Tom, 57, a contractor in Ohio, had already lost money to the trading platform Wizifx when a company calling itself a specialist “recovery agency” contacted him out of the blue, claiming they could get it all back. They couldn’t — they were the second wave of the same predatory cycle. We share this case because the recovery-scam industry preys on the very people we exist to protect.
How the second scam found Tom
Within weeks of his loss to Wizifx, Tom’s phone started ringing. The caller knew details about his original case — because victim lists are bought and sold among fraud networks. The “recovery agency” presented as a firm with a legal department and a case number ready to go. The pitch was emotionally perfect: we know what happened to you, and we can fix it.
The upfront-fee trap
The catch was the structure. They demanded an upfront “court bond fee,” then a “liquidation tax,” then a final payment in cryptocurrency to “release” the recovered funds. Over a month Tom paid roughly $23,000 chasing money he would never see — on top of what Wizifx had already taken.
What AssetsCollector did
- Stopped the bleeding first: we identified the “recovery agency” as an advance-fee operation on the initial call and told Tom to make no further payments, whatever “stage” they claimed his case had reached.
- Separated the two frauds — the original Wizifx loss and the recovery-scam loss — so each had the correct, realistic strategy.
- Pursued chargebacks on the portion of the recovery-scam payments Tom had made by card, where the “service” was demonstrably never rendered.
- Traced the crypto portion on-chain and filed reports, while being candid that funds already off-ramped through the recovery scammers were unlikely to return.
Outcome
We recovered $8,900 — the card-funded portion of the second loss (about 39%). The cryptocurrency payments to the recovery scammer were not recoverable, which is exactly why we treat advance-fee “recovery” offers as a top-priority warning. The most valuable result was preventing a third loss.
How to spot a recovery scam
- They contact you, often soon after a loss, and already “know” your case.
- They demand fees, taxes, or bonds upfront — especially in crypto — before releasing anything.
- They guarantee a full recovery. No legitimate firm can promise that. We never do — AssetsCollector’s first review is free.
Has a “recovery agency” asked you to pay upfront?
Before you send another cent, talk to us. We will tell you honestly whether a real recovery route exists — at no cost to find out.
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