Frequently asked questions about crypto fraud
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Frequently asked questions about crypto fraud
Here you will find frequently asked questions about cryptocurrency fraud—answered briefly, practically, and understandably. The answers are general information; if you have suffered specific damages, you should consult a lawyer.
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FAQ on crypto fraud
Crypto fraud encompasses all deceptions that abuse cryptocurrencies or related services to steal people's money or access to their wallets.
Phishing, fake exchanges, exit scams, rug pulls (in DeFi/NFTs), Ponzi/pyramid schemes, fake airdrops, social engineering, SIM swaps, and malware.
Fraudsters create fake websites, emails, or messages that imitate legitimate services in order to steal private keys, seed phrases, or login credentials.
Developers collect investments in a token or DeFi project and then delete the code or withdraw liquidity — investors lose their money.
Warning signs: unrealistic returns, missing imprint information, poor reviews, no verifiable company headquarters, or no support. For larger amounts, only use established, regulated exchanges.
Hardware wallets are considered very secure as long as the seed phrase/private key remains offline and secret. When purchasing, only purchase original devices from the manufacturer.
The seed phrase (= recovery phrase) provides access to your wallet. Whoever has it controls your coins—never store or share them digitally.
Immediately secure evidence (screenshots, transaction hashes), block contacts/accounts, report to the police, inform exchange/wallet providers, and seek legal advice.
Normally, no—blockchain transactions are irreversible. In exceptional cases (e.g., centralized platforms), the operator can help.
File a report with the local police station; also report it to specialized units. Provide information to the affected stock exchange.
Blockchain analysis can track transactions and identify suspicious wallets—useful for investigators and exchange compliance departments.
In SIM swapping, an attacker takes over the victim's phone number to obtain 2FA codes. Protection: SIM lock by the provider, authenticator apps instead of SMS for 2FA.
SMS codes are vulnerable to SIM swapping and interception. Authenticator apps or hardware keys are more secure alternatives.
Unsolicited requests to share private keys or sign a transaction are dangerous. Legitimate airdrops never request keys.
Never sign a transaction whose purpose you don't understand. Check the contract beforehand (e.g., Etherscan) and only use verified, known contracts.
Providers (e.g. exchange, ICO) disappear with customer funds after a short period of operation — no repayment possible.
Yes. Scammers use fake quotes or social media accounts to build trust and lure investment.
They promise high returns that can only be paid for through new deposits. At some point, the system collapses.
Skepticism, no sharing of sensitive data, verification of contacts through independent channels and never sharing private keys.
Yes — crypto-stealers and keyloggers can read keys and passwords. Regular security updates, antivirus software, and cautious behavior help.
Audits reduce risks, but they are no guarantee against errors or malicious backdoors. Check the auditor's reputation and the audit report.
Audits reduce risks, but they are no guarantee against errors or malicious backdoors. Check the auditor's reputation and the audit report.
Fraudsters pose as support staff, influencers, or acquaintances to gain access to wallets or exchanges.
Poor reviews, missing downloads, unusual permissions, and typos in the name are warning signs. Only use official apps from the manufacturer.
DeFi offers high returns, but also high risks such as rug pulls, smart contract bugs, and admin key compromises. Diversify and take risks consciously.
Scammers create tokens with similar names/logos to well-known projects to confuse and defraud investors.
Check GitHub, team transparency, tokenomics, audit reports, community discussions, and liquidity on trusted exchanges.
Retrieval is rarely possible. Prompt notification to exchanges or investigators can help freeze funds, but success is uncertain.
Some providers promise to recover lost crypto for a fee—many are themselves scammers. Be careful: high upfront payments are a warning sign.
No — digitally stored keys (e.g., in the cloud, email) are highly vulnerable. Better: hardware wallets or encrypted offline storage.
Offline, multiple copies in separate, secure locations (e.g., a safe), ideally in physical form (not as a photo). Use metal trays for durability with larger amounts.
Dusting: Small transactions to many addresses to deanonymize users. Not directly harmful on its own, but an indicator of more extensive attacks.
Promises of guaranteed high returns, pressure to make quick decisions, a lack of transparent strategy, and missing regulatory information are red flags.
Coordinated buying action to briefly drive up the price, then selling by initiators — retail investors lose. This is especially common with illiquid tokens.
Yes—many countries require proof of profits/losses. Store receipts and transaction data long-term.
Report to providers/hosters, browser manufacturers (e.g. report as phishing), search engines and social media — also report to the police.
Caution: Guarantees without a legal/technical basis are often misleading. Check the terms and conditions and company information.
When you sign a transaction, you grant the contract certain permissions. If the purpose is unclear, this may allow spending or token transfers—not signing.
Use trusted marketplaces, verify smart contract addresses, be wary of good investment opportunities, and never reveal your keys.
Platforms can help with reporting/removal, but are rarely liable for all content. Collect evidence and report.
Some providers/exchanges offer insurance solutions, often with limitations. Check the terms and conditions carefully—many policies exclude user error.
Research the address (e.g., using a block explorer), check for known fraud tags, or whether it belongs to an exchange. If unsure, conduct a small test transaction.
Exchanges hold custody risks. They are practical for active trading; in the long term, larger amounts are better stored in your own wallet (self-custody).
Fake presales claiming to sell exclusive tokens often lack legal contracts and transparency.
Reputable white papers contain technical details, token distribution, roadmap, team information, and risk sections. Empty marketing messages are suspect.
Honeypot: Smart contract allows investments but prevents withdrawals for regular users. Rug audit is not a standard term; pay attention to audit reports.
Basic trace tracking is possible via block explorers. For more in-depth analysis, specialized tools/services or investigators are required.
Front-running: someone uses visibility into open transactions to trade ahead of the curve. In DeFi, this can be a risk; not always illegal, but unfair.
Don't pay, collect evidence, contact the police immediately, and involve IT forensics experts. Paying blackmailers is no guarantee of safety.
Police, specialized lawyers, sometimes consumer protection agencies, and non-profit counseling services. Large exchanges also have support channels.
Never share private keys/seed phrases, use trusted wallets/exchanges, use 2FA with authenticators/hardware, be cautious with social media platforms, test small amounts, and do research.
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