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Repair Windows errors before they cause bigger problemsFix Now →Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Crypto recovery is an attempt to trace and pursue stolen assets; wallet insurance is a contract or platform protection that may reimburse certain losses. Neither guarantees that a victim will get crypto back. A tracing report cannot seize funds, and coverage depends on the policy’s insured party, custody arrangement, covered event, exclusions, and limits. For U.S. readers, FDIC deposit insurance does not cover crypto assets.
What recovery can—and cannot—do after crypto is stolen
Cryptocurrency transactions generally are not reversed just because a wallet was hacked or a transfer was fraudulent. Reporting promptly and preserving evidence can help investigators or an exchange assess what happened, but they do not ensure funds will be returned.
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Blockchain tracing may identify transaction paths or connect an address with a service. It does not reverse a transaction or give a private tracing firm authority to seize assets. The FBI states: “Private sector recovery companies cannot issue seizure orders to recover cryptocurrency.” Exchanges may freeze accounts under their own procedures or in response to legal process; victims may also pursue civil litigation where appropriate. The FBI’s recovery-fraud notice explains these limits.
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- Stop sending money. Do not pay someone who says another fee is needed to unlock, trace, or return the funds.
- Preserve the evidence. Record transaction dates, amounts, payment types, wallet addresses, account details, and information identifying the suspected perpetrator. Keep relevant messages and reports.
- Contact the platform involved. If funds passed through an exchange or custodial service, notify it promptly and ask what its review or freeze process allows. A report does not compel a freeze.
- Report the fraud. U.S. victims can report suspected recovery fraud and investment fraud to the FBI’s Internet Crime Complaint Center (IC3). The FBI’s investment-fraud guidance recommends reporting promptly with transaction information.
What wallet insurance may cover
“Wallet insurance” can mean very different arrangements. A provider’s crime policy may protect the provider’s own custody systems, while a platform program may offer customers limited or conditional protection. Neither description automatically means every customer balance or every kind of loss is insured.
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FDIC insurance is not crypto insurance
In the United States, FDIC deposit insurance applies to eligible deposits held at insured banks and savings associations if an insured bank fails. It does not insure crypto assets issued by non-bank entities, cover theft or fraud, or protect against a crypto custodian’s, exchange’s, broker’s, wallet provider’s, or neobank’s insolvency. A provider’s banking relationship does not make a crypto balance FDIC-insured. See the FDIC’s July 28, 2022 fact sheet.
Platform coverage can protect the platform rather than your account
Coinbase says its crime policy covers a portion of digital currencies held across its storage systems against theft, including cybersecurity breaches. It excludes losses from unauthorized access to a customer’s personal or business account caused by credential breach or loss, and says losses may exceed insurance recovery. Coinbase also says it will endeavor to make customers whole in a covered security event; that wording is not a guarantee of a claim payment. See Coinbase’s insurance explanation and the NAIC’s cryptocurrency overview.
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Crypto.com’s published app policy describes possible goodwill protection for certain unauthorized crypto withdrawals after hacks or phishing, up to USD 250,000 equivalent. It excludes transfers a customer was deceived into authorizing. This is a conditional, platform-specific program—not a general insurance promise for crypto users. Check the current Crypto.com app policy for eligibility and terms.
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1Repair Windows errors before they cause bigger problems2Scan for outdated or missing drivers - takes under a minute3Clear out junk files and repair common Windows errorsSelf-custody does not inherit an exchange’s protection
If you control a personal wallet, a platform’s custody coverage does not automatically follow your assets. The available policy examples do not establish a universal personal policy covering every hacked self-custody wallet, lost key, compromised seed phrase, phishing event, or mistaken or authorized transfer. A Lloyd’s announcement in February 2020 described a Coincover-linked liability policy for theft from online hot wallets, with flexible limits starting at £1,000; that historical launch announcement does not establish that consumers can buy the policy today or that it covered every wallet or incident. See Lloyd’s 2020 announcement.
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Recovery and insurance are not interchangeable
| Question | Recovery | Insurance or platform protection |
|---|---|---|
| What is it? | A process involving evidence, reporting, tracing, and possible exchange, law-enforcement, or civil action. | A contract or platform program that may pay for specified losses under its terms. |
| Can it return stolen crypto? | Tracing alone cannot reverse a transfer or issue a seizure order; an exchange may freeze assets under its procedures or legal process. | It may reimburse an eligible loss, but a policy limit or protection statement does not guarantee payment. |
| What determines the outcome? | Available evidence, the path of funds, cooperation or legal process, and whether assets can be located or frozen. | Who is insured, what assets and custody arrangement are covered, the cause of loss, exclusions, limits, and claims terms. |
| Does it automatically cover self-custody? | No; tracing does not itself restore control of a compromised wallet. | No; exchange or custodian protection does not automatically extend to a wallet controlled by the customer. |
How to evaluate a wallet or platform protection claim
Read the actual policy or program terms, not just a headline coverage figure. Check these points before relying on protection:
- Custody: Does it apply to an exchange account, assets held by a custodian, or a self-custody wallet?
- Insured party: Is the customer insured, or is the platform protecting its own assets or a shared pool?
- Covered event: Does it include hot-wallet theft, account credential theft, phishing, compromised keys, or customer-authorized transfers?
- Exclusions: Look for lost credentials, social engineering, user error, authorized transfers, and other stated exclusions.
- Limits: Determine whether a limit is per person, per incident, or aggregate, and whether it is an insurance limit or discretionary benefit.
- Claims and payout: Check required evidence, review procedures, payout currency, valuation date, and whether payment is promised by contract or described as an effort or goodwill protection.
How to spot crypto recovery scams
Recovery fraud operators may contact victims through social media, messaging, ads, comments, or search listings. The FBI warns about upfront fees, additional fee demands, questionable tracing reports, and false claims of law-enforcement or legal affiliation. An IC3 public service announcement reported more than $2.5 billion in cryptocurrency investment-fraud losses in 2022; that figure is specifically for investment fraud, not all crypto theft, wallet hacks, insured losses, or recoveries.
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- Be wary of anyone promising to recover funds in exchange for an upfront payment.
- Do not send more money or sensitive identifying information to an unsolicited recovery operator.
- Do not treat a tracing report, claimed agency affiliation, or additional fee request as proof that assets can be returned.
- Report suspected recovery fraud to IC3 and preserve the communications and transaction records.
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