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Cryptocurrency Scams

Identify crypto scams including fake exchanges, rug pulls, and pig butchering schemes.

What is Cryptocurrency?

Cryptocurrency scams exploit the complexity and excitement surrounding digital currencies. They range from fake exchanges and wallet apps that steal your funds, to elaborate "pig butchering" schemes where scammers build relationships before leading victims to fraudulent trading platforms.

Rug pulls involve creating a new cryptocurrency token, inflating its value through marketing, then withdrawing all liquidity — leaving investors with worthless tokens. Fake airdrops trick users into connecting their wallets to malicious smart contracts that drain their funds.

The irreversible nature of cryptocurrency transactions makes these scams particularly devastating. Once crypto is sent, it cannot be recovered. Scammers exploit this finality and the general public's limited understanding of blockchain technology.

How to Identify This Scam

1Promises of guaranteed returns on crypto investments
2Pressure to move quickly before a "limited opportunity" expires
3Unknown tokens or platforms not listed on major exchanges
4Requests to connect your wallet to unfamiliar websites
5Social media influencers heavily promoting a new token
6Dating app matches who quickly steer conversations toward crypto investing
7Fake celebrity endorsements of investment platforms

Real Examples (Anonymized)

Someone you met on a dating app introduces you to a crypto trading platform. You start with $500 and your dashboard shows it growing to $5,000. When you try to withdraw, they say you need to deposit another $2,000 as a "tax reserve."

The platform isn't registered anywhere

Profits are fabricated on a fake dashboard

Withdrawal requires additional deposits — classic pig butchering

A Twitter account posts about a limited airdrop. You click the link and connect your MetaMask wallet to "claim" free tokens. Instead, a malicious contract drains your wallet.

Real airdrops don't require wallet connections to random sites

The website was created days ago

The smart contract requests unlimited token approvals

What to Do If You Receive One

Only use well-known, regulated exchanges (Coinbase, Kraken, Binance)
Never connect your wallet to websites you don't fully trust
Be extremely skeptical of crypto advice from online romantic interests
Research any token thoroughly before investing — check CoinGecko, audit reports
Use hardware wallets for large holdings
Report crypto fraud to the IC3 and your local financial regulator

Report It

IC3 (FBI)United States

FTC (US)United States