Most crypto losses don’t come from hacked blockchains — they come from people being tricked into sending funds, revealing their seed phrase or signing a malicious transaction. Because crypto transfers are irreversible, scammers love it. The good news: almost every scam relies on a handful of recognizable tactics. Learn them once and you’ll spot them everywhere.
Key takeaways
- Anyone promising guaranteed or fixed high returns is almost certainly a scammer.
- Never share your seed phrase or let anyone «remotely help» with your wallet.
- Urgency, secrecy and unsolicited contact are the three biggest red flags.
- Read every wallet signature request before approving it.
The 15 most common crypto scams
1. Fake giveaways
«Send 1 ETH and get 2 back!» — often using deepfake videos or hacked accounts of celebrities. No one doubles your crypto. Ever.
2. Phishing websites
Look-alike sites for exchanges or wallets, promoted via search ads, emails or DMs. They steal logins or seed phrases. Always use bookmarks for important sites.
3. «Pig butchering» (romance and friendship investment scams)
A friendly stranger — often from a «wrong number» text, dating app or social media — builds trust over weeks, then introduces a «can’t-lose» trading platform. Early withdrawals may work to build confidence. Later, your balance is frozen until you pay «taxes» or «fees». The platform is fake.
4. Fake support agents
Complain publicly about an exchange and «support» accounts appear in your replies or DMs. Real support never contacts you first through social media and never asks for your seed phrase or remote access.
5. Wallet drainers and malicious approvals
Connecting your wallet to a malicious site and signing a request can give it permission to move your tokens. Look out for unexpected «approve», «permit» or «set approval for all» requests.
6. Fake airdrops and tokens
Random tokens appear in your wallet with a website link to «claim» more. Interacting with that site can drain your wallet. Ignore unknown tokens.
7. Rug pulls
Developers launch a hyped token, attract buyers, then withdraw the liquidity or dump their supply, leaving holders with worthless tokens.
8. Pump-and-dump groups
Telegram or Discord groups coordinate buying a small coin, then organizers sell to latecomers at the top.
9. Ponzi and «fixed yield» schemes
Platforms promising a fixed daily or monthly return, paid from new investors’ deposits. They collapse when new money slows.
10. Fake mobile apps and browser extensions
Copies of popular wallets in app stores or extension marketplaces. Install only from links on the official website.
11. Recovery scams
After you’ve been scammed, «recovery experts» promise to get your money back — for an upfront fee. They’re scammers too.
12. Address poisoning
Attackers send tiny transactions from addresses that look similar to ones you use, hoping you’ll copy the wrong address from your history. Always verify the full address.
13. SIM swapping
Criminals convince your mobile carrier to move your number to their SIM, then reset accounts protected by SMS codes. Use authenticator apps or security keys, and ask your carrier about port-out protection.
14. Fake job offers and «task» scams
You’re «hired» to complete simple online tasks, but must deposit crypto to unlock earnings. The earnings never come.
15. Clipboard malware
Malware silently replaces a copied crypto address with the attacker’s. Check addresses after pasting, especially the first and last characters — and the middle.
Red flags checklist
- Guaranteed, fixed or «risk-free» returns.
- Pressure to act fast («only today», «limited spots»).
- Someone you met online steering you to a specific platform.
- Requests for your seed phrase, private key or remote access.
- Withdrawals blocked until you pay «taxes», «unlock fees» or «verification deposits».
- Payment requests via crypto ATM, gift cards or to a personal wallet.
- Websites with slightly misspelled domain names.
How to protect yourself
- Use a separate hot wallet with small balances for connecting to new apps; keep savings in cold storage.
- Follow the 12 seed phrase rules.
- Enable app-based 2FA everywhere; avoid SMS 2FA when possible.
- Periodically review and revoke token approvals you no longer need.
- If something sounds too good to be true, step away and research it independently.
What to do if you’ve been scammed
- Stop sending money. Don’t pay any «release» or «recovery» fees.
- Secure what’s left: move remaining funds to a new wallet with a new seed phrase.
- Collect evidence: transaction IDs, addresses, screenshots, usernames and websites.
- Report it to your local police and national fraud reporting authority, and to the exchange involved — exchanges can sometimes freeze stolen funds that arrive on their platform.
Frequently asked questions
Can scammed crypto be recovered?
Sometimes, if funds reach a regulated exchange that can freeze them, or law enforcement intervenes. In most cases, though, recovery is difficult — prevention is your best defense.
How do I check if a crypto platform is legitimate?
Check whether it’s registered with your country’s financial regulator, search for independent reviews and warnings, verify the official domain, and be wary of anything you were introduced to by a stranger.
Start with the fundamentals: how to buy cryptocurrency safely.
