Common crypto scams include phishing, fake customer support, fake giveaways and celebrity endorsements, fake tokens, pig-butchering, guaranteed-return schemes, and SIM-swap attacks.
This guide shows how each works and how to avoid it. BTSE helps protect users in two ways: education, like this guide, and BTSE Verify, a free tool that checks if a website, email, or account is really BTSE.
What is a phishing scam?
A phishing scam tricks you into handing over your login details, seed phrase, or private keys by pretending to be a trusted site or message.
Scammers build fake websites that look almost identical to the real one, and then send links by email, text, social media, or inserting them into search results. When you enter your details, they use them to access your account and move your funds. Crypto transfers can’t be reversed, so a stolen login credential can lead to permanent losses.
The warning sign to watch for is a web address that looks slightly off. Look for swapped characters (a “1” for an “l”), extra words or an unusual ending, and spelling mistakes on the page.
What to do: don’t click links in unexpected messages. Type in the address yourself, or check it first with BTSE Verify. Turn on 2FA so a stolen password alone isn’t enough to move funds.
What is a fake customer-support scam?
A fake customer-support scam is when someone pretends to be exchange support to get your credentials or funds.
They may message you first on social media, Telegram, or email, or reply to a public complaint you posted. A typical message says your account is at risk and asks you to verify credentials, share a code, or move funds to a “safe” wallet. Once you comply, they can take control of your account or your crypto.
The warning sign would be any support conversation that you didn’t initiate. Real support team members never message you first and never ask for your password, 2FA code, seed phrase, or private keys. They would also never ask you to send crypto anywhere.
What to do: stop replying, don’t click anything, and check the sender with the BTSE Verify tool. Then contact support through the official channel on the Support Center, which has a contact page.
What are fake giveaway and celebrity-endorsement scams?
These scams may use a famous name to make an offer look trustworthy. In such a situation, a fake account, hacked profile, or edited video of a well-known person promises to double any crypto you send, or promotes an “exclusive” investment. You can send funds to the address shown, and nothing comes back. Scammers also copy real profile photos and names, and sometimes buy ads, so the account can look convincing at first glance.
The warning sign is any promise to multiply what you send. No legitimate giveaway needs you to pay first. Be wary of endorsements pushing urgency, and treat celebrity backing as a red flag, not proof.
What to do: don’t send anything. Check the account with BTSE Verify if it claims to be BTSE, and go to the person or company’s official site to confirm the offer.
What are fake ICO and fake token scams?
A fake ICO or token scam sells a coin that has no real project behind it. In this situation, scammers build a professional-looking website, white paper and social presence, collect your money during the “launch”, then disappear.
A related scheme is the pump and dump: promoters hype a token to push the price up, then sell their holdings, and the price collapses on late buyers.
The warning sign is hype without substance. Look for an anonymous team, a vague or poorly written whitepaper, pressure to buy quickly, and price talk instead of what the project actually does.
What to do: research the team, white paper, and roadmap before buying, and confirm the project through independent sources. If you can’t explain what it does in simple terms, pause before putting money in.
What is a pig-butchering (romance investment) scam?
A pig-butchering scam is a long con that mixes a fake relationship with a fake investment.
The scammer contacts you through a wrong-number text, dating app, or social media, then spends days or weeks building trust. Once you are comfortable, they mention a crypto platform that has made them money and invite you to try it. The platform is fake, and the gains you see are made up. You are encouraged to deposit more, and when you try to withdraw, you are asked to pay “fees” or “taxes” first.
The warning sign is a new contact who steers the conversation toward investing. Any platform that blocks withdrawals or asks for upfront payments to release your money is a red flag.
What to do: stop sending money, keep screenshots, and don’t pay any “release fee”. Report the contact to the platform it used.
What are guaranteed-return and arbitrage scams?
Guaranteed-return scams promise fixed, high profits with little or no risk.
They often take the form of a Ponzi or pyramid scheme, where early investors are paid with money from newer ones until the supply of new money dries up and the scheme collapses. Some may use the name of a real strategy, such as arbitrage, to sound credible. Arbitrage itself is a legitimate trading method, but “guaranteed arbitrage profit” offers are a common cover for fraud.
The warning sign is any promise of guaranteed profit, because no legitimate investment can guarantee one. Pressure to deposit quickly or recruit others is another.
What to do: walk away from any guaranteed return, and read our guide on the risks of crypto arbitrage before acting on an arbitrage offer.
What is a SIM-swap attack?
A SIM-swap attack is when a scammer convinces your mobile carrier to move your phone number to a SIM card they control.
They gather personal details about you, often from data leaks or social media, and pose as you. Once they hold your number, they can receive your text messages, including password resets and SMS verification codes, and use them to break into accounts that rely on your phone number.
The warning sign is your phone suddenly losing signal for no reason, followed by alerts about logins or password resets you didn’t request.
What to do: where an account offers it, use an authenticator app for 2FA instead of SMS, because codes in an app don’t travel through your phone number. Add a PIN to your mobile carrier account, and contact the carrier immediately if your signal drops unexpectedly.
How do I protect myself from crypto scams?
- Check the website address every time. Type it yourself or use a bookmark. Look for swapped characters, extra words and spelling mistakes. If you’re unsure, check it with the BTSE Verify tool.
- Never share your private keys, seed phrase or 2FA codes. No legitimate company, including exchange support, needs them.
- Turn on 2FA. Use an authenticator app where available. Our 2FA guide shows how.
- Ignore unsolicited calls, DMs and emails about crypto. Reputable platforms contact you through official channels. Check any sender claiming to be BTSE with the BTSE Verify tool.
- Treat guaranteed returns as a red flag. No investment can guarantee a profit.
- Don’t rush. Countdown timers, “limited bonuses” and pressure to deposit now are common tactics. Take time to research.
- Check social accounts and ads before trusting them. Look for signs the profile is genuine, and use the BTSE Verify tool for accounts claiming to be BTSE.
- Use platforms licensed to operate where you live. Look for licensing information on the platform’s official site.
What should I do if I think I’ve been scammed?
- Stop all contact. Don’t reply, send more money, or pay any “fee” to release your funds. Save screenshots, wallet addresses, and transaction IDs.
- Secure your accounts. Change the passwords for your exchange and email accounts, and for any account that shares the same password. Check that your 2FA is still set up as you left it, and use an authenticator app if you can.
- Report it. If a BTSE account or the BTSE name was involved, contact BTSE through the Support Center. Also report it to the platform where it happened and to your local authorities. Crypto transfers can’t be reversed, so act quickly.
