Report a
crypto scam.
Cryptocurrency scams stole $3.96 billion in 2023 alone — 86.7% of all investment fraud. From fake exchanges to rug pulls to pig butchering schemes, crypto's irreversible transactions make it the payment method of choice for scammers. If you've lost crypto to a scam, reporting it here creates a searchable record that helps investigators track wallets and warn others.
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How cryptocurrency scams work — and why they're growing so fast
Cryptocurrency has become the preferred tool for online scammers, and the numbers prove it. The FBI reported $3.96 billion in crypto-related investment losses in 2023 — that's 86.7% of all investment fraud. The reason is simple: cryptocurrency transactions are irreversible, pseudo-anonymous, and cross borders instantly. Once you send Bitcoin or Ethereum to a scammer's wallet, there's no bank to call for a chargeback.
The most common crypto scam in 2024 is the "pig butchering" scheme (sha zhu pan). It starts with a random text, a dating app match, or a LinkedIn connection. The scammer builds a relationship over weeks, then casually mentions their success with a "trading platform." They walk you through creating an account, and your first small deposit appears to generate impressive returns on screen. But the platform is entirely fake — the charts, the account balance, the customer support chat are all controlled by the scammers. When you try to withdraw, you're told you need to pay "taxes" or "fees" first.
Types of crypto scams to watch for
Fake exchanges and trading platforms are the most financially devastating. They look professional with real-time charts and customer support, but no actual trading happens. Rug pulls occur when the creators of a new token or DeFi project drain all liquidity and disappear. Pump-and-dump schemes artificially inflate a token's price through coordinated buying and social media hype, then the organizers sell at the peak. Phishing attacks impersonate legitimate crypto services to steal wallet seed phrases. Andcelebrity endorsement scams use AI deepfakes of Elon Musk, MrBeast, or other public figures to promote fake giveaways.
No matter the variant, the core playbook is the same: create urgency, manufacture trust, and exploit the irreversible nature of blockchain transactions. If anyone — a love interest, a friend of a friend, a "financial advisor" who contacted you first — directs you to a specific crypto platform and pressures you to invest, that is almost certainly a scam.
Can you recover stolen cryptocurrency?
Recovery is extremely difficult but not always impossible. Blockchain analysis firms like Chainalysis and CipherTrace can trace wallet movements, and law enforcement has successfully frozen funds in some cases. The FBI's IC3 Recovery Asset Team recovered $538 million in 2023, though that represents only 4.3% of total losses. Your best chance of recovery depends on acting fast: report to law enforcement immediately, contact your exchange if you transferred from one, and document every wallet address and transaction hash. Be extremely cautious of "crypto recovery services" that promise to get your money back — many of these are secondary scams targeting victims who are desperate to recover their losses.
Where else to report
File in multiple places to maximize impact:
- →FBI IC3 — ic3.gov — for all crypto fraud — they have a dedicated crypto unit
- →FTC — reportfraud.ftc.gov — for consumer protection tracking and pattern analysis
- →SEC — sec.gov/tcr — if the scam involved securities, tokens, or investment contracts
- →Your crypto exchange — if you transferred from Coinbase, Kraken, etc. — they may be able to help trace funds
Related scam types
Scammers often combine tactics. If this looks familiar, check these too: