Cryptocurrency scams are unfortunately common these days, so if you’re looking to invest you need to know how to identify and avoid them.
If you want to avoid throwing money away, you need to proceed with caution and make sure any money you invest in cryptocurrency is going to the right place.
The last thing you want to do is invest a significant sum of money into what you believe is an excellent cryptocurrency offer, only to find out later that you’ve been deceived.
Familiarise yourself with the various types of cryptocurrency scams out there, and you’ll put yourself in a much better position to recognise them when they inevitably pop up.
To give you an idea of what kind of scams you might come across as you try to invest in cryptocurrency, here are some of the different types:
The giveaway
One cryptocurrency scam to be on the lookout for is the giveaway. Since cryptocurrency has become such a prized investment, the prospect of sending any as part of a giveaway should have alarm bells ringing.
Usually, these fake giveaways take place on social media platforms, with the scammers posting up links that take you to a fraudulent website. What’s worse, there will be several fake accounts appearing to reinforce the legitimacy of the giveaway on the social media platform, making it seem all the more convincing.
The scam will be successful once the unsuspecting victim has sent cryptocurrency to the scammer in order to verify their address, or something along those lines.
The job offer
Jobs can be hard to come by, especially in the wake of the covid-19 pandemic, which swept the globe and ravaged the economies of many countries.
Unfortunately, scammers are well aware of this, and use this knowledge to entice victims into their employment scam.
The way this scam works is a scammer will reach out to those seeking employment, and request cryptocurrency payment to begin with a training program for a promising-sounding job.
The high-earning investment
The following example of a common cryptocurrency scam is the high-risk investment.
In this scam, a scammer will invite you to put your money into an investment scheme for the chance to win big.
This type of scam depends on you bringing more people into the fold, so that the scammer can earn a tidy profit.
In case you weren’t already skeptical about ads that promise you a significant financial return for a small investment, you should be now.
Mobile app
While it might not seem feasible that scammers would go through the effort of creating a fake mobile app to trick people into giving them money, there are few lengths they wouldn’t go to.
Yes, even while looking for apps that can help you learn more about investment and where to put your funds, you could unknowingly fall prey to a scam.
In fact, there are reportedly thousands of smartphone users who have fallen for these fake cryptocurrency apps, so always check the legitimacy of the app you are downloading by searching for reviews and checking the spelling etc.
Fake website
The fake website is another common type of cryptocurrency scam, and the trouble is it’s very easy to click on one wrong link or follow a social media post and be taken to one such site.
These fake websites will often try to imitate reputable company’s websites, though there is one way you can tell for sure whether they are for real. Look out for the lock symbol on the left of the URL bar, and if it isn’t there, leave the website straight away.
Social media scam
Social media offers us many new ways to communicate with one another and stay abreast of current affairs.
Unfortunately, though, it’s incredibly easy to set up an anonymous account and that opens the doors for scammers.
In general, when you’re on social media, be cautious of cryptocurrency giveaways or offers.
Email scam
Scam emails have been around since the internet first came to be.
The way scammers try to trick you out of your cryptocurrency is by sending you an email that looks like it could have been written by a legitimate cryptocurrency company.
The number one rule with emails is never to click on links, unless you are 100% sure it is safe. Even then, it might be better to head to google and type in the web address yourself just to be sure.
When it comes to cryptocurrency, you probably shouldn’t relinquish any of it as a result of something someone has said to you in an email.
If the offer seems to be legitimate, and it’s from a company you know and trust, then visit their website to see if the content of the email is true.
Check out what is cryptocurrency for dummies here on Superprof.
DeFi scam
The DeFi scam is a relatively new type of scam to plague the cryptocurrency markets, and it refers to decentralized finance platforms.
A DeFi platform is one that aims to streamline the trading process by removing the middle man or the gatekeeper of transactions. However, this new innovation has led to the creation of new scams.
When a contract that has funds locked in for a set period of time expires or spills over a threshold limit, that’s when the scammers strike and attempt to steal Bitcoin.
There was a famous example of a DeFi scam back in December 2020, in which a group of developers made off with $750,000 worth of cryptocurrencies.
Social engineering
An unfortunate Bitcoin trader scam that also affects other cryptocurrencies, is what is known as a social engineering scam.
The social engineering scam encompasses a wide variety of techniques such as phishing, in order to extract personal information from cryptocurrency owners.
The goal of many social engineering scams is to end up with the private keys that allow them access to a customer’s cryptocurrency wallet. One approach could be to send an email bluntly asking for the private key information, under the guise of one of the legitimate cryptocurrency companies.
Another method is to send out what are known as Bitcoin blackmail emails in which the hackers hold some power over the customer by claiming to have their search history and threatening to release it to the public.
To deal with social engineering scams like these, your best bet is to steer clear of any hyperlinks you see on social media or websites regarding cryptocurrency.
Tech Support
The tech support scam involves a group of scammers impersonating customer support companies, such as Coinbase, in an attempt to extract personal data from cryptocurrency owners.
As you might imagine, the scammers will make sure that their fake customer support company’s phone number or contact details are widely dispersed on the internet and social media to lure people in.
Using social engineering tactics like deception, the scammers will do their best to get information out of the unsuspecting victims.
To avoid falling prey to this scam, know that it’s rare for customer support to reach out to you. Plus, if you genuinely do need assistance with your cryptocurrency wallet or funds, then you should find the customer support page on the company’s website rather than relying on social media.
Of course, you also shouldn’t ever provide personal information such as the private keys of your cryptocurrency wallet to anyone. It would be like giving out your bank account number and PIN code to someone you don’t know on the internet.
Extortion
It isn’t uncommon to find yourself on the end of an extortion scam when it comes to cryptocurrency.
This social engineering scam preys upon people’s fear of the internet and f personal information getting into the public domain.
Scammers will reach out to you and try to convince you that they have one of your passwords that has been ‘leaked’ or they will flat out threaten to release information about your search history or from your phone.
Loader
A loader, or load-up scam is one in which a scammer will offer up a loading service to a cryptocurrency owner.
For example, the scammer will offer to give you some of the proceeds if you hand over your details.
They will then typically use a variety of stolen cards and fake accounts to commit payment fraud, which will put you in hot water and leave them with all of the money.
If you come across any accounts like this as you’re trading with cryptocurrency, it’s a good idea to immediately report them to the trading platform so that they can’t take money from more people.
Phishing
Scammers these days operate through various mediums, so you have to be on your toes at all times if you want to avoid falling into one of their traps.
Gone are the days when the most prevalent form of scam was email phishing. Scammers have diversified their tactics and now target victims across many platforms. With that in mind, here are some of the different types of cryptocurrency scams you might encounter:
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I unfortunately fell victim to a scam, and it turned out to be an incredibly challenging experience. I invested thousands of dollars, could not withdraw money in my account and they kept asking for tax when I attempted to request a payout. Despite my efforts involving the police, I faced significant obstacles. Fortunately, until I reported my case to a Cybercrime Units on their website( Cybertecx net ) and their lead investigator was able to trace and recoup my scammed funds without any upfront fees!
Hi Ryhan,
We’re really sorry to hear about your experience – that sounds incredibly stressful, and no one should have to go through something like that. Thank you for sharing your story and highlighting the importance of staying vigilant online.
If you have any further concerns or tips you’d like to share with our community, feel free to reach out!
Note, there are many fake bitcoin mining/clouding out there. I have been a victim once, but now a certified blockchain consultant, and I know better. The whole plan was so smooth, I could not doubt it. Bitcoin is actually a great investment option, but one thing I discovered over time is that it is not possible to mine Bitcoin, so don’t be deceived. I invested $25000 in a particular website called Eureka Mining Block. I monitored the profit-yielding but was told to open a new blockchain account to receive my payout. A public wallet was imported into the account, and I was made to believe that was my profit. The bitcoin was labelled non-spendable, and it took me 3 years to be able to access it without the knowledge of company. The non-spendable bitcoin is the scam out there now, and a lot of people are falling victim to it. I found Jones (a recovery expert and trader) on Quora, who helped me access a significant part of my investment, together with the profit, without the knowledge of the company. You can reach him ( boleynmagic (@) hackers (.) com)
Thank you for sharing your experience. It’s unfortunate that so many people fall victim to scams in the cryptocurrency space, and your story is a powerful reminder of the importance of being cautious and doing thorough research before investing. The issue of non-spendable bitcoin is definitely a red flag for many scams. We’re glad to hear you were able to recover part of your investment, and we encourage others to stay vigilant. If anyone is ever uncertain about a platform, it’s always a good idea to consult with trusted professionals in the field.
I never thought I’d be someone who got scammed, but it happened, and I was devastated. I looked everywhere for a solution. What really reassured me was learning that the organization was started by people who had been scammed themselves. They weren’t just another company making promises—they actually knew the struggle firsthand. Their process wasn’t instant, but they were transparent and supportive the entire way. Just searching for them online helped me connect with the right people and start turning things around.
Thank you for sharing your experience—it’s a powerful reminder that crypto scams can happen to anyone, no matter how careful we try to be. We’re glad to hear you found support and a path forward. Stories like yours help raise awareness and let others know they’re not alone, which is a big part of why we publish articles like this. Wishing you continued recovery and peace of mind moving forward.
Note, there are many fake bitcoin mining/clouding out there. I have been a victim once, but now a certified blockchain consultant, and I know better. The whole plan was so smooth, I could not doubt it. Bitcoin is actually a great investment option, but one thing I discovered over time is that it is not possible to mine Bitcoin, so don’t be deceived. I monitored the profit-yielding but was told to open a new blockchain account to receive my payout. A public wallet was imported into the account, and I was made to believe that was my profit. The bitcoin was labelled non-spendable, and it took me 3 years to be able to access it without the knowledge of company. The non-spendable bitcoin is the scam out there now, and a lot of people are falling victim to it. I found Jones (a recovery expert and trader) on Quora, who helped me access a significant part of my investment, together with the profit, without the knowledge of the company.
Hi Alina,
Thanks for sharing your experience—it’s a powerful reminder of how important it is to stay informed and cautious when it comes to online investments, especially in the crypto space. Scams are becoming more sophisticated, and stories like yours can help raise awareness.
I was scammed by a fake trading platform and felt hopeless. Grateful for their help, always double-check who you invest with.
Hi Simone, thank you for sharing your experience — we’re really sorry to hear that you went through this. It’s a strong reminder of how important it is to stay vigilant online and always double-check who you’re dealing with. While we can’t verify external services, we appreciate you raising awareness. Stay safe and informed!
There are many cases of cryptocurrency theft currently on circulation which I also fell victim last week.
We’re really sorry to hear you experienced a crypto theft — that can be incredibly stressful. It’s great that you were able to recover your losses. However, we always advise others to be very careful when seeking recovery services, as unfortunately, scammers often target victims a second time. Verifying legitimacy and using well-known, trusted channels is essential. Stay safe, and thank you for sharing your experience.
CRYPTO SCAM VICTIMS? as a retired combat marine I want to tell you that as what you are doing to is just as important as any warrior on the battlefield. You are waging warfare against this crypto criminal on this digital battlefield. You’re protecting and defending the most vulnerable of our society against this preditopredators.
Thank you for your message. Raising awareness about crypto scams is incredibly important, especially as more people explore digital finance. Protecting vulnerable individuals from fraud is a shared responsibility, and spreading the word can truly make a difference.
Have you gotten your bitcoins stolen from your wallet or invested in a fake investment platform, you are not alone because this happened to me too. I initially lost $45,000 in just three months. I contacted the authorities and they referred me to a recovery company who helped me recover all my funds within 2 days. I’m speaking up to improve awareness of these cryptocurrency thieves and help as much as i can to reduce victims to the minimum.
Hi there,
Thank you for sharing your experience. We’re very sorry to hear that you were a victim of cryptocurrency fraud — it’s an unfortunate reality for many in today’s digital world.
However, for the safety and trust of our community, we ask that you avoid sharing personal contact information or promoting third-party services in the comments section.
If you’ve been affected by cybercrime or online scams, we strongly recommend contacting Action Fraud (the UK’s national reporting centre for fraud) or seeking advice directly from organisations like Citizens Advice or the Financial Conduct Authority (FCA).
Stay safe online,
The Superprof UK Team
After being scammed out of $24,000 by an individual I met online through a fraudulent investment scheme, I sought legal assistance to recover my funds that i lost in crypto.
Hi, we’re really sorry to hear about your experience. Unfortunately, scams involving online investments and crypto are becoming more common, and it’s important to be cautious with any service that claims to recover lost funds—many of them can be scams too.
If you’ve been affected, we strongly recommend reporting the incident to your local authorities and financial institutions. Always do thorough research before trusting recovery services.
Stay safe online!
This scammers have no mercy at all. They made me sell all I have in they name of getting over in return. Everyone should be very careful while dealing with some of this bitcoin investment platform’s. I invested $39,000 last month. It’s my first experience, I thought scam is some joke talk or it’s made for people who are not smart.
Thank you for sharing your experience — we’re truly sorry to hear you went through that. It’s a painful reminder that online scams can affect anyone, no matter how cautious or intelligent they are. However, for the safety of our readers, we advise against promoting third-party services, especially those sharing personal email addresses publicly. If you believe you’ve been a victim of fraud, we strongly recommend contacting official financial institutions or cybercrime authorities in your country. Stay safe, and always double-check investment platforms for legitimacy before engaging.
Thank you for commenting and sharing your story. We’re really sorry to hear you had that experience — investment scams are incredibly damaging and unfortunately becoming more common. However, for the safety of our community, we do not allow the promotion of third-party recovery services or personal contact information in the comments. If you’ve been a victim of a crypto scam, we strongly advise reporting it to your local cybercrime unit or financial regulatory authority. Always be cautious with investments and recovery offers — scammers often pose as helpers too. Stay safe!
A few months ago, I fell for what I thought was a legitimate staking platform. It looked so professional, had fake reviews, and everything seemed real. I transferred a significant amount of ETH into it, only to find out later that it was a complete scam. The site vanished, support stopped replying, and the wallet address I sent my funds to started moving the crypto across multiple chains. I felt completely helpless.
I spent days blaming myself and trying to accept the loss, but part of me wasn’t ready to give up. That’s when someone recommended Asset-Resolute. I didn’t expect much, but I reached out and explained everything. To my surprise, they actually listened and started investigating right away.
They traced my stolen funds through several wallets and gave me a full report of where it had moved. I honestly didn’t understand most of the technical details, but they broke it down clearly and kept me updated throughout the process. After some coordination and effort, they managed to recover a portion of my crypto. I never thought I’d see anything again, so getting anything back felt like a miracle.
Hi, thank you for sharing your experience. We’re really sorry to hear about the scam you went through—that must have been incredibly stressful. It’s encouraging to know you found support and were able to recover some of your funds. For anyone facing similar issues, always approach recovery services with caution, and do thorough research before reaching out. Stay safe online, and thank you again for raising awareness.