Crypto scams
Crypto scams are types of fraud involving crypto. Scammers try to steal your money, crypto, or sensitive information.
What are crypto scams?
Scammers often pretend to be a well-known person, a crypto company, a support agent, or someone they know personally. For example, they may use fake websites, social media messages, or a fake trading platform.
Sometimes they promise high or guaranteed returns. A fake platform might even show made-up profits to get you to deposit more money. Other scams ask for your login details, private key, or recovery phrase. Someone with your recovery phrase can usually restore your crypto wallet and transfer your crypto.
A scam involves deliberate deception. So, a falling price, a failed project, or a technical error does not automatically prove that fraud has taken place.
An example of a crypto scam
A fake account pretending to belong to a well-known person promises to send you twice as much bitcoin if you send some first. You send 100 euros' worth of bitcoin but receive nothing in return.
This is a giveaway scam: the promise of extra bitcoin is meant to get you to send money. The sender uses a well-known person's name to seem trustworthy.
Why do crypto scams matter in crypto?
Crypto can be sent directly to a wallet address, without a bank checking each payment first. Scammers can take advantage of this. You usually can't reverse a confirmed transaction yourself. So, there's no guarantee you'll get stolen crypto back.
You often see the term in news about phishing, fake investment platforms, fraudulent token projects, or fake accounts pretending to belong to crypto companies. A professional-looking website, a familiar logo, or a recommendation on social media does not prove that a service is trustworthy.
A regular bank transfer or signing a misleading permission can also lead to a loss. Be careful with services that ask for money upfront to guarantee they can recover your funds: they could be another scam.
