How do cryptocurrency scams work? When users log in to a cryptocurrency account in a public location, scammers can steal their private, sensitive information. A scammer can intercept any information sent over a public network, including passwords, cryptocurrency wallet keys and account information.
Can you report a crypto scammer? To learn more about cryptocurrency scams – and how to spot and avoid scams generally – visit ftc.gov/cryptocurrency and ftc.gov/scams. Report scams to the FTC at ReportFraud.ftc.gov.
What kind of crypto scams are there?
- Fake websites.
- Phishing scams.
- Pump and dump schemes.
- Fake apps.
- Fake celebrity endorsements.
- Giveaway scams.
- Fraudulent initial coin offerings (ICOs)
- Promises of guaranteed returns: No financial investment can guarantee future returns because investments can go down as well as up.
How many crypto projects are scams? Since January 2021, about 46,000 consumers have reported losses of more than $1 billion in crypto payments — with roughly 70 percent being made in bitcoin — to scams.