How to spot a crypto scam: 10 warning signs

Crypto scammers keep changing their names, but their tricks stay the same. Know these 10 signs and most schemes become obvious.

1. Ten signs of a scam

1. Guaranteed returns. "2–5% a day with no risk" does not exist. Any real return comes with risk.
2. Urgency. "Today only", "3 spots left", "your bonus expires in an hour" — the pressure is there so you don't stop to think and check.
3. They ask for your seed phrase, private key or 2FA code. No exchange, wallet or "support" ever asks for them. Whoever asks is a scammer, no exceptions.
4. They contact you first. An "exchange employee", "analyst" or "manager" finds you on Telegram, Instagram or a dating site.
5. The site looks familiar but the address is slightly off: an extra letter, a different domain (binance-login.com, bybít.io).
6. You can't withdraw without paying a "tax", "insurance", "verification" or "unlock fee". Being asked to pay to get your own money back is almost always fraud.
7. Income depends on recruiting new people. That is a pyramid: old members are paid with new members' money.
8. Profit screenshots instead of verifiable statistics. A screenshot can be faked in a minute, and winning trades are easy to cherry-pick from a hundred losers.
9. They ask you to install software for "remote help" (AnyDesk, TeamViewer) or a "trading terminal" from a chat link.
10. They ask you to connect a wallet and sign an unclear permission for a "free airdrop" or "bonus". Such a signature can let a contract take your tokens.

2. Popular schemes

3. How to check a project or platform

• Open the exchange only from a saved bookmark or the official app, never from a link in a message.
• Check the domain letter by letter. Search the platform name with "scam", "reviews", "withdrawal".
• Check the company and its license in the regulator's official register, not on the company's own site.
• Make a small test withdrawal before depositing a larger amount.
• Turn on two-factor authentication (an app is better than SMS) and a withdrawal address whitelist.
• Never share your seed phrase, keys or codes — not in chat, not by voice, not "for verification".

4. If you have been scammed

1. Stop: don't send another cent, even if they promise to "unlock" your funds.
2. From a clean device change passwords, end all sessions, disable unknown API keys and secure your email.
3. If your seed phrase was exposed, treat the wallet as compromised and move the remaining funds to a new wallet.
4. Save evidence: links, usernames, wallet addresses, transaction hashes (TxID), chat screenshots.
5. Notify the exchange the money went through and file a report with your country's cybercrime police.
6. Don't pay "recovery specialists" — that is the next round of the same scam.

More on protecting accounts and wallets and on tax records — in course module 15, "Security, taxes and scams". Important: Trading Pro never contacts you first, never asks for seed phrases or codes and never accepts money for management.

This material is educational and is not investment advice. Trading, especially with leverage, carries a risk of losing capital.