Crypto scams: the six that take the most money
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Almost every crypto scam does one of two things: it gets you to reveal your seed phrase, or it gets you to approve a transaction you don’t understand. Block both and you’ve blocked most of them.
The six that take the most money
- Fake support. You post a question and a “helper” DMs you a link to “sync” or “validate” your wallet. Real support never DMs first.
- Pig butchering. A friendly stranger, often romantic, introduces a trading platform. Early “profits” are fake. Withdrawals never work. How pig butchering works.
- Giveaway doubling. “Send 1 ETH, get 2 back,” often with a deepfake video of a famous founder.
- Wallet drainers. A fake mint or airdrop site asks you to sign a permission that hands over your tokens.
- Address poisoning. Scammers send you tiny transfers from an address that looks like one you use, hoping you’ll copy it from your history. How address poisoning works.
- Fake apps and extensions. Look-alike wallets in app stores and search ads. How to get the real one.
The one rule: if anyone creates urgency and asks you to connect, sign, send or share, stop. Go to the official site by typing it yourself.
Before you sign anything
- Read what the wallet says you’re approving. “Unlimited spending” is a red flag on unfamiliar sites.
- Check the full address, not just the first and last few characters.
- Review and revoke old token approvals every few months. Our token approvals guide shows how.
If you’ve already been scammed
The short version is below. For the full checklist, read what to do after a crypto hack.
- Move any remaining funds to a brand-new wallet with a new seed phrase.
- Revoke token approvals on the old wallet.
- Report it: in the US at ic3.gov, and to the exchange the funds went to, if known.
- Ignore “recovery services” that contact you. They are almost always a second scam.