There’s no worse feeling than realizing that you’ve just been scammed in some way. Unfortunately, these scammers exist everywhere online and they are taking advantage of newbies that have just entered the crypto-space.
It breaks my heart when people write in and don’t realize that they have been targeted in a scam. They are still waiting for what the scammer has promised them. In most cases it’s some sort of double back your money scam.
Another popular one is a Phishing email that is impersonating a popular exchange or wallet. They ask you to verify your account with your recovery seed phrase on some fake website or App that looks legitimate and passing this information on to the attacker.
For reference, here’s a link to a comprehensive list of Cryptocurrency Scams and Frauds from cipherblade.com
Crypto Scams to Avoid
3 things you need to always keep in mind.
1. Nobody needs to know your recovery seed phrase. The recovery phrase is like the keys to the vault. Only you should have this backed up and safely stored offline.
No legitimate support team will ever ask for recovery phrases, private keys, or passwords. The only reason anyone would ask for this information is to steal your money. Don’t key in your recovery phrase anywhere.
2. Once you’ve sent funds out. You cannot cancel or reverse a blockchain transaction. This immutability is part of the technology and only the recipient of these funds can return your money. No Legitimate investment company will ask you to send crypto.
3. If it sounds too good to be true, it probably is. Scammers will say anything to trick you into sending them money. They will offer you crazy high returns or threaten to lock your funds. These are professional conmen that have only one purpose. To convince you to send your funds out.
Knowing these 3 things should keep you from being sucked into a scam. Each scam will appear to be legitimate, but is just an illusion. Don’t trust anyone.
If you’ve been targeted in a scam, I recommend you stop all communications with these fraudsters. They will never give your funds back. They are professionals and will only continue to get more money from you.
In this case, I recommend you file a report with your local authorities. Give them your transaction IDs and wallet addresses and any pertinent information, including documents and websites.
Another website that you can report this to is Cipherblade. They specialize in stolen cryptocurrency recovery.
I’m afraid that it’s very hard, almost impossible to get your funds back. This is why it’s so important to keep these 3 things in mind every time you send crypto.
Questions? Need more help? Send us an email at email@example.com We promise to get back to you as soon as we can!