Why this matters
Cryptocurrency is a favourite tool for fraudsters. Crypto payments are fast, hard to reverse, and can be sent anywhere — so once your money leaves, recovering it is very difficult. Scammers combine this with slick fake platforms and promises of big gains to lure people in.
You don't need to be a crypto expert to stay safe. The warning signs are the same as other investment scams, plus a few specific to crypto.
Common crypto scams
Fake investment platforms. Professional-looking sites showing rising "profits" you can never withdraw. → See: Investment Scams & Fake Opportunities
"Pig butchering" scams. A long-term relationship — romantic or friendly — built online, then steered toward a fake crypto platform. → See: Romance & Trust-Based Scams
Giveaway scams. "Send 1 coin, get 2 back," often using fake celebrity or brand endorsements.
Fake exchanges and wallets. Apps or sites that steal your deposit or your wallet keys.
Recovery scams. After a loss, someone offers to recover your crypto for an upfront fee — a second scam targeting victims.
Impersonation of support. Fake "crypto support" asking for your wallet's recovery phrase.
Crypto-specific warning signs
Anyone asking for your wallet recovery phrase or private keys. No legitimate service ever needs these — they are the keys to your money.
Guaranteed returns or "risk-free" crypto investments.
Pressure to move fast before a "price jump" or "closing window."
Requests to move money into crypto to "protect" or "grow" it at someone's instruction.
Platforms you can only access via a link from a stranger or new online contact.
Withdrawal blocked unless you pay "fees" or "taxes."
How to protect yourself
Never share your recovery phrase or private keys with anyone, ever.
Ignore guaranteed-profit and giveaway offers — they are always scams.
Don't invest through platforms recommended by people you met online.
Verify any platform independently before depositing, and be sceptical of urgency.
Remember crypto is largely irreversible — treat every transfer as final and verify first.
What it looks like in practice
A message: "Elon's giveaway is live — send crypto to this address and receive double back!"
A caring online partner who introduces a crypto app where your balance keeps climbing.
"Support" asking you to "confirm your wallet" by entering your recovery phrase.
What to do if you've been scammed
Stop all payments immediately, including any "fee" to unlock withdrawals.
Contact us through the in-app support chat if funds moved from your account.
Secure your wallets and never share recovery phrases; assume any wallet whose phrase you shared is compromised.
Ignore recovery offers and report what happened with all details.
→ See: I Think I've Been Scammed: Immediate Steps