How to recognise and prevent crypto scams?

Unfortunately, crypto scams are common. We regularly hear from people who have been scammed, often out of large sums, and even experienced crypto users sometimes fall for them. On this page we use real examples to show you which scams exist and how to recognise them.

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Already been scammed, or not sure? Read the section ‘Scammed? Here is what to do now’ at the bottom of this page first.

Last updated: 23 October 2026

Spot a scam in 10 seconds

See any of these warning signs? Then you are almost certainly dealing with a scammer:

• Someone asks for your 12 or 24 recovery words (recovery seed phrase). No legitimate company will ever ask for them.
• You have to act fast, or you will ‘lose your crypto’ or ‘your account will be blocked’.
• You are promised guaranteed or unusually high returns.
• ‘Send crypto to this address and you will get double back.’
• Someone wants to look at your screen or asks you to install an app such as AnyDesk or TeamViewer.
• You first have to pay ‘fees’, ‘tax’ or a ‘release amount’ before you can withdraw your money.
• You are contacted out of the blue by ‘the helpdesk’ of your bank, exchange or wallet, by phone, email or WhatsApp.
• Your new hardware wallet is already set up, or it comes with a note containing recovery words.

If so, stop, end the contact and get in touch with the company yourself through its official website or app.

The golden rules

Short on time? Following these rules already makes you a lot safer. Then take a look at the examples further down, so you recognise the scams when you come across them.

1. Never share your recovery phrase. Your recovery seed phrase (12 or 24 words) is the key to all your crypto. Never share it with anyone, not even someone who says they want to help you or who claims to represent a company. Never type your recovery words into your phone or computer, do not take a photo of them and do not save them in a notes app. Keep them offline on paper or, even better, on a metal backup such as the SOLIDHODL. Also read: how do you protect your recovery seed phrase?
2. A hardware wallet is never set up in advance. Does your new hardware wallet come with a note containing recovery words or a PIN? Then it is 100% a scam. Do not use this wallet!
3. Only buy from an official reseller. Buy your hardware wallet from the manufacturer itself or from an official reseller, not through marketplaces or unknown webshops.
4. Do not click links in messages. Received an email, text, WhatsApp message or phone call from a crypto company? Go to the official website or app yourself and check there whether it is genuine.
5. Be alert in online communities. If you ask a question in a Telegram or Discord group, you will often get a private message straight away from an ‘admin’ or ‘support’. Real admins never message you privately first. It is almost always a scammer.
6. Too good to be true? Then it probably is.
7. Be extra careful when there is news. Scammers take advantage of current events. When there is news about a wallet or exchange, fake messages in that company’s name often follow. A recent example is the news about tampered Ledger devices.
8. Check the licence. Want to buy or store crypto through a platform? Check whether it is authorised: in the EU via the ESMA MiCA register, in the UK via the FCA register.

Below you can read, for each type of scam, how it works and how to recognise it:

1. Pre-configured or tampered hardware wallets
2. Emails and messages in the name of wallet providers
3. Emails and messages in the name of exchanges
4. Fake phone calls and helpdesk fraud
5. Letters and parcels by post
6. Fake trading platforms and investment fraud
7. Fake conversations promoting ‘crypto gurus’
8. WhatsApp and Telegram groups
9. Fake adverts and deepfake videos
10. Fake Google ads
11. Fake apps and browser extensions
12. Fake airdrops and wallet drainers
13. Address poisoning and clipboard malware
14. Romance scams and fake side jobs
15. Recovery scams: ‘we will get your money back’

1. Pre-configured or tampered hardware wallets

How manufacturers package their hardware wallets varies, but one thing is always the same: a hardware wallet is never set up in advance. Watch out for the following:

1. Pre-configured: a hardware wallet is never delivered already set up. If you receive a wallet that has already been set up, it is a scam.
2. PIN: you always choose the PIN yourself. If you receive a wallet with a preset PIN, it is a scam.
3. Recovery phrase (12/24 words): you always get your recovery phrase while setting up the device. It is generated by the hardware wallet itself and is unique to you. Nobody else should ever know it. If your wallet comes with a note containing recovery words, it is a scam.

How do you avoid this? Always buy from the manufacturer or from an official reseller. The manufacturer’s website lists which sellers are official. Also keep the points above in mind.

Below is an example from someone who bought a Ledger through an unofficial reseller. The scammers had gone to a lot of trouble: the packaging looked new and all the documentation was in Ledger’s style. What was wrong? The Ledger had already been set up and came with a card showing a PIN and recovery words. By hiding these under a scratch-off layer, the scammers made it look as if they were secret. Of course, they were not.

It also came with a manual written to make it seem normal that the recovery phrase had already been set up. That is never the case.

A device that has not been set up in advance can still be tampered with. In October 2026 it emerged that tampered Ledger devices had been sold through a reseller in Southeast Asia. Read more in Ledger’s official response.

2. Emails and messages in the name of wallet providers

A common scam is emails that appear to come from well-known wallet providers such as Trust Wallet, MetaMask, Ledger or Trezor, but do not. The goal is always the same: to get you to enter your recovery phrase. They do this by creating fear or urgency, for example by claiming you need to ‘verify’ your wallet as soon as possible.

Below is an email that supposedly comes from Ledger. This is how you can tell it is fake:

• The sender’s address does not belong to Ledger.
• The layout is sloppy and the Ledger logo is not used correctly.
• The reason given for clicking the link makes no sense: an ‘outdated Ledger Live account’ does not exist.
• Did you never give this company the email address the message was sent to? That is an extra warning sign.

Another example is this email in the name of the software wallet MetaMask. The sender’s address is immediately suspicious, and MetaMask does not even know your email address. More importantly, the content is nonsense. A ‘manual update because of a blockchain update for the new year’ does not exist. Here you can see the two classic red flags: they threaten that you will lose your crypto and they want you to act fast.

3. Emails and messages in the name of exchanges

Scammers cleverly exploit current events. A well-known example is the collapse of the exchange FTX at the end of 2022, in which many people lost their funds. Shortly afterwards, scammers sent out large numbers of emails in FTX’s name, urging customers to ‘claim’ their funds.

In doing so, they misused the name of Kroll, the company actually handling the bankruptcy. Kroll’s real email address ends in @ra.kroll.com, whereas the fake email came from an address ending in @noticing.ra.kroll.com. Pay close attention to the links too: they appear to point to claims.ftx.com, but if you hover over the link, you can see in the bottom-left corner of your screen that it leads to a completely different site.

Here is an example in Bitvavo’s name. You are urged to click a link, but it leads to a different site. The sender’s address is also immediately suspicious.

And here is an email in Binance’s name claiming that your account has been blocked. You can recognise the fake by the sender’s address, the unprofessional text and the link behind the button, which does not lead to Binance.

4. Fake phone calls and helpdesk fraud

A fast-growing type of fraud: you get a call from someone posing as an employee of your bank or of an exchange such as Bitvavo or Coinbase. Sometimes the company’s real number even appears on your screen, because scammers can fake phone numbers (spoofing). It often starts with a text or email about a ‘suspicious login’ or ‘suspicious transaction’, asking you to call a number.

The ‘employee’ tells you your account has been hacked and you need to move your money to safety quickly: to a ‘safe wallet’, by installing an app that lets them see your screen, or by giving them your recovery phrase or login details.

How to recognise it:

• A real bank or exchange will never ask you to transfer money or crypto to a ‘safe’ account or wallet.
• They will never ask for your recovery phrase, PIN or login details.
• They will never ask you to install AnyDesk, TeamViewer or any other remote access app.

In doubt? Hang up and call the number on the official website yourself. A genuine employee will never have a problem with that.

5. Letters and parcels by post

Data breaches have exposed the names and addresses of crypto users in the past. Scammers use this data to send convincing letters, for example in the name of Ledger or Trezor, with a QR code or a request to ‘verify’ your wallet and enter your recovery phrase. Sometimes they even send a tampered hardware wallet as a ‘free replacement’.

How to recognise it: no manufacturer will ask for your recovery phrase by letter or send you a new device you did not ask for. Do not scan the QR code and never use a device you did not order.

6. Fake trading platforms and investment fraud

Is someone offering to help you invest and guaranteeing great returns? Then it is too good to be true. You get access to a platform that looks real but is not. The profits you see are fake and meant to persuade you to keep depositing more. When you want to withdraw, you suddenly have to pay ‘fees’ or ‘tax’ first. You will never see that money again.

How to recognise it: search for the platform’s name together with words like ‘scam’ or ‘fraud’. Often you will know within 30 seconds that it is a known scam. Also check whether the platform is authorised, in the ESMA MiCA register (EU) or the FCA register (UK). Not listed? Then do not do business with it.

7. Fake conversations promoting ‘crypto gurus’

On social media such as YouTube, scammers post fake conversations to promote a particular ‘guru’. The conversations look natural, but everything is staged from start to finish: the original post and all the replies come from fake accounts. They keep mentioning the same name, hoping you will look it up, for example on Telegram. That account is run by the scammers themselves, and that is where the pressure to ‘invest’ begins. Any money you put in, you will never see again.

8. WhatsApp and Telegram groups

The notorious Binance WhatsApp groups are a well-known example. You are suddenly added to a group with hundreds of other people. At first you cannot send messages, but someone posing as a Binance employee starts promising prizes and rewards. Critical comments are deleted immediately, and the positive reactions often come from the same scammers using different accounts. This is how they try to win your trust, with the ultimate aim of taking your crypto.

Another variant: out of nowhere you receive a message with a username and password to log in somewhere. The login actually works, but the platform is fake. You are tempted to invest with big profits that do not exist; the scammers simply change the numbers. When you want to withdraw, you are first asked to pay ‘transaction fees’ or ‘tax’. It is all fraud. The same happens on Telegram and other messaging apps.

9. Fake adverts and deepfake videos

If you are reading up on bitcoin or crypto, you will see more crypto adverts on YouTube and social media. Scammers regularly manage to run adverts there for a while. They misuse names such as Elon Musk or Michael Saylor to get you to send bitcoin or ether to an address, promising that you will get double back.

More and more often they use AI deepfakes: videos in which a celebrity, presenter or crypto expert promotes a ‘secret’ investment. The face and voice look real but are entirely fake. See a familiar face recommending a crypto platform in an advert? Assume it is fake.

Below is an example with Michael Saylor, asking you to scan a QR code for a so-called ‘giveaway’. This is of course not real.

And another example of a scam advert misusing Michael Saylor’s name:

10. Fake Google ads

Even search results cannot always be trusted. Search for ‘Trezor’, for example, and the first result may not be from Trezor at all. You may end up on a site that tries to get you to enter your 24 words. If you do, your crypto is guaranteed to be gone.

Below is an example. The search was for ‘Ledger Nano X’ and the first result is an advert that is not from Ledger, but appears at the top because someone paid for it.

Click on it and you land on a fake Ledger site like the one below. The layout may differ, but the trick is usually the same: there is supposedly an ‘error’ while connecting, and you can fix it by entering your 24 words. This is a scam.

Tip: type your wallet manufacturer’s web address yourself or save it as a bookmark, and do not click on adverts.

11. Fake apps and browser extensions

Scammers regularly publish copies of well-known wallet apps in the App Store, Google Play and the Chrome Web Store. Such an app or browser extension looks exactly like the real one, but sends your recovery phrase to the scammers.

How to avoid it: always download wallet software via the manufacturer’s official website, such as the Ledger Wallet app, Trezor Suite or MetaMask. In the store, also check the developer’s name and the number of downloads and reviews.

12. Fake airdrops and wallet drainers

You may also receive messages about fake airdrops. Airdrops do exist, but that does not mean every airdrop can be trusted.

Take the airdrop below. The sender’s address was suspicious and the email consisted of just an image instead of text. But above all, the email claims there is $62,000 waiting for you. Is that real? If something seems too good to be true, it usually is.

Increasingly, such a fake site does not ask for your recovery phrase but has you ‘sign’ a transaction to claim your airdrop. With that signature you give the scammers permission to take your tokens. This is called a wallet drainer. Unknown tokens or NFTs that suddenly appear in your wallet are often bait too: do not try to sell or claim them through the link that comes with them.

How to avoid it: always read on your hardware wallet’s screen what you are signing. Don’t understand it? Then don’t sign.

13. Address poisoning and clipboard malware

With address poisoning, scammers send a transaction of a few cents (or even zero) to your wallet from an address that closely resembles one you have sent crypto to before: the first and last characters are the same. If you later copy an address from your transaction history, you can easily pick the wrong one. Clipboard malware does something similar: it secretly replaces a copied address with the scammer’s address.

How to avoid it:

• Never copy an address from your transaction history. Use a saved address book or get the address again from the official source.
• Check the full address, not just the beginning and end. If you use a hardware wallet, check it on the device’s screen.
• For large amounts, send a small test amount first.

14. Romance scams and fake side jobs

In a romance scam (also known as ‘pig butchering’), someone builds a relationship with you through a dating app, Instagram or a ‘wrong number’ WhatsApp message. After weeks or months, the conversation turns to investing: the other person is making a lot of money with crypto and would love to help you. Your first small profits seem real, but the platform is fake.

A variant is the fake side job: you get paid for simple ‘tasks’, such as liking videos or reviewing products. After a few small payouts, you have to deposit crypto yourself to continue, and that money is gone.

How to recognise it: someone you only know online starts talking about investing or asks you for money. Or you are offered easy money for simple tasks, but you have to pay something first.

15. Recovery scams: ‘we will get your money back’

If you have been scammed, there is a good chance you will then be contacted by ‘experts’, ‘lawyers’ or ‘blockchain investigators’ who promise to recover your crypto for an upfront fee. Sometimes they even pose as the police or a regulator. This is almost always a second scam. They find you through online complaints, social media or leaked data.

How to recognise it: nobody can reverse a transaction on the blockchain. Does someone promise exactly that and want money for it upfront? Then they are a scammer.

Scammed? Here is what to do now

Do not feel ashamed: scammers are professionals and anyone can become a victim. Acting quickly can limit further damage.

1. Stop all contact immediately. Do not pay anything else, including ‘fees’, ‘tax’ or a ‘release amount’ to get your money back.
2. Move your remaining crypto to safety. Have you shared or entered your recovery phrase, or signed a suspicious transaction? Then create a new wallet with a new recovery phrase and move your remaining crypto there straight away. Never use the old recovery phrase again.
3. Remove remote access apps and change your passwords. Has someone been able to see your computer or phone screen? Remove the software (such as AnyDesk or TeamViewer), change your passwords and turn on two-factor authentication (2FA).
4. Alert your exchange or bank. Was money or crypto sent through an exchange or bank? Contact them immediately via their official website or app. Sometimes they can still freeze an account belonging to the scammers.
5. Collect evidence. Keep screenshots, messages, emails, website names, wallet addresses and transaction IDs.
6. Report it. Report the fraud to the police in your country. In England, Wales and Northern Ireland you can do this via Report Fraud; in Scotland, call Police Scotland on 101.
7. Watch out for recovery scams. Does someone then contact you promising to get your money back? Do not engage.

Would you like a crypto expert to look at your situation with you personally? You can book our Crypto 1-on-1 session. Have a question about a product you bought from us? Get in touch with us.

Help us keep this page up to date

Is there a scam we should cover, or do you have a good example? Let us know at [email protected]. Want to know more about storing crypto safely? Read getting started with your hardware wallet or use our selection tool to find the wallet that suits you.

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