its current location. Investigators use tools to analyze transaction patterns, wallet histories, and fund movements. However:
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Partial recovery is the best-case scenario in many cases.
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Some stolen crypto may be irretrievable, especially if laundered through privacy technologies.
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Outcomes vary significantly based on how quickly the theft was reported and the tools used by the criminals.
If a full recovery isn’t possible, a forensic report may still assist in legal action or inform law enforcement investigations.
Watch our video below to learn more about crytocurrency and investor protection:


How Meyer Wilson Werning Helps Crypto Theft Victims
At Meyer Wilson Werning, we support individuals who have suffered losses due to crypto theft or fraud. Our role is to help you evaluate the legal and financial considerations before committing to expensive investigative services.
We work with cybersecurity professionals, forensic investigators, and law enforcement to explore possible recovery options. In some cases, legal action against negligent platforms or advisors may be more effective than hiring a third-party forensic firm. Contact us to determine the right approach based on the specifics of your case.
Our lawyers are nationwide leaders in investment fraud cases.
Frequently Asked Questions

What does a blockchain forensic firm do?
Blockchain forensic firms trace stolen cryptocurrency through blockchain analysis, identifying fund movements, associated wallets, and potential exit points. Their findings may support legal recovery or assist law enforcement.
How can I tell if a recovery firm is a scam?
Be wary of unsolicited contact, upfront fees with no detailed plan, or vague credentials. Legitimate firms won’t guarantee recovery and will provide transparent contracts and proven experience in crypto tracing.
Is hiring a forensic firm always worth it?
Not always. The value depends on the amount stolen, how quickly the theft was reported, and how the funds were moved. Consulting a legal professional first can help determine whether forensic services are justified.
How much does a blockchain forensic investigation typically cost?
Costs can range from $20,000 to $75,000 or more, depending on case complexity and the firm’s reputation. Always request clear, written agreements before paying anything.
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