Bank accounts for federally regulated currencies have fraud protection and FDIC insurance. Unlike banks, however, when you are swindled out of funds on the blockchain, the only way to get your funds returned is for the recipient to directly pay you back. That is going to be unlikely on a decentralized exchange.
While mainstream cryptocurrency exchanges enjoy more robust fraud security measures than some of the smaller players, there’s still no guarantee for crypto investors to get their stolen crypto back.
What to do if you’re a victim: If you have already invested in a cryptocurrency investment scheme, try to get in touch with the person who promised you the investment. If you can’t get in touch with them (that might be difficult in other countries), try to find out if there is anyone else who has been scammed by them.
Read More: How to Sell Cryptocurrency