Crypto trading scam
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Lawyer for victims of crypto trading fraud Support for injured investors
Have you fallen victim to a crypto trading scam? You're not alone. Currently, the number of cases of victims who have fallen victim to this common scam is increasing sharply. Those affected often suffer losses amounting to several thousand euros. We'll show you what steps you can take in the event of a crypto trading scam and how you can reclaim your invested capital.
Detect, prevent, and recover crypto fraud
Cryptocurrencies offer opportunities – but scammers aren't sleeping either. In our article, you'll learn:
- Which typical scams are currently circulating
- How to recognize warning signs early
- What legal steps are possible to recover losses
Benefit from valuable tips from our experts and protect your investment sustainably.
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Crypto trading scam
If you have fallen victim to a fraudulent broker, we are here to help you with our experience and expertise. Our team will help you review your claims and take the necessary steps to recover your lost funds.
Refused payouts by cryptocurrency exchanges
Cryptocurrency exchanges enable the rapid trading of digital assets – but withdrawal requests are sometimes not processed as expected. In such situations, professional legal support is crucial to safeguarding one's funds.
When cryptocurrency exchanges withhold payouts
Investors on cryptocurrency exchanges are increasingly reporting that withdrawal requests are not being processed. While deposits were previously possible without any problems, withdrawal requests are now being blocked with generic explanations of "technical delays," "verification processes," or alleged "maintenance work.".
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3Current scams in crypto trading
A scam is currently spreading that is defrauding numerous crypto investors of significant sums of money. Victims are usually contacted via social media or messaging services by alleged financial advisors who draw their attention to a fictitious trading platform. In addition, the scammers place targeted advertisements on platforms such as YouTube, Facebook, and others to attract potential investors.
Initially, prospective investors are encouraged to deposit small amounts on the platform, often with a starting capital of €250. Over time, they are encouraged to deposit increasingly larger amounts, as they are promised quick and high profits. Typically, the following scenarios occur:
- After several deposits, which continue to increase due to pressure from the alleged financial advisor, the fake trading platform suddenly disappears – the invested money is lost.
- The scammers report alleged profits from crypto trading and ask for remote access to a computer or smartphone to assist in withdrawing the profits. Bank details are then stolen and deleted shortly thereafter.
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Fake trading platform as the basis of the fraud
At the heart of many crypto trading scams is often a fake trading platform. Interested parties are lured to these platforms through direct contact or targeted online advertising. At first glance, the site appears legitimate and trustworthy. Users are set up a "customer account" with which they can log in and make deposits. Alleged trading positions and supposed profits appear on the platform. In reality, however, it is fraudulent software that merely simulates all data and profits. All deposits flow directly into foreign bank accounts or the scammers' crypto wallets. Typical characteristics of a fake platform include a visual imitation of a genuine and reputable financial website, as well as fake price histories and trading charts. When victims request the withdrawal of their profits, they are denied access. The supposed "broker" puts increasing pressure on the victims by repeatedly urging them to make further deposits, often with threats or the alleged prospect of a short-term, profitable investment period.
€30,000 in damages due to hacked online banking
Another crypto trading scam scenario can lead to significant financial loss. After victims have already made several deposits into a fake trading platform, the fraudulent "brokers" contact them again, claiming to have made a profit from the trading.
One such case occurred with a 70-year-old man from Austria (see news article on kaernten.orf.at). To help him withdraw his supposed winnings, the scammers asked him to install remote maintenance software on his laptop and smartphone. He was then asked to make a small test transfer. The malicious software gave the scammers access to his online banking data and transferred more than €30,000 within a very short time.
Further scams in crypto trading
In addition to fake trading platforms, there are other fraudulent methods in crypto trading:
Chargeback providers: Once victims realize the trading platform is a scam, they often encounter so-called "chargeback providers." These providers promise to recoup the lost money from the scammers in return for a commission. In reality, however, nothing happens, and the victims lose additional money.
Rip Deals: Another scam is the "rip deal." This involves face-to-face meetings where a profitable currency exchange is supposedly conducted. In one case handled by the CLLB, a client's "restoration card" was stolen during such a meeting. This card serves as the key to a crypto wallet and gave the perpetrators full access to the crypto assets stored there.
How to recognize a crypto trading scam
If you have been contacted by a supposed broker or have already made deposits into a trading platform, there are several signs that may indicate a crypto trading scam. Initially, they often only request a small deposit, usually €250. They also promise unrealistic returns, giving the impression that this is a particularly profitable opportunity. If you then request a withdrawal, they often refuse it or insist that additional payments be made before the withdrawal, such as taxes or proof of liquidity. In such cases, no further information is often provided to confirm the platform's legitimacy. The broker also pressures you to make further deposits within a few minutes. Furthermore, the scammers often request copies of ID cards, passports, or other forms of identification to simulate the legitimacy of the trading. In some cases, they even request remote access to your computer.
Affected by crypto trading fraud? What you should do now
If you have fallen victim to a crypto trading scam, quick action is crucial. The longer you wait, the more time the perpetrators have to conceal their fraud and become untraceable. Even if the fraud is primarily digital, there are ways to identify the perpetrators and hold them accountable. In the case of a crypto trading scam, you should first back up all communication messages with the fraudulent broker and take screenshots of all chat messages. You should also save screenshots of the broker's phone numbers or social media profiles in case they contacted you via them. It is important not to make any further deposits and not to allow yourself to be pressured, especially if communication with the broker is still active. Do not contact other supposed contacts on the platform, as the perpetrators are often interconnected and only pretend to be different people. If you have installed remote maintenance software on the broker's instructions, you should delete it immediately and run a security scan with up-to-date antivirus software. If the brokers had access to your bank account, immediately change your online banking credentials and have your account blocked. Note down all relevant blockchain transaction data, such as wallet addresses and transaction IDs. Finally, you should contact a lawyer specializing in crypto trading fraud as soon as possible and explain your situation.
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Get your money back with a specialized lawyer
If you have become a victim of crypto fraud, we are at your side with our expertise. Our lawyers, experienced in crypto forensics, will assist you in identifying the perpetrators and tracing the fraud. We use targeted analysis tools to examine payment flows on the blockchain and initiate the necessary steps to recover your assets.
We work closely with law enforcement agencies to guide you through the entire process to maximize your chances of receiving a refund. Trust our expertise in crypto fraud—we'll fight to get your money back.
