A cryptocurrency scam is when someone persuades you to buy, send, trade, or invest in cryptocurrency through a fake platform, wallet, exchange, trading group, or investment opportunity — often pitched as a way to make fast profits, protect your funds, pay a fee, recover money, or claim a reward. Cryptocurrency itself isn't a scam. The scam is usually one of: a fake investment platform, a fake wallet, a fake advisor, a fake opportunity, or a fake recovery service.
Once crypto is sent, it may not be recoverable
Once cryptocurrency is transferred to someone else's wallet, getting it back can be difficult or impossible, depending on the circumstances. Keep this in mind before you send anything, not after.
How it happens
Someone you met online introduces you to a crypto trading platform. They may say they've made money themselves, or that an "expert" can guide you. The platform shows impressive profits — but those profits, and often the platform itself, are fake. When you try to withdraw, you're told to pay tax, an account activation fee, a gas fee, a verification charge, or a wallet unlock fee first.
In other versions, the scammer tells you to send crypto to a wallet address, use a crypto ATM, or convert your money into crypto because it's faster, safer, or more private.
Pig-butchering scams
Many modern crypto scams start as a friendship or romance scam, or through a social media contact, before moving into a fake investment. This pattern — building trust first, then introducing the "opportunity" — is sometimes called a pig-butchering scam.
Warning signs
Be cautious if someone: promises guaranteed returns, says there's little or no risk, pressures you to act quickly, moves the conversation to an encrypted messaging app, asks you to send crypto to a wallet, or tells you to pay more money before you can withdraw. Remitly's Trust & Safety content also warns that scammers now use AI-generated messages and official-looking websites to appear legitimate.
How to protect yourself
- Don't invest through a link someone you met online has sent you.
- Don't send funds to a wallet or platform you can't verify independently.
- Treat any request to pay more money before you can withdraw your profits as a clear warning sign.
- If a return looks unusually high or guaranteed, pause and check before acting.
If you think you've already sent money
- Stop sending any further money.
- Save wallet addresses, transaction IDs, screenshots, website and platform names, messages, and details of anyone involved.
- Contact the provider you used to send the funds.
- Contact us, if an Xe transfer was involved.
Recovery may be limited depending on the payment method and how much time has passed, so it's worth acting quickly. When you contact us, use our Help Centre.