Cryptocurrency scams: how to spot and report one
A cryptocurrency scam is fraud that uses crypto to take your money, and payments usually cannot be reversed. Report losses to the FTC and IC3.
Vahe HakobyanEditor-in-chief
Updated Oct 5, 20263 min readFact-checked
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- Fake investments, romance and rug pulls are common.
- Urgent pressure and crypto payment requests are warning signs.
- Report losses to the FTC, the FBI's IC3 and state regulators.
- No service can promise to recover stolen crypto.
Anyone can be targeted, including people who have never bought crypto. The pitch often feels personal.
What is a cryptocurrency scam?
A cryptocurrency scam is a fraudulent scheme in which criminals use cryptocurrency to take a victim's money. A fake investment manager may say that sending crypto to their account will make your money grow. The target is your crypto or your account access.
Common cryptocurrency scam types
Scammers reuse familiar stories to reach many people at once. The aim is your crypto or your account access.
Warning signs to watch for
Scammers repeat the same patterns. A real offer does not demand secrecy, speed and crypto at once.
How to report a crypto scam
Report quickly; complaints help agencies link cases. Keep your records together.
Can stolen crypto be recovered?
Tracing sometimes helps investigators freeze funds, but no service can promise your crypto back. A recovery offer that needs an upfront fee is often a second scam.
Frequently asked questions
You can usually file without giving your name. Contact details help investigators follow up.
Save wallet addresses, transaction IDs, dates and screenshots. They help investigators link reports.
Usually not. Crypto accounts are not insured by a government, unlike FDIC insured bank deposits, and most exchanges do not reimburse losses.
