Table of contents
Learn about Bitcoin-related scams and how to avoid them.
Written by Graham
Table of contents
Summary
Avoid sending/depositing cryptocurrency to unknown users/unverified platforms.
All cryptocurrency transactions are irreversible and cannot be refunded once paid or sent out of the wallet. Cryptocurrency transactions do not work like debit/credit cards, users cannot file for a dispute or chargeback after sending a payment.
Never trust anyone reaching out via Facebook, Instagram, Snapchat, Discord, WhatsApp, Telegram, Viber, LinkedIn or any other social platform pretending to be a trader promising any investment profit or friend asking for funds.
Never trust anyone promising returns on investment. It's extremely likely these are fraudsters trying to steal funds.
Never send funds to an anonymous person who claims they will pay you after you send a small amount.
There are many fake trading websites. It is recommended to check review sites like Trustpilot.
Never reveal your 12-word recovery phrases or QR code containing this information to anyone.
Never respond to emails where the sender claims to have paid out from financial services companies like (PayPal, Revolut, Blockchain.com, Bitcoin.com, etc.) and where the sender is asking you to send cryptocurrency funds.
Avoid depositing crypto to mining trading platforms without proper investigation. Many of them are fake.
Learn more Bitcoin-related fraud here.
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