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Home » Type of scams » Cryptocurrency Scams

Cryptocurrency Scams

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Table Of Contents

Table Of Contents

Understanding Cryptocurrencies

The Basics of Cryptocurrencies

Cryptocurrencies are decentralized digital assets that use encryption techniques to secure transactions and control the creation of new units.

They operate on a technology called blockchain, which is a digital ledger of all transactions. Bitcoin, Ethereum, and Ripple are examples of popular cryptocurrencies.

Legitimate Cryptocurrency Trading

Legitimate cryptocurrency trading offers potential investment opportunities for those who understand the market and its risks.

However, the high potential returns and the unregulated nature of cryptocurrencies have attracted scammers looking to exploit inexperienced and unsuspecting investors.

Types of Cryptocurrency Scams

Initial Coin Offerings (ICOs) Scams

  • ICOs are crowdfunding events where startups raise capital by selling their own cryptocurrency.
  • Scammers may create fraudulent ICOs to steal investors’ funds.
  • Look for a detailed whitepaper, a strong development team, and a transparent roadmap.

Fake Wallets and Exchanges

  • Wallets and exchanges are platforms where users store, buy, and sell cryptocurrencies.
  • Scammers may create fake wallets or exchanges to steal users’ funds or personal information.
  • Use reputable platforms and double-check URLs to avoid fake websites.

Ponzi and Pyramid Schemes

  • Scammers promise high returns with little to no risk by pooling new investors’ funds to pay earlier investors.
  • Be cautious of schemes that require recruitment of new members to sustain returns.

Pump and Dump Schemes

  • Scammers artificially inflate the price of a cryptocurrency and then sell it at a profit, causing the price to plummet.
  • Be wary of social media groups or influencers promoting a specific cryptocurrency without disclosing their holdings.

Phishing Scams

  • Scammers use fake emails or websites to trick users into revealing their private keys or login credentials.
  • Always double-check the sender’s email address and never click on suspicious links.

Protecting Yourself from Crypto Scams

Educate Yourself

  • Learn about cryptocurrencies, blockchain technology, and the risks involved in trading.
  • Understand the specific cryptocurrency you plan to invest in.

Be Skeptical

  • Question unrealistic promises and too-good-to-be-true offers.
  • Research the team behind a project and read reviews from other investors.

Secure Your Cryptocurrency

  • Use a reputable wallet or exchange with strong security features.
  • Enable two-factor authentication (2FA) and never share your private keys.

Chargebacks for Lost Funds in Crypto Scams

Unfortunately, chargebacks are often not possible for lost funds in cryptocurrency scams, as transactions on the blockchain are irreversible.

However, if you’ve fallen victim to a scam involving credit/debit card payments or wire transfers for purchasing cryptocurrencies, you may be able to pursue a chargeback.

In such cases, seek the help of professionals like MyChargeback, who specialize in complex transaction disputes and have helped recover millions of dollars for victims of various financial scams.

They can help you build a strong case to improve your chances of a successful chargeback.


Cryptocurrency scams are an unfortunate reality in the world of digital assets. By understanding the different types of scams and how to protect yourself, you can minimize the risk of falling victim to these schemes.

Educate yourself about cryptocurrencies, be skeptical of unrealistic promises, and secure your digital assets to safely navigate the crypto landscape.


What are some common types of cryptocurrency scams?

Common types of cryptocurrency scams include fraudulent ICOs, fake wallets and exchanges, Ponzi and pyramid schemes, pump and dump schemes, and phishing scams.

How can I protect myself from cryptocurrency scams?

To protect yourself from cryptocurrency scams, educate yourself about the market, be skeptical of unrealistic promises, use reputable wallets and exchanges, enable two-factor authentication, and never share your private keys.

Can I get my money back if I fall victim to a cryptocurrency scam?

Recovering lost funds in cryptocurrency scams can be challenging, as transactions on the blockchain are irreversible.

However, if you made a payment using a credit/debit card or wire transfer for purchasing cryptocurrencies, you might be able to pursue a chargeback.

What are some red flags to look out for in a potential cryptocurrency scam?

Red flags include unrealistic promises, high-pressure sales tactics, lack of transparency, inexperienced or anonymous teams behind projects, and aggressive promotional campaigns without proper disclosure.

Are all cryptocurrencies scams?

No, not all cryptocurrencies are scams. Many legitimate projects have emerged in the market with real-world use cases and strong development teams.

However, due to the potential for high returns and the unregulated nature of cryptocurrencies, scammers often target this space, so it’s crucial to exercise caution and conduct thorough research before investing.

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  1. I need to know very quickly if Blockchain.com is valid platform. Thanks

    • Hello you can consult the review of the blockchain.com site here https://scamrecovery.net/trading/blockchain-com/

      Blockchain.com has been blacklisted by the Luxembourg Financial Sector Surveillance Commission (CSSF).

      Best Regards

  2. Brennan Rylance and Nancy Masisi Phillimon

  3. I get invoice but difficult to get my profit

  4. Could you tell me if https://platinum-markets.com/ is a legal broker/platform? I think I’ve got scammed. An amount should have been transferred by them on the 10th of July from my account to my crypto.com but I never received it. I still see it in my account with description Zeroing $- and then the amount, but it’s like stuck in their system. If I ask them about it, they say it’s submitted by blockchain to investigate “money laundering”, which obviously I’m not in to that. After this particullary email, they stopped replying any email I sent. Love to hear what you think and if you have had complaints about this platform from other victim.

  5. I am scammed by NOAH platform through crypto currency trading.
    After making a profit over ATMOS platform they have locked account and asked for 20% commission payment.
    After making 20% commission again they’re asking for taxes of 15%.
    With out paying taxes they are not opening my ATMOS account to withdraw USDT from there.
    I am allready paid 1100000 INR to them and they didn’t give me the chance of withdrawal my USDT.
    I am very much help less also in deep sarrow can’t explain my situation right now.
    Please do something for me that I can survive with my family.

  6. Is Sbtstategy.online regulated going through same withdrawal issues paid different fees received a watch only Wallet address now I need to pay funds for a private key

  7. HI

  8. Hi, I need to know about a specific Trading Platform that I’m working with as I’m trying to get a big withdrawal done and I’m being asked for a commission payment first. The Platform is https://fintechplatform.pro/ Please help me figure out if this firm is legit???

    • Hello,

      Fintech Platform is an unregulated offshore broker. The Alberta Securities Commission (ASC) in Canada has issued a warning against Fintechplatform.pro, you can find us review about this broker at : https://scamrecovery.net/trading/fintechplatform/

  9. I have tried to speak with your bot but asking ?s I can’t answer a ND not answering some of mine.would like to speak to human if possible.im in ireland

  10. i was scammed by swisscoin, one coin, trade coin club,and other. how can i get my money back. please help

  11. Have had exactly what has happened with others. Will close account will cost me extra to get funds back

  12. If you manage to get a scam amount back what percentage do you charge?

  13. bc1qqrmc90727y6mu5t7z559x2c7k3hm38h3ngxphe i lost on this platform my money i had done payment of 1,96,000

  14. Same thing is happening to me at moment, to withdraw funds ,every step i take meets with a frozen account and to release it a fee is asked for.

  15. I joined the business on Friday 31 December 2021. After only two weeks, the whole data went offline. I shall be grateful to recover my money back.

  16. Wow, that is what is happening to me. Everytime they promise I only had to pay one more fee and that I would get my money only not to receive it. I have been going through this for several years. I have had enough. I just want the money they promised me or a full refund of what I have given them…

  17. hi i lost my funds thinking i was going to be trading with a forex broker where they said i had to pay by crypto.

  18. Scam with me sir
    I lost my money
    This address i lost money

  19. I was scammed out of 21 thousands pounds in total by BITTRUST. Net, April 22, method of payment was threw my luno wattet account on the promise I pay the fees I was going to receive my funds thus never happened