How to spot crypto scams
Crypto payments cannot usually be reversed, so scammers love it. Learning the patterns is the best protection.
- Anyone who promises guaranteed returns, or asks for your seed phrase, is a scammer.
- Crypto transfers are generally irreversible. Prevention matters far more than recovery.
- If it creates urgency or comes to you unexpectedly, slow down and verify through an official channel.
The rule that covers most scams
Real exchanges, wallets and projects will never ask for your seed phrase, your password or a code from your authenticator. Nobody legitimate “sends one, returns two”. Nobody legitimate guarantees profit.
Common scam types
Fake giveaways and impersonation
An account that looks like a celebrity or company says “send 1 coin and get 2 back”. You get nothing. Check the account’s actual handle and history.
Investment and romance scams
Someone you only know online builds trust over weeks, then introduces a “platform” showing big profits. You can deposit but never withdraw. Be wary of anyone who contacts you out of the blue about investing.
Phishing and fake websites
An email, ad or message links to a copy of an exchange or wallet site to steal your login. Type the address yourself or use your saved bookmark.
Wallet drainers and malicious approvals
A site asks you to connect your wallet and sign something. A malicious signature can give the site permission to move your tokens. Read what you sign and revoke approvals you do not recognise.
Rug pulls and pump-and-dump
A project is hyped, buyers pile in, then the creators sell and disappear, or a group sells into the buying it caused. New tokens with anonymous teams are highest risk.
Fake support and recovery scams
Someone replies to your public post offering help, or claims they can recover lost crypto for a fee. Real support does not DM you first, and recovery fees are another scam.
Red-flag checklist
- Guaranteed or unusually high returns.
- Urgency, countdowns, “limited spots”.
- Requests for your seed phrase, private key or remote access to your device.
- Pressure to move the conversation to a private chat.
- A website address that is slightly different from the real one.
- You must pay a fee or tax before you can withdraw.
If you think you have been scammed
- Stop sending money, however convincing the explanation.
- Move any remaining funds to a new wallet with a new seed phrase if a wallet may be compromised.
- Contact your exchange immediately if funds left from it.
- Report it to your local police and your country’s consumer or financial regulator.
- Ignore anyone offering to recover the funds for a fee.
Common mistakes
- Sharing a seed phrase “to get help”.
- Clicking links from ads or direct messages.
- Trusting screenshots of profits.
- Investing in something you cannot explain.
A one-page checklist you can follow before you send any money.