Crypto scams

Most schemes fall into a few families. Investment frauds promise high, steady returns and include Ponzi schemes, fake exchanges and pig butchering. Theft schemes go after keys and approvals through phishing pages, wallet drainers, fake apps and impersonated support staff. Market schemes such as rug pulls and pump and dumps exploit token buyers, and recovery scams target people who have already lost money.

Crypto is attractive to fraudsters because transfers are fast, global and hard to reverse, and because newcomers often do not know what a legitimate platform or wallet request looks like. Many scams start outside crypto entirely, on dating apps, messaging groups, job sites or social media ads using celebrity images, and only ask for crypto once trust is established.

The warning signs repeat across types: guaranteed or unusually high returns, urgency, requests for a seed phrase or remote access, unsolicited contact and fees that must be paid before a withdrawal. Reporting to the platform and the police quickly can help freeze funds, but most losses are not recovered.