Crypto scams to avoid: 9 tricks and how to spot each one
Most crypto scams don't break anything. They ask nicely. Once you know the 9 scripts they use, the asks get easy to spot, and a few habits shut nearly all of them out.
Why crypto attracts scams
Crypto payments are fast, final and hard to trace back. Once coins leave your wallet, there's usually no bank to call and no "undo" button.
That's why scammers love it. The FBI's Internet Crime Complaint Center counted about $9.3 billion in reported crypto-related fraud losses in the US in 2024. And that's only what people reported.
Here's the good news. Almost every scam needs you to do one of three things:
- Send coins somewhere.
- Share your seed phrase or login.
- Sign something with your wallet.
Guard those three, and you've shut most doors.
1. Fake customer support
You post a question online. Within minutes, "support" sends you a direct message. They're friendly. They want to "verify your wallet".
The tell: real support never DMs you first, and never asks for your seed phrase (the secret words that control a wallet). Nobody real ever needs it. Not support, not a developer, not a "wallet validator".
The fix: only contact support through the official app or website you typed in yourself.
2. Wallet drainers and fake "claims"
A link promises a free airdrop, a "mint" or a refund. You connect your wallet and click approve.
What you actually signed was permission to move your tokens. A script empties the wallet a few seconds later.
The tell: a site you reached from a DM, ad or reply, asking you to connect and sign quickly.
The fix: read every wallet pop-up. If it says "approve", "permit" or "set approval for all", stop. Our guide to crypto airdrops covers the fake-claim version in detail.
3. Fake apps and look-alike sites
Scammers copy real exchange and wallet websites, down to the logo. Some even buy search ads so the fake shows up above the real one.
The tell: a web address that's one letter off, or an app with few downloads and a slightly wrong name.
The fix: bookmark the real sites once. Use only the bookmark. Download apps only through links on the official site. See how to buy crypto safely.
4. "Pig butchering" (the long con)
It starts with a wrong-number text or a friendly match on a dating app. Weeks of chat. Then they mention how well they do with crypto, and offer to show you their platform.
The platform shows your balance growing. You add more. When you try to withdraw, there's a "tax" or "fee" first. The money never comes out, because the platform was fake from day one.
The tell: a new online friend who steers the chat to investing, and a platform you can't find in any official list.
The fix: never invest through a site or app a stranger sent you. Real platforms are ones you can look up and check yourself.
5. Giveaway and "doubling" scams
"Send 1 ETH, get 2 back." Often with a fake video of a famous founder or a fake verified account.
The tell: anything that asks you to send coins first to receive more.
The fix: there are no exceptions. Real giveaways never ask you to send money.
6. Guaranteed-return bots and "AI trading"
A slick site promises a trading bot or "AI system" that earns a fixed amount a day.
The tell: guaranteed returns. No real market offers them. The CFTC has warned that AI can't turn trading bots into money machines. More in our guide to AI trading scams.
The fix: "guaranteed" plus "crypto" equals walk away.
7. Pump groups, rug pulls and fake tokens
A chat group says a coin is "about to moon". The organisers bought first. Your buying is their exit. That's a Pump and dump.
Related: brand-new tokens whose creators pull the money out (a Rug pull), and fake tokens with the same name as a real one.
The fix: run our rug pull checks, and always copy contract addresses from the project's official site.
8. Address poisoning
A scammer sends you a tiny, worthless transaction from an address that looks almost like one you use. Same first and last few characters.
Later you copy "your" address from your history. It's theirs.
The tell: odd tiny transfers you didn't expect.
The fix: save trusted addresses in your wallet's address book. Check the whole address, not just the ends. Send a small test first.
9. Recovery scams
After a loss, someone offers to "trace and recover" your coins for an upfront fee. Some pose as lawyers or even as government agents.
The tell: they found you, and they want money first.
The fix: report to the FBI's IC3 and the FTC yourself. Government agencies don't charge to take a report.
Spot the pattern
| Scam | What they want | Your rule |
|---|---|---|
| Fake support | Seed phrase | Nobody gets it. Ever. |
| Drainers, fake claims | A signature | Read every pop-up |
| Fake apps and sites | Your login | Bookmarks only |
| Pig butchering | Deposits | No platforms from strangers |
| Giveaways | Coins sent first | Never send to receive |
| "Guaranteed" bots | Deposits | No guarantees exist |
| Pump groups, fake tokens | Your buy order | Check the contract address |
| Address poisoning | A mis-sent transfer | Address book + test send |
| Recovery scams | An upfront fee | Report it yourself, free |
A 5-minute safety routine
- Turn on app-based two-factor login on every exchange and email account.
- Write your seed phrase on paper, store it offline, and never type it into a website.
- Keep most of your crypto off exchanges in a wallet you control, ideally a hardware wallet. See self-custody vs exchange.
- Use a separate "hot" wallet with only small amounts for trying new apps.
- Withdraw only to your own saved addresses. Many exchanges let you lock withdrawals to an allow-list.
- Slow down. Urgency is the scammer's best tool. A real deal is still there tomorrow.
The one rule: if someone you didn't contact first is talking about your crypto, assume it's a scam until you've proven otherwise.
For official warnings and how to report, see Investor.gov and the CFTC.
Questions
What are the most common crypto scams?
Fake customer support, wallet drainers disguised as airdrops or claims, fake apps and websites, long-con investment scams that start as a friendly chat, giveaways that ask you to send coins first, guaranteed-return bots, pump groups and fake tokens, address poisoning and recovery scams.
Can you get scammed crypto back?
It's usually very hard, because crypto transfers are final. Report it to the FBI's IC3 and the FTC, and to the exchange involved, quickly. Be very wary of anyone who offers to recover it for an upfront fee.
Will a real exchange ever ask for my seed phrase?
No. No real exchange, wallet company or support agent will ever ask for your seed phrase. Anyone who asks is trying to take your crypto.
How do I know if a crypto site is fake?
Check the web address letter by letter, use a bookmark you saved yourself, and be suspicious of any site you reached from a message, ad or reply. If it asks you to connect your wallet and sign quickly, stop.
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