Cryptocurrency markets have experienced a resurgence after the presidential election, with coins like bitcoin, ethereum and dogecoin leading the charge. The price of a single bitcoin, for example, recently eclipsed $100,000 for the first time.
Experts attribute this trend to several factors, including President-elect Donald Trump’s favorable comments about cryptocurrency on the campaign trail, renewed interest from retail investors and increased institutional adoption.
Crypto is notoriously volatile. The digital assets’ value can swing wildly in a matter of days or hours, making them both a thrilling and high-risk investment. But there’s another dangerous side of the crypto boom: the resurgence of crypto scams.
Crypto presents a golden opportunity for scammers. The crypto market is mostly unregulated and once a transaction is made, it’s nearly impossible to reverse it. That means if a scammer takes off with your crypto, there’s little you can do to get your money back.
If you’re actively investing in crypto or keeping an eye on digital currencies, make sure you know how to spot these get-rich-quick schemes and other ploys.
Top cryptocurrency scams to watch out for
The potential high payoff of crypto attracts droves of scammers. In 2023, crypto scams cost victims $5.6 billion, according to the FBI. These are some examples of common crypto scams.
Phishing attempts
A phishing scam tries to get you to reveal sensitive personal or financial information by sending you a fraudulent email, text or phone call.
Crypto phishing scams take on many forms. For example, it’s common for bad actors to impersonate legitimate exchanges to try to trick you into sharing your private key — a unique passcode that lets you access your crypto — by prompting you to click an embedded link in a text or email.
Other examples of phishing attempts related to crypto, according to the FTC, include:
- Celebrities contacting you with a cryptocurrency opportunity. This occurs on social media, but an actual celebrity is unlikely to contact you with a business or investment opportunity.
- An investment manager offers to handle your portfolio. They promise to grow your money, but only if you transfer crypto to them first.
- A new or established company enters the crypto space. You may be contacted by a scammer claiming that a company has dived into crypto and is offering a new coin or token. If this is true, it would be widely reported by the media.
Social engineering
Scammers can also build deep connections with you and then try to manipulate your emotions to compel you to make a rash decision, such as going all in on a new type of crypto.
“In a bull market, scammers lean into human greed, promising high returns and exploiting the fear of missing out. In a bear market, they play on fears that cryptoassets are at risk,” said Nick Percoco, chief security officer at cryptocurrency exchange Kraken.
Percoco added that investors should be wary of high-pressure tactics. “Scammers know that if you ultimately do nothing, they lose. Take your time and research opportunities carefully.”
Rug pulls and fake tokens
Developers often create new tokens designed to look like legitimate crypto coins to attract investors into purchasing cryptocurrency. Once a purchase is made, the fraudster takes your money and vanishes, leaving you with nothing except a counterfeit token.
Many times this scam happens when bad actors encourage investors to act fast to get in on a new crypto project before the price skyrockets. If you’re not sure if a token is legitimate, be sure to research the asset, its website, the project’s founders and the digital coin’s transaction activity. If no website exists or the project’s creators are anonymous, it could signal high risk.
Bitcoin ATM scams
In this scam, a cybercriminal tries to trap you by posing as law enforcement or a financial institution. The scammer might tell you that you need to pay a fine or that a bill is past due. To avoid legal action, the scammer instructs you to use a bitcoin ATM to send them funds.
Legitimate entities will never ask for payments via bitcoin ATMs. You should ignore such requests entirely.
What if I fall for a cryptocurrency scam?
If you fall for a cryptocurrency scam, it’s unlikely that you’ll get your money back. Part of what makes these swindles attractive to cybercriminals is that cryptocurrency transactions are irreversible. Money is also hard to track after it’s sent because scammers can transfer it to any part of the world.
“Investors should exercise caution and conduct thorough research before engaging with any cryptocurrency platform or investment opportunity,” Jacqueline Cooper, CEO of the Blockchain Legal Institute, said.
However, you should still report the scam to help catch the hacker and help others avoid the same fate. To report a cryptocurrency scam contact:
- the FBI at www.ic3.gov.
- the FTC at ReportFraud.ftc.gov
- your local attorney general’s office.
- If applicable, the legitimate crypto exchange company that you used to send funds.
Though most scams aim to steal cryptocurrency, they can also compromise your personal information. Social engineering tactics often extract sensitive details, which can lead to identity theft and broader financial fraud.
Consider freezing your credit for free with Experian, TransUnion and Equifax to keep fraudsters from opening new lines of credit in your name.
Education is your best defense against crypto scams
If you choose to invest in crypto, you should only use verified cryptocurrency exchanges. Experts suggest only investing what you’re comfortable losing.
Never click on any links sent to you via email, text message or on social media and don’t give away your personal identifiable information on a whim. If something feels off and you’re being pressured to make a quick decision, consider that a red flag. Always take your time when making any financial decisions.
By staying informed, verifying platforms and protecting your personal information, you can confidently thwart crypto scams and navigate the crypto world while minimizing risks.
More advice on fraud prevention
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