What to Do After Falling Victim to a Cryptocurrency Scam

Discovering that you have sent cryptocurrency to a scammer is distressing. Acting methodically in the first hours can protect your remaining assets and preserve the information that banks, exchanges and authorities may need.

1. Stop further payments

Do not send more funds, even if you are told a fee, tax or deposit is needed to "unlock" a withdrawal. This is one of the most common ways victims lose more money.

2. Secure your accounts and devices

• Change passwords for your email, exchange and banking accounts, and enable app-based two-factor authentication
• If you shared a wallet recovery phrase or installed remote-access software, assume the wallet is compromised and move remaining assets to a new wallet created on a clean device
• Revoke unfamiliar token approvals in your self-custody wallet

3. Preserve evidence

• Transaction IDs (hashes), the sending and receiving wallet addresses and the networks used
• Screenshots of the platform, website addresses and account pages
• Chats, emails, phone numbers and usernames of the people involved
• Exchange or bank statements showing the purchase and transfer of the funds

4. Notify the platforms involved

Contact the exchange you sent funds from, and, if known, the exchange that received them. Exchanges may be able to review accounts linked to fraud under their own policies, but they are not obliged to return funds and outcomes vary.

5. Report the scam

In the United States, report to the FBI Internet Crime Complaint Center (ic3.gov) and the Federal Trade Commission (reportfraud.ftc.gov). Elsewhere, contact your local police and national fraud reporting service. Keep any reference numbers.

6. Be alert to follow-up scams

Victims are often targeted again by fake "recovery" services. Be cautious of anyone who contacts you unprompted, guarantees recovery or asks for an upfront fee. A legitimate investigation can document and trace what happened, but cannot guarantee that funds will be recovered.

This article is general educational information and is not legal or financial advice.