Scam (Crypto Scam)

A crypto scam is any trick designed to steal your cryptocurrency. Scams range from fake investment schemes promising guaranteed returns to phishing websites stealing your passwords. In crypto, transactions can't be reversed—so if you're scammed, your money is gone forever.

Why It Matters

Crypto scams are everywhere because:

  • Transactions are irreversible (can't do chargebacks)
  • No customer service can recover stolen funds
  • It's easy to create fake websites and impersonate real companies
  • Beginners often don't know what's normal vs what's suspicious

Learning to spot scams is just as important as learning to use crypto safely.

Common Types of Scams

1. Fake Giveaways

“Send me 1 BTC, I'll send you 2 BTC back!”

  • Often impersonates celebrities (Elon Musk, etc.)
  • You send crypto, they disappear
  • Red flag: No legitimate person gives away free money

2. Phishing Websites

Fake websites that look like real exchanges

  • Example: coinbase.com vs coinbase-login.com
  • They steal your password and empty your account
  • Red flag: Check the URL carefully before entering password

3. Fake Customer Support

“I'm from Coinbase support, send me your recovery phrase”

  • Real support NEVER asks for private keys or recovery phrases
  • Often happens on Telegram, Twitter, Discord
  • Red flag: Unsolicited messages offering “help”

4. Pump and Dump Schemes

“This coin will 100x! Buy now before it's too late!”

  • Scammers buy unknown coin, hype it up, then sell when price rises
  • You're left holding worthless coins
  • Red flag: Promises of guaranteed returns or urgency (“Act now!”)

5. Fake Hardware Wallets

Buying Ledger/Trezor from Amazon or eBay

  • Scammers tamper with devices or include fake recovery phrases
  • Your crypto is stolen as soon as you set it up
  • Red flag: Always buy direct from manufacturer

Scam Prevention Checklist

  • ✅ Never share private keys or recovery phrases
  • ✅ Always check URLs before entering passwords
  • ✅ Ignore unsolicited messages offering help
  • ✅ Be skeptical of guaranteed returns or “get rich quick”
  • ✅ Only buy hardware wallets from manufacturer
  • ✅ Enable 2FA on all accounts
  • ✅ If something seems too good to be true, it is

Related Terms

Important Reminder

We will NEVER ask you for your private keys, recovery phrases, or passwords. If someone claiming to be from The Crypto Manual asks for this information, it's a scam.