The most common crypto scams
- Fake investment platforms: websites or apps show big “profits”, but you can’t withdraw without paying more “fees” or “taxes”.
- Romance and friendship scams: someone you met online, on dating apps or by a “wrong number” message gains your trust, then introduces a crypto opportunity.
- Impersonators: fake government, bank, tech support or company staff ask you to move money into crypto or a crypto ATM to “protect” it.
- Giveaways: fake celebrity or company posts promise to double any crypto you send.
- Fake job offers: tasks that require you to deposit crypto to unlock earnings.
Method 1 Check before you invest or pay
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Step 1: Look for red flags
Guaranteed returns, pressure to act now, requests to keep it secret, and anyone asking you to pay with crypto or gift cards.
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Step 2: Check the platform
Search your country’s financial regulator register and warning list for the company name. Search the name with words like “scam” and “reviews”.
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Step 3: Type addresses yourself
Go to exchange websites by typing the address, not through links in messages or ads, and download apps only from official stores.
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Step 4: Test withdrawals
If a platform won’t let you withdraw a small amount without extra fees, stop sending money.
Method 2 Protect your wallet
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Step 1: Keep your recovery phrase offline
Your 12- or 24-word recovery phrase gives full access to your wallet. Never type it into a website or share it, even with “support”.
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Step 2: Turn on two-step verification
Use an authenticator app on exchange accounts rather than SMS where possible.
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Step 3: Beware remote access
Never install screen-sharing apps at a stranger’s request.
If you’ve been scammed
Stop sending money, even if they promise you can withdraw after one more payment. Contact the exchange or payment provider you used and ask them to freeze the transaction, and report the scam to the police and your national fraud or consumer agency. Keep wallet addresses, transaction IDs and messages as evidence.
Be careful of “recovery” services that contact you offering to get your money back for a fee; these are often run by scammers too.
Troubleshooting
The platform says I must pay tax before withdrawing
That’s a common scam tactic. Real platforms don’t require you to send more money to release your own funds.
Frequently asked questions
Is all cryptocurrency a scam?
No, but crypto is risky and largely unregulated in many countries, which scammers exploit. Treat any unsolicited crypto opportunity with great caution.
Can the police get my crypto back?
Sometimes funds are traced and frozen, especially if reported quickly, but recovery is rare. Report anyway; it helps investigations and protects others.
Summary
Guaranteed profits, payment demands in crypto, online friends offering trading tips and requests for your recovery phrase are all signs of a scam. Check platforms with your regulator, protect your wallet, and if you’ve been scammed, stop paying and report it immediately.
