Bitcoin and other cryptocurrencies lure with quick profits – but the number of fraud cases in the crypto world is steadily increasing. Legal expert Marco Rogert and other experts explain which fraud patterns are particularly common and how to effectively protect yourself against them.
From fake trading platforms to sophisticated romance scams, crypto scammers are becoming increasingly sophisticated. However, victims are not powerless. Below is an overview of typical schemes, warning signs, and strategies to protect yourself.
1. Typical scams in the crypto sector
"We repeatedly observe similar practices," explains Dr. Marco Rogert, a specialist lawyer for banking and capital markets law. "Deceptively real trading platforms simulate profits, but demand additional payments upon withdrawal – for example, for 'taxes' or 'activation fees'. At that point, the money is already at risk."
Other common scams:
- Ponzi schemes: New deposits are used to pay off older victims.
- Phishing & Wallet Hacks: Fake apps or emails access crypto accounts directly.
- Romance scams: Fraudsters use dating platforms to gain victims' trust and lure them into fake crypto investments.
"These networks operate internationally and rely on psychological pressure," Rogert emphasizes. "Quick action is crucial."
2. Legal options for those affected
Many victims believe their money is lost forever – but that's not true. Rogert explains: "Funds can often be recovered through civil claims against platforms, payment service providers, or banks. The sooner we get involved, the greater the chance of stopping transactions."
Various measures are used in this process. Crypto forensics makes it possible to track transactions and trace money flows. Cooperation with the police, public prosecutors, and reputable crypto exchanges increases the chances of success. In some cases, arrests or injunctions can be used to secure funds from permanent loss.
3. Warning signs of dubious crypto offers
"Guaranteed returns should always arouse suspicion," warns Markus Miller, crypto expert and publicist. Missing official information such as imprint, terms and conditions, or privacy policies are also a clear warning sign. Anyone investing under extreme time pressure, communicating exclusively via messaging services, or unable to identify real contacts should be cautious.
Further indicators of fraudulent offerings include non-transparent products, a lack of public blockchain visibility for token offerings, or aggressive sales practices reminiscent of multi-level marketing. "In most cases, if it sounds too good to be true, it is," says Miller. Even a brief online search or a query via ChatGPT can help expose dubious providers.
4. Blockchain forensics: tracing money flows
"Every crypto transaction leaves traces," explains David Lüdtke of Krypto Investigation GmbH. With the help of modern analysis tools, money flows on the blockchain can often be traced back to exchanges or cash-out points. The success rate increases significantly when those affected react quickly. "Those who come to us early have a realistic chance of securing their money before it is lost through nested wallets," says Lüdtke.
About Marco Rogert
Marco Rogert is a lawyer and commercial lawyer at the Rogert & Ulbrich law firm in Düsseldorf. He has extensive experience representing consumers and has successfully assisted thousands of VW buyers in the emissions scandal. As one of the lawyers for the German Consumer Organizations Association (vzbv), he played a key role in the successful conclusion of the model declaratory action against Volkswagen, which resulted in approximately 235,000 victims being compensated through a settlement. The firm is currently also representing individuals suspected of vaccine-related damages against pharmaceutical companies.
Rogert studied at the University of Osnabrück and the Leiden University in the Netherlands, specializing in transport law, international commercial law, and credit security law. Until May 2020, he taught commercial and logistics law at the University of Economics and Management (FOM) in Essen.
