The common scams

Most money lost to bitcoin scams isn't stolen by hacking. It is handed over by people who were persuaded, often over weeks, that they were investing, helping someone, or claiming something owed to them. These are the patterns behind the largest losses.

Fake investment platforms

The costliest of all: $7.2 billion reported to the FBI in 2025 from US victims alone. It usually starts with a stranger: a wrong-number text, a dating match, a friendly contact in an investment group. Over weeks they build trust, then mention a trading platform that made them rich. The platform is a website or app they control. Your deposits show as growing profits; a small withdrawal may even work. When you try to take out more, you're told to pay a tax or fee first. The money was never invested. This is often called pig butchering, after the scammers' own name for fattening victims up before the end.

Romance and friendship scams

Someone you have only met online, often attractive and attentive, eventually needs money: a medical bill, a plane ticket, a customs fee, or help with an investment. They always have reasons not to meet or video call. Bitcoin is the payment they ask for because it can't be reversed.

Fake giveaways

A video, post or ad shows a famous person or company promising to send back double whatever you send. The account is fake or hacked, the video is often made with AI, and the "winners" in the comments are part of it. Nobody gives away double.

Job and task scams

A message offers easy paid work online: rating products, liking videos, "optimizing" apps. Your earnings appear in an account, but to unlock bigger tasks you must deposit crypto first. Each deposit is lost.

Free bitcoin, mining apps and "the next Bitcoin"

Offers of free bitcoin that first need a deposit, a "verification" payment or your seed phrase are scams. Phone apps that say they mine bitcoin don't: real mining needs special machines, and a phone would earn nothing. The legitimate ways to get small amounts without buying are being paid in it for work or sales, or the small rewards some shops and apps give. Coins sold in presales as "the next Bitcoin", often with Bitcoin in their name and heavy advertising, are separate tokens. They are not bitcoin and not part of the Bitcoin network.

Impersonation

Callers posing as your bank, the police, the tax office or tech support say your money is in danger or you owe a fine, and walk you to a bitcoin ATM. See someone asked me to pay in bitcoin.

After the scam: recovery scams

Victims are then contacted by "recovery experts", "blockchain lawyers" or even fake government agents promising to get the money back for an upfront fee. The FBI received 10,516 such complaints in 2025. Real police and regulators don't charge victims. More in if you've been scammed.