Crypto Scams
Fraud built around cryptocurrency — fake exchanges, wallet-draining links, giveaway scams and bogus trading platforms.
Last reviewed: 1 June 2026
What this scam is
A crypto scam is any fraud that uses cryptocurrency to take your money or steal your assets. Because crypto transactions are fast, global and usually irreversible, it is the payment method of choice for many scammers.
Crypto scams include fake exchanges and wallets, 'giveaway' or doubling scams, wallet-draining links, and investment platforms that show fake profits.
How it works
You are introduced to a platform or 'mentor', often via social media, a dating app, or a group chat. You buy crypto on a legitimate exchange, then send it to the scammer's platform or wallet.
The dashboard shows growing profits. When you try to withdraw, you are blocked behind fees and taxes. In wallet-draining scams, connecting your wallet or signing a transaction grants the scammer permission to empty it.
Common red flags
- Requests to pay or invest in crypto from someone you met online
- 'Double your coins' or giveaway promises
- A platform or app you were told to download outside official app stores
- Withdrawal blocked until you pay tax or fees
- Being asked to connect your wallet or sign a transaction to 'verify'
Sanitized example messages
Illustrative, sanitized examples. Personal details are replaced with placeholders such as [phone number] and [fake link].
Send 0.5 ETH to [wallet address] and our smart contract returns 1 ETH instantly — verified by [fake brand].
To unlock your withdrawal of [amount], deposit a 10% miner's fee to [wallet address].
Payment methods used
- Cryptocurrency
- Bank transfer to buy crypto
- Stablecoins
Who is usually targeted
- New crypto investors
- People chasing fast gains
- Victims of romance scams steered into 'trading'
What to do immediately
- Stop all transfers and do not pay 'unlock' fees
- Revoke wallet permissions if you connected to a suspicious site
- Move remaining assets to a new wallet you control
- Record all wallet addresses and transaction IDs
- Report to your national fraud service and the exchange you used
Evidence to preserve
- Transaction hashes and wallet addresses
- Screenshots of the platform and chat
- The app or website you were directed to
Where to report it
- Action Fraud (UK) — UK national fraud & cybercrime reporting centre
- FTC ReportFraud (US) — US Federal Trade Commission fraud reports
- FBI IC3 (US) — US Internet Crime Complaint Center
- Scamwatch (Australia) — Australian competition & consumer reporting
- Your exchange's support/abuse team — Report the destination wallet; some can flag it
Always verify reporting routes and emergency contacts on the official government or agency website for your country.
Frequently asked questions
Can crypto sent to a scammer be recovered?
Usually not. Crypto transfers are typically irreversible. Be extremely wary of 'recovery experts' who contact you promising to get it back for a fee — they are almost always a follow-up scam.