Crypto transactions are fast, global and almost impossible to reverse. That makes crypto-assets attractive not only to users but also to fraudsters. Regulators across Europe, including the Dutch AFM and the European supervisory authorities, regularly warn about crypto scams, and many victims lose their savings. The good news: most scams follow a small number of patterns. Once you know them, they become much easier to recognise.

Why crypto scams work

• Irreversibility: once a transaction is confirmed, there is no bank that can claw it back.
• Complexity: many people do not fully understand how wallets, keys and blockchains work, so a confident “expert” can lead them astray.
• Hype and fear of missing out: stories about overnight fortunes make unrealistic promises sound plausible.
• Global reach: fraudsters can operate from anywhere, making them hard to trace and prosecute.

The most common crypto scams

1. Fake ads with celebrities and “news” articles

You see an ad or an article that looks like it is from a well-known newspaper, in which a famous person supposedly reveals a crypto “trading system”. Increasingly, these use deepfake videos and AI-generated voices. The link leads to a sign-up form; shortly after, a “personal account manager” calls you. Real celebrities do not endorse secret investment platforms, and real news sites do not publish such stories.

2. Fake investment and trading platforms

The platform looks professional and shows your balance growing quickly. You may even be allowed to withdraw a small amount at first, to build trust. When you try to withdraw more, you are told to pay “taxes”, “fees” or a “verification deposit” first. The balance was never real.

3. Romance and “pig butchering” scams

Someone you meet on a dating app, social media or through a “wrong number” message builds a friendly or romantic relationship over weeks or months. Eventually they mention how much they earn with crypto and offer to help you. The name “pig butchering” comes from the way victims are “fattened up” before everything is taken.

4. Phishing and fake support

You get an email, text or direct message that looks like it comes from your exchange, wallet manufacturer or bank: “Your account will be suspended”, “Unusual login detected”, “Verify your wallet”. The link leads to a fake site that asks for your login details or your recovery phrase. A genuine provider will never ask for your recovery phrase, and never contacts you via social media to “help”.

5. Wallet drainers and malicious approvals

On fake websites for “airdrops”, NFT mints or token claims, you are asked to connect your wallet and sign a transaction. The signature actually gives a smart contract permission to move your tokens. Seconds later, your wallet is emptied. Read what you sign and be very cautious with unknown sites.

6. Address poisoning

Scammers send tiny transactions from addresses that look almost identical to ones you have used, hoping you will copy the wrong address from your history next time. Always check the full address, not just the first and last few characters.

7. Giveaway scams

“Send 0.1 and get 0.2 back!” Fake accounts impersonating companies or famous people promise to double any crypto you send. Nobody gives away free money this way.

8. Pump-and-dump and rug pulls

Groups on Telegram, Discord or social media hype a small token, promising it will “go 100x”. Organisers who bought early sell to the latecomers, and the price collapses. In a rug pull, the developers of a new token or project disappear with the funds. Under MiCA, market manipulation involving crypto-assets is prohibited in the EU, but that does not stop it happening, especially outside regulated platforms.

9. Ponzi and “fixed return” schemes

Schemes that promise a fixed daily, weekly or monthly return, often with bonuses for recruiting others, typically pay early participants with money from new ones. They collapse when new money dries up.

10. Recovery scams

After being scammed, victims are often contacted by “recovery experts”, “lawyers” or even fake police or regulators who promise to get the money back, for a fee. This is a second scam, often run by the same people. Legitimate authorities do not charge you to recover stolen funds.

Red flags to watch for

If you see one or more of these signs, stop:

• Promised or “guaranteed” returns, or returns that sound too good to be true.
• Pressure to act fast: “only today”, “limited spots”, “the price is about to explode”.
• Contact you did not ask for, by phone, WhatsApp, Telegram, social media or email.
• Requests for your recovery phrase, private key or remote access to your computer (for example via screen-sharing software).
• Payment only in crypto, or requests to buy crypto and send it to a specific address.
• Fees to withdraw your own money.
• No verifiable licence: the company is not in the ESMA register or the register of the national regulator, or it appears on a warning list.
• Secrecy: being told not to tell your bank or family.
• Lookalike websites with slightly different spellings or unusual domain extensions.

How to protect yourself

• Verify the provider. See how to check whether a crypto exchange is licensed. Check the exact legal entity in the ESMA register of authorised crypto-asset service providers and with your national regulator (in the Netherlands, the AFM). Also check the AFM’s warnings.
• Go directly to the source. Type website addresses yourself or use saved bookmarks. Do not use links from ads, messages or search ads.
• Keep your recovery phrase offline and private. Never type it into a website, never share it, never photograph it.
• Use strong, unique passwords and app-based two-factor authentication on exchange accounts.
• Be careful with what you sign. If you do not understand a wallet request, reject it.
• Talk to someone you trust before transferring money, especially if someone you met online is involved.
• Ignore unsolicited “opportunities”. Real investment opportunities do not arrive by direct message.

What to do if you think you have been scammed

1. Stop all payments immediately. Do not send more money, even if you are promised that a final payment will unlock everything.
2. Secure your accounts. Change passwords, enable two-factor authentication, and move any remaining crypto to a new wallet with a new recovery phrase if your phrase may be compromised. Remove any remote-access software.
3. Contact your bank if you paid by bank transfer or card; sometimes payments can still be stopped.
4. Contact the platform you used to buy or send the crypto. Licensed exchanges can sometimes freeze funds that reach them.
5. Collect evidence: screenshots, messages, transaction IDs (hashes), wallet addresses, website addresses and names used.
6. Report it. In the Netherlands, you can report fraud to the police (politie.nl) and get advice from the Fraudehelpdesk (fraudehelpdesk.nl). You can also inform the AFM about unlicensed or suspicious parties. In other EU countries, contact your local police and financial regulator.
7. Beware of recovery scams. Anyone who contacts you offering to recover your funds for a fee is very likely a fraudster.

Being scammed is not a sign of stupidity. These operations are run by professionals who use psychology, fake documents and technology to deceive. Reporting helps authorities warn others.

Bottom line

Almost every crypto scam relies on one of three things: a promise of easy money, pressure to act quickly, or access to your keys or accounts. If you never share your recovery phrase, only use licensed providers that you have verified yourself, and treat any promised return as a warning sign, you avoid the vast majority of scams.

Sources: warnings and consumer information from the AFM, the European Supervisory Authorities (EBA, ESMA, EIOPA) and the Fraudehelpdesk; Regulation (EU) 2023/1114 (MiCA). Information as of October 2026.