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1. Shard Calculation

Query:

Response:

Calculated Shard: 156 (from laksa054)

2. Crawled Status Check

Query:

curl -X POST \
  'http://laksa156.int.ahrefs:8124/' \
  -H 'Content-Type: text/plain' \
  -H 'X-ClickHouse-Database: crawler3' \
  -H 'Authorization: Basic YXBpOg==' \
  -d 'SELECT getAhrefsURLFromUnparsed(src_unparsed) AS found_url, ifNull(toUnixTimestamp(download_stamp), 0) AS crawl_time, ifNull(toUnixTimestamp(props_url_first_seen), 0) AS first_indexed_time, download_http_code AS http_code, src_unparsed AS src_unparsed, src_root_hash AS src_root_hash, history_drop_reason AS history_drop_reason, meta_title AS meta_title, meta_descriptions AS meta_descriptions, attrs_boilerpipe_text AS attrs_boilerpipe_text, attrs_markdown AS attrs_markdown, attrs_readable_markdown AS attrs_readable_markdown, meta_canonical AS meta_canonical FROM crawler3.page_info_local FINAL PREWHERE (src_root_hash, src_unparsed) IN ((getAhrefsRootHashFromUnparsed(getAhrefsUnparsedNoserviceFromURL(\'https://www.forbes.com/advisor/investing/cryptocurrency/bitcoin-scams-fraud/\')), getAhrefsUnparsedNoserviceFromURL(\'https://www.forbes.com/advisor/investing/cryptocurrency/bitcoin-scams-fraud/\'))) FORMAT JSONEachRow'

Response:

{"found_url":"https:\/\/www.forbes.com\/advisor\/investing\/cryptocurrency\/bitcoin-scams-fraud\/","crawl_time":1775777897,"first_indexed_time":1649944479,"http_code":200,"src_unparsed":"com,forbes!www,\/advisor\/investing\/cryptocurrency\/bitcoin-scams-fraud\/ s443","src_root_hash":"7074450602188365556","history_drop_reason":null,"meta_title":"Watch Out For These 4 Bitcoin Scams – Forbes Advisor","meta_descriptions":["When it comes to Bitcoin fraud, the strengths of cryptocurrency are turned against the victims."],"attrs_boilerpipe_text":"Bitcoin scams are like a box of chocolates. You never know what kind you’re going to get.\nWhile the brashest crypto scams\nend up in the headlines\n, like the case of a Las Vegas poker player who pilfered $500,000 from another card shark, most shakedowns are more prosaic. Think of schemes that use threatening phone calls, a desperate plea for money or a demand to transfer sums of cash or else.\nWhatever form it takes, there’s no denying that\ncryptocurrency\nfraud is on the rise. The Federal Trade Commission (FTC) received 7,000 reports of crypto theft, with a combined value of more than $80 million, between October 2020 and March 2021. That’s a 12-fold increase in cases and a 1,000% jump in cash amount compared to the same period a year prior.\nWhen it comes to Bitcoin fraud, the strengths of cryptocurrency are turned against the victims.\n“Bitcoin-related scams track with other criminal exploits online until you try to recover your assets,” said cybersecurity expert Adam Levin. “Cryptocurrency is designed to be hard to track and even more difficult to recapture. Once transferred, it’s gone, with a few very high-level exceptions.”\nWhile the number of Bitcoin transactions has remained static in recent years, the value of cryptocurrency has surged. One Bitcoin was worth $9,000 in April 2020 compared to roughly $43,000 now.\nHere are the Bitcoin scams that you should be on the lookout to avoid.\nBitcoin Fraud and Imposters\nIn the poker scam mentioned above, the perp allegedly posed as the victim’s business partner on the encrypted text app, Telegram. The faux partner wanted to exchange $500,000 worth of Bitcoin, plus a $50,000 fee, for cash. The victim sent the Bitcoin, but never got the cash. When he reached out to his real associate by other means, the associate had no clue what was going on.\nThe numbers involved in Bitcoin imposter schemes aren’t always this large. For instance, one scammer who\nposed as a Coinbase\nreporter contacted public relations companies offering positive coverage for clients in exchange for a measly sum of $600.\nAnd then there are twists on old-fashioned Social Security scams. For instance, a Naples, Fla. resident\nwas told by a perp\nthat her Social Security number had been stolen and was being used to open fraudulent bank accounts. She was instructed to download an app, then transfer all of her money from her bank account into Bitcoin. Thankfully, a fraud alert popped up on her phone before the deed was done.\n“Always take a moment before clicking on links sent via email or SMS, and don’t install apps on your mobile device unless you’re 100% certain they are legit by checking the reviews on the platform where you found them,” said Levin.\nThe FTC warns of another\nSocial Security\nscam where folks are told to deposit cash in Bitcoin ATM machines to pay scammers who are claiming to be from the Social Security Administration.\nFake Bitcoin Investing Scams\nBitcoin is an abstraction of an abstraction. It’s a store of value that not only doesn’t take any physical form, but also lacks any backing by the full faith and credit of a sovereign government.\nEnthusiasts find these aspects of cryptocurrency deeply appealing. Many Bitcoin investors believe the less government involvement in money, the better. Others prefer to engage in financial transactions that are hard to trace by the authorities.\nUnfortunately, these are also big advantages for scammers who set up fake websites purporting to offer new investors the chance to make a quick buck. This is what happened to one victim of a 2017 scheme from Australia.\nThe man, whom\nABC Everyday identified as Jonathan\n, saw an Instagram post that advertised the chance to make a 50% return mining for Bitcoin. He initially sent the site $50, and soon thereafter got $30 back in profit.\nMoreover, the Instagram account was full of testimonial videos and other folks endorsing the service, and had thousands of followers. It looked legitimate.\nHe then prostelyzed his newfound opportunity to friends and family. All in all, Jonathan, his family and friends chipped in about $20,000. Then the account disappeared, and the thief with it. Not only did he lose his money, but some of his friends no longer speak to him.\nThe entire cost of these types of Ponzi-style Bitcoin scams can be enormous.\n“Many people have reported being lured to websites that look like opportunities for investing in or mining cryptocurrencies, but are bogus,” per the FTC. “Sites use fake testimonials and cryptocurrency jargon to appear credible, but promises of enormous, guaranteed returns are simply lies.”\nBitcoin Giveaway Fraud\nIn July 2020, something truly remarkable happened. Celebrities and famous figures around the world all went to their Twitter accounts simultaneously to promote the same Bitcoin giveaway offer. Shockingly, it seemed too good to be true.\n“I am giving back to my community due to Covid-19!” wrote former President Barack Obama on his Twitter account. “All Bitcoin sent to my address below will be sent back doubled. If you send $1,000, I will send back $2,000!”\nThe accounts for Joe Biden, rapper Kanye West and former New York City mayor Mike Bloomberg, among others, published\nthe same message\n.\nAs you probably guessed, the giveaway offers were all part of an unprecedented Twitter hack. Jack Dorsey, the former chief executive officer of Twitter, called it “a tough day” for the social media company.\nThese types of scams, though, are nothing new. The FTC\nestimates\nthat over a six-month period in late 2020 and early 2021, people reportedly sent more than $2 million in cryptocurrency to investment frauds pretending to be fronted by Tesla Inc. founder and crypto enthusiast Elon Musk.\nCrypto Romance Scams\nBitcoin’s meteoric rise has dovetailed with the mass adoption of dating apps that make it really easy to find new romantic partners. While that may be a boon for people who are looking for love, it’s also a goldmine for scammers.\nIn fact, cryptocurrency was the top payment choice for\nromance scams\nreported to the FTC in 2021 ($139 million), followed by bank transfers ($121 million), wire transfers ($93 million) and gift cards ($36 million).\nWhile romance scams are nothing new, cryptocurrency adds a new twist: Unsuspecting paramours believe they’re getting in on a crypto investing opportunity.\nTake Mike (not his real name), who was recently profiled by\nNBC News\n. Mike met a woman named Jenny on Tinder. They struck up a relationship, texting on Tinder and WhatsApp.\nAfter about a month, Jenny told Mike that she had a good tip. She claimed that her uncle worked at JPMorgan Chase, and “…was the world expert in Bitcoin options.” Mike was in the market for love, not Bitcoin, but he soon grew interested and invested $3,000 on Crypto.com, a legitimate\ncryptocurrency exchange\n.\nEventually the con grew deeper. Jenny persuaded him to move his money to a different exchange and to keep investing. His portfolio soon hit $1 million in value.\nMike grew suspicious when Jenny told him to send his tax payments to the Department of Homeland Security instead of the Internal Revenue Service (IRS). Then he found he couldn’t withdraw his money from the new crypto exchange account, at which point he realized it was all a long con. Mike ultimately lost nearly $280,000.\nHow to Recognize Bitcoin Scams\nIt’s easy to look at these individual cases and marvel at how foolish the victims seem to be.\nWhy was Mike listening to a woman he’d never actually met and agreeing to invest hundreds of thousands of dollars? How could anyone give away $500,000 worth of Bitcoin to a business partner without at least picking up the phone to discuss the deal? How could someone believe that they could get a guaranteed 50% return?\nThe problem is that it’s easy to lose your skeptical faculties when you feel like you’ve met your future spouse, you’re chatting with who you think is a close partner or you believe you’ve found a sure thing. It’s easy to lose sight of red flags when these confounding factors cloud your judgment.\nThat’s why it’s important to keep a few rules of thumb in mind whenever someone you’ve never actually met comes to you with a chance to make money in Bitcoin.\nDon’t believe the hype.\nAny claim of a guaranteed return, especially a very sizable guaranteed return, should always be treated as a scam. There are practically no legitimate investments that can double your money in a week or a month, or even a year, as Bernie Madoff’s victims can attest. Likewise, ignore any claim that your Bitcoin investment can be “multiplied.”\nBitcoin for Bitcoin’s sake.\nThe reason why Bitcoin has risen so dramatically in value recently is because genuine investors believe they can sell it to someone else for a higher price at a future date. That’s what makes crypto a highly speculative investment. Always ignore “investment opportunities” that claim to be helping you get in on special or rare deals that involve Bitcoin.\nObsessed with Bitcoin.\nLet’s say you meet someone online, and they really want you to invest in Bitcoin. They’re almost certainly lying to you. Meanwhile, the government–especially the Social Security Administration–doesn’t track you down and demand instant crypto payments. If you’re dealing with someone who is demanding that you adopt Bitcoin in some fashion, disengage and call the cops.\nIf you suspect that you’ve been the target of a crypto scam, file a\nreport with the FTC\n. When you share information about Bitcoin scams, it can help the FTC investigate fraud methods and keep Americans aware of new scams.","attrs_markdown":"[Subscribe To Newsletters](https:\/\/account.forbes.com\/newsletters)\n\n- [Subscribe To Newsletters](https:\/\/account.forbes.com\/newsletters)\n- [Trump Tracker](https:\/\/www.forbes.com\/trump\/)\n- [Billionaires](https:\/\/www.forbes.com\/worlds-billionaires\/)\n  Billionaires\n  \n  - [View All Billionaires](https:\/\/www.forbes.com\/worlds-billionaires\/)\n  - [World's Billionaires](https:\/\/www.forbes.com\/billionaires\/)\n  - [Forbes 400](https:\/\/www.forbes.com\/forbes-400\/)\n  - [America's Richest Self-Made Women](https:\/\/www.forbes.com\/self-made-women\/)\n  - [China's Richest](https:\/\/www.forbes.com\/china-billionaires\/)\n  - [India's Richest](https:\/\/www.forbes.com\/india-billionaires\/)\n  - [Indonesia's Richest](https:\/\/www.forbes.com\/indonesia-billionaires\/)\n  - [Korea's Richest](https:\/\/www.forbes.com\/korea-billionaires\/list\/)\n  - 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To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. |   |\n\nWe earn a commission from the offers on this page, which influences which offers are displayed and how and where the offers appear. Advertiser Disclosure.\n\nWe independently select all products and services. While we earn a commission from partner links, commissions do not affect our editors' opinions or evaluations.\n\nAdvertiser Disclosure\n\n- [Advisor](https:\/\/www.forbes.com\/advisor)\n- [Investing](https:\/\/www.forbes.com\/advisor\/investing\/)\n- [Cryptocurrency](https:\/\/www.forbes.com\/advisor\/investing\/cryptocurrency\/)\n# Watch Out For These 4 Bitcoin Scams\nAudited & Verified: Apr 14, 2022, 9:39am\n\n[![Taylor Tepper](https:\/\/thumbor.forbes.com\/thumbor\/fit-in\/x\/https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2020\/09\/ttepper-88x88.png)](https:\/\/www.forbes.com\/advisor\/author\/tepper\/)\n\n![Taylor Tepper](https:\/\/thumbor.forbes.com\/thumbor\/fit-in\/x\/https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2020\/09\/ttepper-88x88.png)\n\n[Taylor Tepper](https:\/\/www.forbes.com\/advisor\/author\/tepper\/)Former Staff Writer\n\nTaylor Tepper covered banking, investing and pretty much everything else in personal finance for more than a decade, with his work appearing in the New York Times, Fortune and MONEY magazine, as well as many other outlets. His work has received the r...\n\n- [![Linkedin icon](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/social-icons\/forbes-media-linkedin-icon.svg)](https:\/\/www.linkedin.com\/in\/taylor-tepper-20a9553b\/)\n\n[Read Full Bio![See Full Bio](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/social-icons\/read-full-bio.svg)](https:\/\/www.forbes.com\/advisor\/author\/tepper\/)\n\n![close icon](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/social-icons\/forbes-media-close-icon.svg)\n\n![Taylor Tepper](https:\/\/thumbor.forbes.com\/thumbor\/fit-in\/x\/https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2020\/09\/ttepper-88x88.png)\n\n[Taylor Tepper](https:\/\/www.forbes.com\/advisor\/author\/tepper\/)Former Staff Writer\n\nTaylor Tepper covered banking, investing and pretty much everything else in personal finance for more than a decade, with his work appearing in the New York Times, Fortune and MONEY magazine, as well as many other outlets. His work has received the r...\n\n- [![Linkedin icon](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/social-icons\/forbes-media-linkedin-icon.svg)](https:\/\/www.linkedin.com\/in\/taylor-tepper-20a9553b\/)\n\n[Read Full Bio![See Full Bio](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/social-icons\/read-full-bio.svg)](https:\/\/www.forbes.com\/advisor\/author\/tepper\/)\n\nWritten By\n\n[Taylor Tepper](https:\/\/www.forbes.com\/advisor\/author\/tepper\/)\n\n![Taylor Tepper](https:\/\/thumbor.forbes.com\/thumbor\/fit-in\/x\/https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2020\/09\/ttepper-88x88.png)\n\n[Taylor Tepper](https:\/\/www.forbes.com\/advisor\/author\/tepper\/)Former Staff Writer\n\nTaylor Tepper covered banking, investing and pretty much everything else in personal finance for more than a decade, with his work appearing in the New York Times, Fortune and MONEY magazine, as well as many other outlets. His work has received the r...\n\n- [![Linkedin icon](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/social-icons\/forbes-media-linkedin-icon.svg)](https:\/\/www.linkedin.com\/in\/taylor-tepper-20a9553b\/)\n\n[Read Full Bio![See Full Bio](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/social-icons\/read-full-bio.svg)](https:\/\/www.forbes.com\/advisor\/author\/tepper\/)\n\n![close icon](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/social-icons\/forbes-media-close-icon.svg)\n\n![Taylor Tepper](https:\/\/thumbor.forbes.com\/thumbor\/fit-in\/x\/https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2020\/09\/ttepper-88x88.png)\n\n[Taylor Tepper](https:\/\/www.forbes.com\/advisor\/author\/tepper\/)Former Staff Writer\n\nTaylor Tepper covered banking, investing and pretty much everything else in personal finance for more than a decade, with his work appearing in the New York Times, Fortune and MONEY magazine, as well as many other outlets. His work has received the r...\n\n- [![Linkedin icon](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/social-icons\/forbes-media-linkedin-icon.svg)](https:\/\/www.linkedin.com\/in\/taylor-tepper-20a9553b\/)\n\n[Read Full Bio![See Full Bio](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/social-icons\/read-full-bio.svg)](https:\/\/www.forbes.com\/advisor\/author\/tepper\/)\n\nFormer Staff Writer\n\n[![Lisa Dammeyer](https:\/\/thumbor.forbes.com\/thumbor\/fit-in\/x\/https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2024\/03\/TDGSJ6TJN-U06L7AU8QH5-32f106f73039-512-88x88.jpeg)](https:\/\/www.forbes.com\/advisor\/author\/lisa-dammeyer\/)\n\n![Lisa Dammeyer](https:\/\/thumbor.forbes.com\/thumbor\/fit-in\/x\/https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2024\/03\/TDGSJ6TJN-U06L7AU8QH5-32f106f73039-512-88x88.jpeg)\n\nReviewed by\n\n[Lisa Dammeyer](https:\/\/www.forbes.com\/advisor\/author\/lisa-dammeyer\/)Staff Editor\n\nWith more than six years' experience an editor, investing specialist Lisa Dammeyer brings a keen eye for detail and fact-checking chops to everything she works on. Her work over the past four years at various financial publications has helped investo...\n\n[Read Full Bio![See Full Bio](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/social-icons\/read-full-bio.svg)](https:\/\/www.forbes.com\/advisor\/author\/lisa-dammeyer\/)\n\n![close icon](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/social-icons\/forbes-media-close-icon.svg)\n\n![Lisa Dammeyer](https:\/\/thumbor.forbes.com\/thumbor\/fit-in\/x\/https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2024\/03\/TDGSJ6TJN-U06L7AU8QH5-32f106f73039-512-88x88.jpeg)\n\nReviewed by\n\n[Lisa Dammeyer](https:\/\/www.forbes.com\/advisor\/author\/lisa-dammeyer\/)Staff Editor\n\nWith more than six years' experience an editor, investing specialist Lisa Dammeyer brings a keen eye for detail and fact-checking chops to everything she works on. Her work over the past four years at various financial publications has helped investo...\n\n[Read Full Bio![See Full Bio](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/social-icons\/read-full-bio.svg)](https:\/\/www.forbes.com\/advisor\/author\/lisa-dammeyer\/)\n\nReviewed\n\n[Lisa Dammeyer](https:\/\/www.forbes.com\/advisor\/author\/lisa-dammeyer\/)\n\n![Lisa Dammeyer](https:\/\/thumbor.forbes.com\/thumbor\/fit-in\/x\/https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2024\/03\/TDGSJ6TJN-U06L7AU8QH5-32f106f73039-512-88x88.jpeg)\n\nReviewed by\n\n[Lisa Dammeyer](https:\/\/www.forbes.com\/advisor\/author\/lisa-dammeyer\/)Staff Editor\n\nWith more than six years' experience an editor, investing specialist Lisa Dammeyer brings a keen eye for detail and fact-checking chops to everything she works on. Her work over the past four years at various financial publications has helped investo...\n\n[Read Full Bio![See Full Bio](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/social-icons\/read-full-bio.svg)](https:\/\/www.forbes.com\/advisor\/author\/lisa-dammeyer\/)\n\n![close icon](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/social-icons\/forbes-media-close-icon.svg)\n\n![Lisa Dammeyer](https:\/\/thumbor.forbes.com\/thumbor\/fit-in\/x\/https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2024\/03\/TDGSJ6TJN-U06L7AU8QH5-32f106f73039-512-88x88.jpeg)\n\nReviewed by\n\n[Lisa Dammeyer](https:\/\/www.forbes.com\/advisor\/author\/lisa-dammeyer\/)Staff Editor\n\nWith more than six years' experience an editor, investing specialist Lisa Dammeyer brings a keen eye for detail and fact-checking chops to everything she works on. Her work over the past four years at various financial publications has helped investo...\n\n[Read Full Bio![See Full Bio](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/social-icons\/read-full-bio.svg)](https:\/\/www.forbes.com\/advisor\/author\/lisa-dammeyer\/)\n\nStaff Editor\n\n& 1 other\n\nHave a question we may not have answered?\n\nAsk our editors here\n\nHave a question for Taylor Tepper or our other editors?\n\nAsk here for a chance to be featured in a story.\n\nThis form is protected by reCAPTCHA Enterprise and the Google [Privacy Policy](https:\/\/policies.google.com\/privacy)and [Terms of Service](https:\/\/policies.google.com\/terms)apply.\n\n![Taylor Tepper](https:\/\/thumbor.forbes.com\/thumbor\/fit-in\/x\/https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2020\/09\/ttepper-88x88.png)\n\n![Lisa Dammeyer](https:\/\/thumbor.forbes.com\/thumbor\/fit-in\/x\/https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2024\/03\/TDGSJ6TJN-U06L7AU8QH5-32f106f73039-512-88x88.jpeg)\n\nSend a note to Taylor Tepper, Lisa Dammeyer and our other editors. We read every email.\n\nBy submitting this form, you agree to allow us to collect, store, and potentially publish your provided information, including name and question, in the article or any related content. You confirm that the submitted content is original, accurate, and non-infringing on any third-party rights. We may contact you via the email address provided for follow-up questions or to notify you if your question is selected for publication. See our [Terms of Use](https:\/\/www.forbes.com\/terms-and-conditions\/#5cc91797193f)and our [Privacy Policy](https:\/\/www.forbes.com\/advisor\/privacy-policy\/).\n\nThank you for submitting your question.\n\nKeep reading Forbes Advisor for the chance to see the answer to your question in one of our upcoming stories. Our editors also may be in touch with follow-up questions.\n\nContinue reading\n\n![Watch Out For These 4 Bitcoin Scams](https:\/\/thumbor.forbes.com\/thumbor\/fit-in\/900x510\/https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2022\/04\/bitcoin_scams.jpeg.jpg) Getty\n\nBitcoin scams are like a box of chocolates. You never know what kind you’re going to get.\n\nWhile the brashest crypto scams [end up in the headlines](https:\/\/www.reviewjournal.com\/crime\/las-vegas-police-say-man-swindled-500k-in-bitcoin-from-trader-2553242\/), like the case of a Las Vegas poker player who pilfered \\$500,000 from another card shark, most shakedowns are more prosaic. Think of schemes that use threatening phone calls, a desperate plea for money or a demand to transfer sums of cash or else.\n\nWhatever form it takes, there’s no denying that [cryptocurrency](https:\/\/www.forbes.com\/advisor\/investing\/cryptocurrency\/cryptocurrency-for-newcomers-beginners-guide\/) fraud is on the rise. The Federal Trade Commission (FTC) received 7,000 reports of crypto theft, with a combined value of more than \\$80 million, between October 2020 and March 2021. That’s a 12-fold increase in cases and a 1,000% jump in cash amount compared to the same period a year prior.\n\nWhen it comes to Bitcoin fraud, the strengths of cryptocurrency are turned against the victims.\n\n“Bitcoin-related scams track with other criminal exploits online until you try to recover your assets,” said cybersecurity expert Adam Levin. “Cryptocurrency is designed to be hard to track and even more difficult to recapture. Once transferred, it’s gone, with a few very high-level exceptions.”\n\nWhile the number of Bitcoin transactions has remained static in recent years, the value of cryptocurrency has surged. One Bitcoin was worth \\$9,000 in April 2020 compared to roughly \\$43,000 now.\n\nHere are the Bitcoin scams that you should be on the lookout to avoid.\n\n## Bitcoin Fraud and Imposters\nIn the poker scam mentioned above, the perp allegedly posed as the victim’s business partner on the encrypted text app, Telegram. The faux partner wanted to exchange \\$500,000 worth of Bitcoin, plus a \\$50,000 fee, for cash. The victim sent the Bitcoin, but never got the cash. When he reached out to his real associate by other means, the associate had no clue what was going on.\n\nThe numbers involved in Bitcoin imposter schemes aren’t always this large. For instance, one scammer who [posed as a Coinbase](https:\/\/www.coindesk.com\/tech\/2020\/04\/08\/how-imposters-scam-entrepreneurs-out-of-their-crypto\/) reporter contacted public relations companies offering positive coverage for clients in exchange for a measly sum of \\$600.\n\nAnd then there are twists on old-fashioned Social Security scams. For instance, a Naples, Fla. resident [was told by a perp](https:\/\/nbc-2.com\/features\/tech\/2021\/11\/11\/con-artists-add-new-twist-to-old-social-security-scam\/) that her Social Security number had been stolen and was being used to open fraudulent bank accounts. She was instructed to download an app, then transfer all of her money from her bank account into Bitcoin. Thankfully, a fraud alert popped up on her phone before the deed was done.\n\n“Always take a moment before clicking on links sent via email or SMS, and don’t install apps on your mobile device unless you’re 100% certain they are legit by checking the reviews on the platform where you found them,” said Levin.\n\nThe FTC warns of another [Social Security](https:\/\/www.forbes.com\/advisor\/retirement\/what-is-social-security\/) scam where folks are told to deposit cash in Bitcoin ATM machines to pay scammers who are claiming to be from the Social Security Administration.\n\n## Fake Bitcoin Investing Scams\nBitcoin is an abstraction of an abstraction. It’s a store of value that not only doesn’t take any physical form, but also lacks any backing by the full faith and credit of a sovereign government.\n\nEnthusiasts find these aspects of cryptocurrency deeply appealing. Many Bitcoin investors believe the less government involvement in money, the better. Others prefer to engage in financial transactions that are hard to trace by the authorities.\n\nUnfortunately, these are also big advantages for scammers who set up fake websites purporting to offer new investors the chance to make a quick buck. This is what happened to one victim of a 2017 scheme from Australia.\n\nThe man, whom [ABC Everyday identified as Jonathan](https:\/\/www.abc.net.au\/everyday\/crypto-bitcoin-mining-scam-on-instagram\/100016720), saw an Instagram post that advertised the chance to make a 50% return mining for Bitcoin. He initially sent the site \\$50, and soon thereafter got \\$30 back in profit.\n\nMoreover, the Instagram account was full of testimonial videos and other folks endorsing the service, and had thousands of followers. It looked legitimate.\n\nHe then prostelyzed his newfound opportunity to friends and family. All in all, Jonathan, his family and friends chipped in about \\$20,000. Then the account disappeared, and the thief with it. Not only did he lose his money, but some of his friends no longer speak to him.\n\nThe entire cost of these types of Ponzi-style Bitcoin scams can be enormous.\n\n“Many people have reported being lured to websites that look like opportunities for investing in or mining cryptocurrencies, but are bogus,” per the FTC. “Sites use fake testimonials and cryptocurrency jargon to appear credible, but promises of enormous, guaranteed returns are simply lies.”\n\n## Bitcoin Giveaway Fraud\nIn July 2020, something truly remarkable happened. Celebrities and famous figures around the world all went to their Twitter accounts simultaneously to promote the same Bitcoin giveaway offer. Shockingly, it seemed too good to be true.\n\n“I am giving back to my community due to Covid-19!” wrote former President Barack Obama on his Twitter account. “All Bitcoin sent to my address below will be sent back doubled. If you send \\$1,000, I will send back \\$2,000!”\n\nThe accounts for Joe Biden, rapper Kanye West and former New York City mayor Mike Bloomberg, among others, published [the same message](https:\/\/www.bbc.com\/news\/technology-53425822).\n\nAs you probably guessed, the giveaway offers were all part of an unprecedented Twitter hack. Jack Dorsey, the former chief executive officer of Twitter, called it “a tough day” for the social media company.\n\nThese types of scams, though, are nothing new. The FTC [estimates](https:\/\/www.cnbc.com\/2021\/05\/17\/elon-musk-impersonators-stole-more-than-2-million-in-crypto-scams-.html) that over a six-month period in late 2020 and early 2021, people reportedly sent more than \\$2 million in cryptocurrency to investment frauds pretending to be fronted by Tesla Inc. founder and crypto enthusiast Elon Musk.\n\n## Crypto Romance Scams\nBitcoin’s meteoric rise has dovetailed with the mass adoption of dating apps that make it really easy to find new romantic partners. While that may be a boon for people who are looking for love, it’s also a goldmine for scammers.\n\nIn fact, cryptocurrency was the top payment choice for [romance scams](https:\/\/www.forbes.com\/advisor\/personal-finance\/romance-scams\/) reported to the FTC in 2021 (\\$139 million), followed by bank transfers (\\$121 million), wire transfers (\\$93 million) and gift cards (\\$36 million).\n\nWhile romance scams are nothing new, cryptocurrency adds a new twist: Unsuspecting paramours believe they’re getting in on a crypto investing opportunity.\n\nTake Mike (not his real name), who was recently profiled by [NBC News](https:\/\/www.nbcnews.com\/news\/crime-courts\/online-romance-cryptocurrency-fraud-cost-one-man-almost-300000-rcna22609). Mike met a woman named Jenny on Tinder. They struck up a relationship, texting on Tinder and WhatsApp.\n\nAfter about a month, Jenny told Mike that she had a good tip. She claimed that her uncle worked at JPMorgan Chase, and “…was the world expert in Bitcoin options.” Mike was in the market for love, not Bitcoin, but he soon grew interested and invested \\$3,000 on Crypto.com, a legitimate [cryptocurrency exchange](https:\/\/www.forbes.com\/advisor\/investing\/cryptocurrency\/best-crypto-exchanges\/).\n\nEventually the con grew deeper. Jenny persuaded him to move his money to a different exchange and to keep investing. His portfolio soon hit \\$1 million in value.\n\nMike grew suspicious when Jenny told him to send his tax payments to the Department of Homeland Security instead of the Internal Revenue Service (IRS). Then he found he couldn’t withdraw his money from the new crypto exchange account, at which point he realized it was all a long con. Mike ultimately lost nearly \\$280,000.\n\n## How to Recognize Bitcoin Scams\nIt’s easy to look at these individual cases and marvel at how foolish the victims seem to be.\n\nWhy was Mike listening to a woman he’d never actually met and agreeing to invest hundreds of thousands of dollars? How could anyone give away \\$500,000 worth of Bitcoin to a business partner without at least picking up the phone to discuss the deal? How could someone believe that they could get a guaranteed 50% return?\n\nThe problem is that it’s easy to lose your skeptical faculties when you feel like you’ve met your future spouse, you’re chatting with who you think is a close partner or you believe you’ve found a sure thing. It’s easy to lose sight of red flags when these confounding factors cloud your judgment.\n\nThat’s why it’s important to keep a few rules of thumb in mind whenever someone you’ve never actually met comes to you with a chance to make money in Bitcoin.\n\n- **Don’t believe the hype.** Any claim of a guaranteed return, especially a very sizable guaranteed return, should always be treated as a scam. There are practically no legitimate investments that can double your money in a week or a month, or even a year, as Bernie Madoff’s victims can attest. Likewise, ignore any claim that your Bitcoin investment can be “multiplied.”\n- **Bitcoin for Bitcoin’s sake.** The reason why Bitcoin has risen so dramatically in value recently is because genuine investors believe they can sell it to someone else for a higher price at a future date. That’s what makes crypto a highly speculative investment. Always ignore “investment opportunities” that claim to be helping you get in on special or rare deals that involve Bitcoin.\n- **Obsessed with Bitcoin.** Let’s say you meet someone online, and they really want you to invest in Bitcoin. They’re almost certainly lying to you. Meanwhile, the government–especially the Social Security Administration–doesn’t track you down and demand instant crypto payments. If you’re dealing with someone who is demanding that you adopt Bitcoin in some fashion, disengage and call the cops.\n\nIf you suspect that you’ve been the target of a crypto scam, file a [report with the FTC](https:\/\/reportfraud.ftc.gov\/#\/). When you share information about Bitcoin scams, it can help the FTC investigate fraud methods and keep Americans aware of new scams.\n***\n\nWas this article helpful?\n\nShare your feedback\n\nSend feedback to the editorial team\n\n![User Form](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/user-feedback-form\/user-form-icon.svg)\n\n![Success Icon](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/user-feedback-form\/success-icon.svg)\n\nThank You for your feedback\\!\n\n![Error Icon](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/user-feedback-form\/error-icon.svg)\n\nSomething went wrong. Please try again later.\n\nBasics\n\n- [Top 10 Cryptocurrencies](https:\/\/www.forbes.com\/advisor\/investing\/cryptocurrency\/top-10-cryptocurrencies\/ \"Top 10 Cryptocurrencies\")\n- [Best Crypto Exchanges](https:\/\/www.forbes.com\/advisor\/investing\/cryptocurrency\/best-crypto-exchanges\/ \"Best Crypto Exchanges\")\n- [Best Crypto Credit Cards](https:\/\/www.forbes.com\/advisor\/credit-cards\/best\/crypto-rewards\/ \"Best Crypto Credit Cards\")\n- [Cryptocurrency Tax Calculator](https:\/\/www.forbes.com\/advisor\/taxes\/cryptocurrency-tax-calculator\/ \"Cryptocurrency Tax Calculator\")\n\nGuides\n\n- [How To Buy Cryptocurrency](https:\/\/www.forbes.com\/advisor\/investing\/cryptocurrency\/how-to-buy-cryptocurrency\/ \"How To Buy Cryptocurrency\")\n- [How To Buy XRP (Ripple)](https:\/\/www.forbes.com\/advisor\/investing\/cryptocurrency\/how-to-buy-xrp-ripple\/ \"How To Buy XRP (Ripple)\")\n- [How To Buy Bitcoin (BTC)](https:\/\/www.forbes.com\/advisor\/investing\/cryptocurrency\/buying-bitcoin\/ \"How To Buy Bitcoin (BTC)\")\n- [How To Buy Ethereum (ETH)](https:\/\/www.forbes.com\/advisor\/investing\/cryptocurrency\/how-to-buy-ethereum\/ \"How To Buy Ethereum (ETH)\")\n\nCrypto Exchanges\n\n- [Crypto.com Review](https:\/\/www.forbes.com\/advisor\/investing\/cryptocurrency\/crypto-com-review\/ \"Crypto.com Review\")\n- [Coinbase Review](https:\/\/www.forbes.com\/advisor\/investing\/cryptocurrency\/coinbase-review\/ \"Coinbase Review\")\n- [Binance.US Review](https:\/\/www.forbes.com\/advisor\/investing\/cryptocurrency\/binance-us-review\/ \"Binance.US Review\")\n- [Kraken Review](https:\/\/www.forbes.com\/advisor\/investing\/cryptocurrency\/kraken-review\/ \"Kraken Review\")\n- [eToro Review](https:\/\/www.forbes.com\/advisor\/investing\/cryptocurrency\/etoro-review\/ \"eToro Review\")\n\n#### More from  ![forbes-advisor](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/forbes-updated-logo.svg)\n[![8 Best Crypto Wallets](https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2022\/10\/best_crypto_wallets-568x322.jpg) 8 Best Crypto Wallets ![Maisha Shahid](https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2024\/11\/maisha-headshot-Maisha-Shahid-e1730783915307.jpg) By **Maisha Shahid**](https:\/\/www.forbes.com\/advisor\/investing\/cryptocurrency\/best-crypto-wallets\/ \"8 Best Crypto Wallets\")\n\n[![Ethereum Price Today: ETH Is Trading At \\$2,182 ](https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2025\/02\/ethereum-ETFs-568x322.jpg) Ethereum Price Today: ETH Is Trading At \\$2,182 ![Farran Powell](https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2022\/04\/Farran-Powell_headshot.jpeg) By **Farran Powell**](https:\/\/www.forbes.com\/advisor\/investing\/cryptocurrency\/ethereum-price-today\/ \"Ethereum Price Today: ETH Is Trading At $2,182 \")\n\n[![Bitcoin Profit Calculator](https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2023\/10\/bitcoin-charts-568x322.jpeg) Bitcoin Profit Calculator ![Farran Powell](https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2022\/04\/Farran-Powell_headshot.jpeg) By **Farran Powell**](https:\/\/www.forbes.com\/advisor\/investing\/cryptocurrency\/bitcoin-profit-calculator\/ \"Bitcoin Profit Calculator\")\n\n[![Bitcoin Price Today: Bitcoin Drops To \\$71,192](https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2021\/06\/bitcoin-20210617-568x322.jpg) Bitcoin Price Today: Bitcoin Drops To \\$71,192 ![Farran Powell](https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2022\/04\/Farran-Powell_headshot.jpeg) By **Farran Powell**](https:\/\/www.forbes.com\/advisor\/investing\/cryptocurrency\/bitcoin-price-today\/ \"Bitcoin Price Today: Bitcoin Drops To $71,192\")\n\n[![What Is Bitcoin And How Does It Work?](https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2021\/03\/bitcoin_glasses-568x322.jpg) What Is Bitcoin And How Does It Work? ![Kate Ashford](https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2019\/02\/kate-ashford.jpg) By **Kate Ashford**](https:\/\/www.forbes.com\/advisor\/investing\/cryptocurrency\/what-is-bitcoin-zx1fa\/ \"What Is Bitcoin And How Does It Work?\")\n\n[![How To Buy Cryptocurrency](https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2021\/07\/how-to-buy-crypto-568x322.jpg) How To Buy Cryptocurrency ![Kat Tretina](https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2024\/03\/Screenshot-2024-02-19-at-4.12.24-PM-Kat-Tretina-2-e1709642870995.png) By **Kat Tretina**](https:\/\/www.forbes.com\/advisor\/investing\/cryptocurrency\/how-to-buy-cryptocurrency-zx1fa\/ \"How To Buy Cryptocurrency\")\n\nInformation provided on Forbes Advisor is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Past performance is not indicative of future results.  \n   \n Forbes Advisor adheres to strict [editorial integrity standards](https:\/\/www.forbes.com\/advisor\/about-us\/). To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our [partners](https:\/\/www.forbes.com\/advisor\/advertiser-disclosure\/ \"Advertiser Disclosure\").\n\n[![Taylor Tepper](https:\/\/thumbor.forbes.com\/thumbor\/fit-in\/x\/https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2020\/09\/ttepper-88x88.png)](https:\/\/www.forbes.com\/advisor\/author\/tepper\/ \"Taylor Tepper\")\n\n[Taylor Tepper](https:\/\/www.forbes.com\/advisor\/author\/tepper\/)\n\nFormer Staff Writer\n\nTaylor Tepper covered banking, investing and pretty much everything else in personal finance for more than a decade, with his work appearing in the New York Times, Fortune and MONEY magazine, as well as many other outlets. His work has received the recognition of his peers, including winning a Loeb award for his piece on the high cost of mental illness, and he completed the education requirement for the Certified Financial Planner (CFP) certification.\n\n© 2026 Forbes Media LLC. All Rights Reserved.\n\n- [AdChoices](https:\/\/preferences-mgr.truste.com\/?pid=forbes01)\n- [Privacy Statement](https:\/\/www.forbes.com\/advisor\/privacy-policy\/)\n- [Do Not Sell or Share My Personal Information](https:\/\/www.forbes.com\/consent\/editprivacy\/?consent_do_not_sell=true)\n- [Limit the Use of My Sensitive Personal Information](https:\/\/www.forbes.com\/consent\/editprivacy\/?consent_limit=true)\n- [Privacy Preferences](https:\/\/www.forbes.com\/consent\/editprivacy\/?consent_limit=true)\n- [Terms of Sale](https:\/\/www.forbes.com\/digital-terms-of-sale)\n- [Terms of Service](https:\/\/www.forbes.com\/terms-and-conditions\/)\n- [Contact Us](https:\/\/www.forbes.com\/fdc\/contact.html)\n- [Send Us Feedback](mailto:feedback@forbes.com)\n- [Report a Security Issue](https:\/\/www.forbes.com\/contact\/)\n- [Jobs At Forbes](https:\/\/www.forbes.com\/sites\/careers-at-forbes\/)\n- [Reprints & Permissions](http:\/\/forbesreprints.magreprints.com\/)\n- [Forbes Press Room](https:\/\/www.forbes.com\/sites\/forbespr\/)\n- [Advertise](http:\/\/www.forbesmedia.com\/)\n\nlorem\n\nAre you sure you want to rest your choices?\n\ncancel\n\nok\n\nThe Forbes Advisor editorial team is independent and objective. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. This compensation comes from two main sources. **First**, we provide paid placements to advertisers to present their offers. The compensation we receive for those placements affects how and where advertisers’ offers appear on the site. This site does not include all companies or products available within the market. **Second,** we also include links to advertisers’ offers in some of our articles; these “affiliate links” may generate income for our site when you click on them. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impact any of the editorial content on Forbes Advisor. While we work hard to provide accurate and up to date information that we think you will find relevant, Forbes Advisor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. Here is a list of our [partners](https:\/\/www.forbes.com\/advisor\/advertiser-disclosure\/) who offer products that we have affiliate links for.","attrs_readable_markdown":"Bitcoin scams are like a box of chocolates. You never know what kind you’re going to get.\n\nWhile the brashest crypto scams [end up in the headlines](https:\/\/www.reviewjournal.com\/crime\/las-vegas-police-say-man-swindled-500k-in-bitcoin-from-trader-2553242\/), like the case of a Las Vegas poker player who pilfered \\$500,000 from another card shark, most shakedowns are more prosaic. Think of schemes that use threatening phone calls, a desperate plea for money or a demand to transfer sums of cash or else.\n\nWhatever form it takes, there’s no denying that [cryptocurrency](https:\/\/www.forbes.com\/advisor\/investing\/cryptocurrency\/cryptocurrency-for-newcomers-beginners-guide\/) fraud is on the rise. The Federal Trade Commission (FTC) received 7,000 reports of crypto theft, with a combined value of more than \\$80 million, between October 2020 and March 2021. That’s a 12-fold increase in cases and a 1,000% jump in cash amount compared to the same period a year prior.\n\nWhen it comes to Bitcoin fraud, the strengths of cryptocurrency are turned against the victims.\n\n“Bitcoin-related scams track with other criminal exploits online until you try to recover your assets,” said cybersecurity expert Adam Levin. “Cryptocurrency is designed to be hard to track and even more difficult to recapture. Once transferred, it’s gone, with a few very high-level exceptions.”\n\nWhile the number of Bitcoin transactions has remained static in recent years, the value of cryptocurrency has surged. One Bitcoin was worth \\$9,000 in April 2020 compared to roughly \\$43,000 now.\n\nHere are the Bitcoin scams that you should be on the lookout to avoid.\n\n## Bitcoin Fraud and Imposters\nIn the poker scam mentioned above, the perp allegedly posed as the victim’s business partner on the encrypted text app, Telegram. The faux partner wanted to exchange \\$500,000 worth of Bitcoin, plus a \\$50,000 fee, for cash. The victim sent the Bitcoin, but never got the cash. When he reached out to his real associate by other means, the associate had no clue what was going on.\n\nThe numbers involved in Bitcoin imposter schemes aren’t always this large. For instance, one scammer who [posed as a Coinbase](https:\/\/www.coindesk.com\/tech\/2020\/04\/08\/how-imposters-scam-entrepreneurs-out-of-their-crypto\/) reporter contacted public relations companies offering positive coverage for clients in exchange for a measly sum of \\$600.\n\nAnd then there are twists on old-fashioned Social Security scams. For instance, a Naples, Fla. resident [was told by a perp](https:\/\/nbc-2.com\/features\/tech\/2021\/11\/11\/con-artists-add-new-twist-to-old-social-security-scam\/) that her Social Security number had been stolen and was being used to open fraudulent bank accounts. She was instructed to download an app, then transfer all of her money from her bank account into Bitcoin. Thankfully, a fraud alert popped up on her phone before the deed was done.\n\n“Always take a moment before clicking on links sent via email or SMS, and don’t install apps on your mobile device unless you’re 100% certain they are legit by checking the reviews on the platform where you found them,” said Levin.\n\nThe FTC warns of another [Social Security](https:\/\/www.forbes.com\/advisor\/retirement\/what-is-social-security\/) scam where folks are told to deposit cash in Bitcoin ATM machines to pay scammers who are claiming to be from the Social Security Administration.\n\n## Fake Bitcoin Investing Scams\nBitcoin is an abstraction of an abstraction. It’s a store of value that not only doesn’t take any physical form, but also lacks any backing by the full faith and credit of a sovereign government.\n\nEnthusiasts find these aspects of cryptocurrency deeply appealing. Many Bitcoin investors believe the less government involvement in money, the better. Others prefer to engage in financial transactions that are hard to trace by the authorities.\n\nUnfortunately, these are also big advantages for scammers who set up fake websites purporting to offer new investors the chance to make a quick buck. This is what happened to one victim of a 2017 scheme from Australia.\n\nThe man, whom [ABC Everyday identified as Jonathan](https:\/\/www.abc.net.au\/everyday\/crypto-bitcoin-mining-scam-on-instagram\/100016720), saw an Instagram post that advertised the chance to make a 50% return mining for Bitcoin. He initially sent the site \\$50, and soon thereafter got \\$30 back in profit.\n\nMoreover, the Instagram account was full of testimonial videos and other folks endorsing the service, and had thousands of followers. It looked legitimate.\n\nHe then prostelyzed his newfound opportunity to friends and family. All in all, Jonathan, his family and friends chipped in about \\$20,000. Then the account disappeared, and the thief with it. Not only did he lose his money, but some of his friends no longer speak to him.\n\nThe entire cost of these types of Ponzi-style Bitcoin scams can be enormous.\n\n“Many people have reported being lured to websites that look like opportunities for investing in or mining cryptocurrencies, but are bogus,” per the FTC. “Sites use fake testimonials and cryptocurrency jargon to appear credible, but promises of enormous, guaranteed returns are simply lies.”\n\n## Bitcoin Giveaway Fraud\nIn July 2020, something truly remarkable happened. Celebrities and famous figures around the world all went to their Twitter accounts simultaneously to promote the same Bitcoin giveaway offer. Shockingly, it seemed too good to be true.\n\n“I am giving back to my community due to Covid-19!” wrote former President Barack Obama on his Twitter account. “All Bitcoin sent to my address below will be sent back doubled. If you send \\$1,000, I will send back \\$2,000!”\n\nThe accounts for Joe Biden, rapper Kanye West and former New York City mayor Mike Bloomberg, among others, published [the same message](https:\/\/www.bbc.com\/news\/technology-53425822).\n\nAs you probably guessed, the giveaway offers were all part of an unprecedented Twitter hack. Jack Dorsey, the former chief executive officer of Twitter, called it “a tough day” for the social media company.\n\nThese types of scams, though, are nothing new. The FTC [estimates](https:\/\/www.cnbc.com\/2021\/05\/17\/elon-musk-impersonators-stole-more-than-2-million-in-crypto-scams-.html) that over a six-month period in late 2020 and early 2021, people reportedly sent more than \\$2 million in cryptocurrency to investment frauds pretending to be fronted by Tesla Inc. founder and crypto enthusiast Elon Musk.\n\n## Crypto Romance Scams\nBitcoin’s meteoric rise has dovetailed with the mass adoption of dating apps that make it really easy to find new romantic partners. While that may be a boon for people who are looking for love, it’s also a goldmine for scammers.\n\nIn fact, cryptocurrency was the top payment choice for [romance scams](https:\/\/www.forbes.com\/advisor\/personal-finance\/romance-scams\/) reported to the FTC in 2021 (\\$139 million), followed by bank transfers (\\$121 million), wire transfers (\\$93 million) and gift cards (\\$36 million).\n\nWhile romance scams are nothing new, cryptocurrency adds a new twist: Unsuspecting paramours believe they’re getting in on a crypto investing opportunity.\n\nTake Mike (not his real name), who was recently profiled by [NBC News](https:\/\/www.nbcnews.com\/news\/crime-courts\/online-romance-cryptocurrency-fraud-cost-one-man-almost-300000-rcna22609). Mike met a woman named Jenny on Tinder. They struck up a relationship, texting on Tinder and WhatsApp.\n\nAfter about a month, Jenny told Mike that she had a good tip. She claimed that her uncle worked at JPMorgan Chase, and “…was the world expert in Bitcoin options.” Mike was in the market for love, not Bitcoin, but he soon grew interested and invested \\$3,000 on Crypto.com, a legitimate [cryptocurrency exchange](https:\/\/www.forbes.com\/advisor\/investing\/cryptocurrency\/best-crypto-exchanges\/).\n\nEventually the con grew deeper. Jenny persuaded him to move his money to a different exchange and to keep investing. His portfolio soon hit \\$1 million in value.\n\nMike grew suspicious when Jenny told him to send his tax payments to the Department of Homeland Security instead of the Internal Revenue Service (IRS). Then he found he couldn’t withdraw his money from the new crypto exchange account, at which point he realized it was all a long con. Mike ultimately lost nearly \\$280,000.\n\n## How to Recognize Bitcoin Scams\nIt’s easy to look at these individual cases and marvel at how foolish the victims seem to be.\n\nWhy was Mike listening to a woman he’d never actually met and agreeing to invest hundreds of thousands of dollars? How could anyone give away \\$500,000 worth of Bitcoin to a business partner without at least picking up the phone to discuss the deal? How could someone believe that they could get a guaranteed 50% return?\n\nThe problem is that it’s easy to lose your skeptical faculties when you feel like you’ve met your future spouse, you’re chatting with who you think is a close partner or you believe you’ve found a sure thing. It’s easy to lose sight of red flags when these confounding factors cloud your judgment.\n\nThat’s why it’s important to keep a few rules of thumb in mind whenever someone you’ve never actually met comes to you with a chance to make money in Bitcoin.\n\n- **Don’t believe the hype.** Any claim of a guaranteed return, especially a very sizable guaranteed return, should always be treated as a scam. There are practically no legitimate investments that can double your money in a week or a month, or even a year, as Bernie Madoff’s victims can attest. Likewise, ignore any claim that your Bitcoin investment can be “multiplied.”\n- **Bitcoin for Bitcoin’s sake.** The reason why Bitcoin has risen so dramatically in value recently is because genuine investors believe they can sell it to someone else for a higher price at a future date. That’s what makes crypto a highly speculative investment. Always ignore “investment opportunities” that claim to be helping you get in on special or rare deals that involve Bitcoin.\n- **Obsessed with Bitcoin.** Let’s say you meet someone online, and they really want you to invest in Bitcoin. They’re almost certainly lying to you. Meanwhile, the government–especially the Social Security Administration–doesn’t track you down and demand instant crypto payments. If you’re dealing with someone who is demanding that you adopt Bitcoin in some fashion, disengage and call the cops.\n\nIf you suspect that you’ve been the target of a crypto scam, file a [report with the FTC](https:\/\/reportfraud.ftc.gov\/#\/). When you share information about Bitcoin scams, it can help the FTC investigate fraud methods and keep Americans aware of new scams.\n***","meta_canonical":null}

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Boilerpipe Text	Bitcoin scams are like a box of chocolates. You never know what kind you’re going to get. While the brashest crypto scams end up in the headlines , like the case of a Las Vegas poker player who pilfered $500,000 from another card shark, most shakedowns are more prosaic. Think of schemes that use threatening phone calls, a desperate plea for money or a demand to transfer sums of cash or else. Whatever form it takes, there’s no denying that cryptocurrency fraud is on the rise. The Federal Trade Commission (FTC) received 7,000 reports of crypto theft, with a combined value of more than $80 million, between October 2020 and March 2021. That’s a 12-fold increase in cases and a 1,000% jump in cash amount compared to the same period a year prior. When it comes to Bitcoin fraud, the strengths of cryptocurrency are turned against the victims. “Bitcoin-related scams track with other criminal exploits online until you try to recover your assets,” said cybersecurity expert Adam Levin. “Cryptocurrency is designed to be hard to track and even more difficult to recapture. Once transferred, it’s gone, with a few very high-level exceptions.” While the number of Bitcoin transactions has remained static in recent years, the value of cryptocurrency has surged. One Bitcoin was worth $9,000 in April 2020 compared to roughly $43,000 now. Here are the Bitcoin scams that you should be on the lookout to avoid. Bitcoin Fraud and Imposters In the poker scam mentioned above, the perp allegedly posed as the victim’s business partner on the encrypted text app, Telegram. The faux partner wanted to exchange $500,000 worth of Bitcoin, plus a $50,000 fee, for cash. The victim sent the Bitcoin, but never got the cash. When he reached out to his real associate by other means, the associate had no clue what was going on. The numbers involved in Bitcoin imposter schemes aren’t always this large. For instance, one scammer who posed as a Coinbase reporter contacted public relations companies offering positive coverage for clients in exchange for a measly sum of $600. And then there are twists on old-fashioned Social Security scams. For instance, a Naples, Fla. resident was told by a perp that her Social Security number had been stolen and was being used to open fraudulent bank accounts. She was instructed to download an app, then transfer all of her money from her bank account into Bitcoin. Thankfully, a fraud alert popped up on her phone before the deed was done. “Always take a moment before clicking on links sent via email or SMS, and don’t install apps on your mobile device unless you’re 100% certain they are legit by checking the reviews on the platform where you found them,” said Levin. The FTC warns of another Social Security scam where folks are told to deposit cash in Bitcoin ATM machines to pay scammers who are claiming to be from the Social Security Administration. Fake Bitcoin Investing Scams Bitcoin is an abstraction of an abstraction. It’s a store of value that not only doesn’t take any physical form, but also lacks any backing by the full faith and credit of a sovereign government. Enthusiasts find these aspects of cryptocurrency deeply appealing. Many Bitcoin investors believe the less government involvement in money, the better. Others prefer to engage in financial transactions that are hard to trace by the authorities. Unfortunately, these are also big advantages for scammers who set up fake websites purporting to offer new investors the chance to make a quick buck. This is what happened to one victim of a 2017 scheme from Australia. The man, whom ABC Everyday identified as Jonathan , saw an Instagram post that advertised the chance to make a 50% return mining for Bitcoin. He initially sent the site $50, and soon thereafter got $30 back in profit. Moreover, the Instagram account was full of testimonial videos and other folks endorsing the service, and had thousands of followers. It looked legitimate. He then prostelyzed his newfound opportunity to friends and family. All in all, Jonathan, his family and friends chipped in about $20,000. Then the account disappeared, and the thief with it. Not only did he lose his money, but some of his friends no longer speak to him. The entire cost of these types of Ponzi-style Bitcoin scams can be enormous. “Many people have reported being lured to websites that look like opportunities for investing in or mining cryptocurrencies, but are bogus,” per the FTC. “Sites use fake testimonials and cryptocurrency jargon to appear credible, but promises of enormous, guaranteed returns are simply lies.” Bitcoin Giveaway Fraud In July 2020, something truly remarkable happened. Celebrities and famous figures around the world all went to their Twitter accounts simultaneously to promote the same Bitcoin giveaway offer. Shockingly, it seemed too good to be true. “I am giving back to my community due to Covid-19!” wrote former President Barack Obama on his Twitter account. “All Bitcoin sent to my address below will be sent back doubled. If you send $1,000, I will send back $2,000!” The accounts for Joe Biden, rapper Kanye West and former New York City mayor Mike Bloomberg, among others, published the same message . As you probably guessed, the giveaway offers were all part of an unprecedented Twitter hack. Jack Dorsey, the former chief executive officer of Twitter, called it “a tough day” for the social media company. These types of scams, though, are nothing new. The FTC estimates that over a six-month period in late 2020 and early 2021, people reportedly sent more than $2 million in cryptocurrency to investment frauds pretending to be fronted by Tesla Inc. founder and crypto enthusiast Elon Musk. Crypto Romance Scams Bitcoin’s meteoric rise has dovetailed with the mass adoption of dating apps that make it really easy to find new romantic partners. While that may be a boon for people who are looking for love, it’s also a goldmine for scammers. In fact, cryptocurrency was the top payment choice for romance scams reported to the FTC in 2021 ($139 million), followed by bank transfers ($121 million), wire transfers ($93 million) and gift cards ($36 million). While romance scams are nothing new, cryptocurrency adds a new twist: Unsuspecting paramours believe they’re getting in on a crypto investing opportunity. Take Mike (not his real name), who was recently profiled by NBC News . Mike met a woman named Jenny on Tinder. They struck up a relationship, texting on Tinder and WhatsApp. After about a month, Jenny told Mike that she had a good tip. She claimed that her uncle worked at JPMorgan Chase, and “…was the world expert in Bitcoin options.” Mike was in the market for love, not Bitcoin, but he soon grew interested and invested $3,000 on Crypto.com, a legitimate cryptocurrency exchange . Eventually the con grew deeper. Jenny persuaded him to move his money to a different exchange and to keep investing. His portfolio soon hit $1 million in value. Mike grew suspicious when Jenny told him to send his tax payments to the Department of Homeland Security instead of the Internal Revenue Service (IRS). Then he found he couldn’t withdraw his money from the new crypto exchange account, at which point he realized it was all a long con. Mike ultimately lost nearly $280,000. How to Recognize Bitcoin Scams It’s easy to look at these individual cases and marvel at how foolish the victims seem to be. Why was Mike listening to a woman he’d never actually met and agreeing to invest hundreds of thousands of dollars? How could anyone give away $500,000 worth of Bitcoin to a business partner without at least picking up the phone to discuss the deal? How could someone believe that they could get a guaranteed 50% return? The problem is that it’s easy to lose your skeptical faculties when you feel like you’ve met your future spouse, you’re chatting with who you think is a close partner or you believe you’ve found a sure thing. It’s easy to lose sight of red flags when these confounding factors cloud your judgment. That’s why it’s important to keep a few rules of thumb in mind whenever someone you’ve never actually met comes to you with a chance to make money in Bitcoin. Don’t believe the hype. Any claim of a guaranteed return, especially a very sizable guaranteed return, should always be treated as a scam. There are practically no legitimate investments that can double your money in a week or a month, or even a year, as Bernie Madoff’s victims can attest. Likewise, ignore any claim that your Bitcoin investment can be “multiplied.” Bitcoin for Bitcoin’s sake. The reason why Bitcoin has risen so dramatically in value recently is because genuine investors believe they can sell it to someone else for a higher price at a future date. That’s what makes crypto a highly speculative investment. Always ignore “investment opportunities” that claim to be helping you get in on special or rare deals that involve Bitcoin. Obsessed with Bitcoin. Let’s say you meet someone online, and they really want you to invest in Bitcoin. They’re almost certainly lying to you. Meanwhile, the government–especially the Social Security Administration–doesn’t track you down and demand instant crypto payments. If you’re dealing with someone who is demanding that you adopt Bitcoin in some fashion, disengage and call the cops. If you suspect that you’ve been the target of a crypto scam, file a report with the FTC . When you share information about Bitcoin scams, it can help the FTC investigate fraud methods and keep Americans aware of new scams.
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His work has received the r... - [![Linkedin icon](https://www.forbes.com/advisor/wp-content/themes/fadv/assets/img/social-icons/forbes-media-linkedin-icon.svg)](https://www.linkedin.com/in/taylor-tepper-20a9553b/) [Read Full Bio![See Full Bio](https://www.forbes.com/advisor/wp-content/themes/fadv/assets/img/social-icons/read-full-bio.svg)](https://www.forbes.com/advisor/author/tepper/) ![close icon](https://www.forbes.com/advisor/wp-content/themes/fadv/assets/img/social-icons/forbes-media-close-icon.svg) ![Taylor Tepper](https://thumbor.forbes.com/thumbor/fit-in/x/https://www.forbes.com/advisor/wp-content/uploads/2020/09/ttepper-88x88.png) [Taylor Tepper](https://www.forbes.com/advisor/author/tepper/)Former Staff Writer Taylor Tepper covered banking, investing and pretty much everything else in personal finance for more than a decade, with his work appearing in the New York Times, Fortune and MONEY magazine, as well as many other outlets. His work has received the r... - [![Linkedin icon](https://www.forbes.com/advisor/wp-content/themes/fadv/assets/img/social-icons/forbes-media-linkedin-icon.svg)](https://www.linkedin.com/in/taylor-tepper-20a9553b/) [Read Full Bio![See Full Bio](https://www.forbes.com/advisor/wp-content/themes/fadv/assets/img/social-icons/read-full-bio.svg)](https://www.forbes.com/advisor/author/tepper/) Written By [Taylor Tepper](https://www.forbes.com/advisor/author/tepper/) ![Taylor Tepper](https://thumbor.forbes.com/thumbor/fit-in/x/https://www.forbes.com/advisor/wp-content/uploads/2020/09/ttepper-88x88.png) [Taylor Tepper](https://www.forbes.com/advisor/author/tepper/)Former Staff Writer Taylor Tepper covered banking, investing and pretty much everything else in personal finance for more than a decade, with his work appearing in the New York Times, Fortune and MONEY magazine, as well as many other outlets. His work has received the r... - [![Linkedin icon](https://www.forbes.com/advisor/wp-content/themes/fadv/assets/img/social-icons/forbes-media-linkedin-icon.svg)](https://www.linkedin.com/in/taylor-tepper-20a9553b/) [Read Full Bio![See Full Bio](https://www.forbes.com/advisor/wp-content/themes/fadv/assets/img/social-icons/read-full-bio.svg)](https://www.forbes.com/advisor/author/tepper/) ![close icon](https://www.forbes.com/advisor/wp-content/themes/fadv/assets/img/social-icons/forbes-media-close-icon.svg) ![Taylor Tepper](https://thumbor.forbes.com/thumbor/fit-in/x/https://www.forbes.com/advisor/wp-content/uploads/2020/09/ttepper-88x88.png) [Taylor Tepper](https://www.forbes.com/advisor/author/tepper/)Former Staff Writer Taylor Tepper covered banking, investing and pretty much everything else in personal finance for more than a decade, with his work appearing in the New York Times, Fortune and MONEY magazine, as well as many other outlets. 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Continue reading ![Watch Out For These 4 Bitcoin Scams](https://thumbor.forbes.com/thumbor/fit-in/900x510/https://www.forbes.com/advisor/wp-content/uploads/2022/04/bitcoin_scams.jpeg.jpg) Getty Bitcoin scams are like a box of chocolates. You never know what kind you’re going to get. While the brashest crypto scams [end up in the headlines](https://www.reviewjournal.com/crime/las-vegas-police-say-man-swindled-500k-in-bitcoin-from-trader-2553242/), like the case of a Las Vegas poker player who pilfered \$500,000 from another card shark, most shakedowns are more prosaic. Think of schemes that use threatening phone calls, a desperate plea for money or a demand to transfer sums of cash or else. Whatever form it takes, there’s no denying that [cryptocurrency](https://www.forbes.com/advisor/investing/cryptocurrency/cryptocurrency-for-newcomers-beginners-guide/) fraud is on the rise. The Federal Trade Commission (FTC) received 7,000 reports of crypto theft, with a combined value of more than \$80 million, between October 2020 and March 2021. That’s a 12-fold increase in cases and a 1,000% jump in cash amount compared to the same period a year prior. When it comes to Bitcoin fraud, the strengths of cryptocurrency are turned against the victims. “Bitcoin-related scams track with other criminal exploits online until you try to recover your assets,” said cybersecurity expert Adam Levin. “Cryptocurrency is designed to be hard to track and even more difficult to recapture. Once transferred, it’s gone, with a few very high-level exceptions.” While the number of Bitcoin transactions has remained static in recent years, the value of cryptocurrency has surged. One Bitcoin was worth \$9,000 in April 2020 compared to roughly \$43,000 now. Here are the Bitcoin scams that you should be on the lookout to avoid. ## Bitcoin Fraud and Imposters In the poker scam mentioned above, the perp allegedly posed as the victim’s business partner on the encrypted text app, Telegram. The faux partner wanted to exchange \$500,000 worth of Bitcoin, plus a \$50,000 fee, for cash. The victim sent the Bitcoin, but never got the cash. When he reached out to his real associate by other means, the associate had no clue what was going on. The numbers involved in Bitcoin imposter schemes aren’t always this large. For instance, one scammer who [posed as a Coinbase](https://www.coindesk.com/tech/2020/04/08/how-imposters-scam-entrepreneurs-out-of-their-crypto/) reporter contacted public relations companies offering positive coverage for clients in exchange for a measly sum of \$600. And then there are twists on old-fashioned Social Security scams. For instance, a Naples, Fla. resident [was told by a perp](https://nbc-2.com/features/tech/2021/11/11/con-artists-add-new-twist-to-old-social-security-scam/) that her Social Security number had been stolen and was being used to open fraudulent bank accounts. She was instructed to download an app, then transfer all of her money from her bank account into Bitcoin. Thankfully, a fraud alert popped up on her phone before the deed was done. “Always take a moment before clicking on links sent via email or SMS, and don’t install apps on your mobile device unless you’re 100% certain they are legit by checking the reviews on the platform where you found them,” said Levin. The FTC warns of another [Social Security](https://www.forbes.com/advisor/retirement/what-is-social-security/) scam where folks are told to deposit cash in Bitcoin ATM machines to pay scammers who are claiming to be from the Social Security Administration. ## Fake Bitcoin Investing Scams Bitcoin is an abstraction of an abstraction. It’s a store of value that not only doesn’t take any physical form, but also lacks any backing by the full faith and credit of a sovereign government. Enthusiasts find these aspects of cryptocurrency deeply appealing. Many Bitcoin investors believe the less government involvement in money, the better. Others prefer to engage in financial transactions that are hard to trace by the authorities. Unfortunately, these are also big advantages for scammers who set up fake websites purporting to offer new investors the chance to make a quick buck. This is what happened to one victim of a 2017 scheme from Australia. The man, whom [ABC Everyday identified as Jonathan](https://www.abc.net.au/everyday/crypto-bitcoin-mining-scam-on-instagram/100016720), saw an Instagram post that advertised the chance to make a 50% return mining for Bitcoin. He initially sent the site \$50, and soon thereafter got \$30 back in profit. Moreover, the Instagram account was full of testimonial videos and other folks endorsing the service, and had thousands of followers. It looked legitimate. He then prostelyzed his newfound opportunity to friends and family. All in all, Jonathan, his family and friends chipped in about \$20,000. Then the account disappeared, and the thief with it. Not only did he lose his money, but some of his friends no longer speak to him. The entire cost of these types of Ponzi-style Bitcoin scams can be enormous. “Many people have reported being lured to websites that look like opportunities for investing in or mining cryptocurrencies, but are bogus,” per the FTC. “Sites use fake testimonials and cryptocurrency jargon to appear credible, but promises of enormous, guaranteed returns are simply lies.” ## Bitcoin Giveaway Fraud In July 2020, something truly remarkable happened. Celebrities and famous figures around the world all went to their Twitter accounts simultaneously to promote the same Bitcoin giveaway offer. Shockingly, it seemed too good to be true. “I am giving back to my community due to Covid-19!” wrote former President Barack Obama on his Twitter account. “All Bitcoin sent to my address below will be sent back doubled. If you send \$1,000, I will send back \$2,000!” The accounts for Joe Biden, rapper Kanye West and former New York City mayor Mike Bloomberg, among others, published [the same message](https://www.bbc.com/news/technology-53425822). As you probably guessed, the giveaway offers were all part of an unprecedented Twitter hack. Jack Dorsey, the former chief executive officer of Twitter, called it “a tough day” for the social media company. These types of scams, though, are nothing new. The FTC [estimates](https://www.cnbc.com/2021/05/17/elon-musk-impersonators-stole-more-than-2-million-in-crypto-scams-.html) that over a six-month period in late 2020 and early 2021, people reportedly sent more than \$2 million in cryptocurrency to investment frauds pretending to be fronted by Tesla Inc. founder and crypto enthusiast Elon Musk. ## Crypto Romance Scams Bitcoin’s meteoric rise has dovetailed with the mass adoption of dating apps that make it really easy to find new romantic partners. While that may be a boon for people who are looking for love, it’s also a goldmine for scammers. In fact, cryptocurrency was the top payment choice for [romance scams](https://www.forbes.com/advisor/personal-finance/romance-scams/) reported to the FTC in 2021 (\$139 million), followed by bank transfers (\$121 million), wire transfers (\$93 million) and gift cards (\$36 million). While romance scams are nothing new, cryptocurrency adds a new twist: Unsuspecting paramours believe they’re getting in on a crypto investing opportunity. Take Mike (not his real name), who was recently profiled by [NBC News](https://www.nbcnews.com/news/crime-courts/online-romance-cryptocurrency-fraud-cost-one-man-almost-300000-rcna22609). Mike met a woman named Jenny on Tinder. They struck up a relationship, texting on Tinder and WhatsApp. After about a month, Jenny told Mike that she had a good tip. She claimed that her uncle worked at JPMorgan Chase, and “…was the world expert in Bitcoin options.” Mike was in the market for love, not Bitcoin, but he soon grew interested and invested \$3,000 on Crypto.com, a legitimate [cryptocurrency exchange](https://www.forbes.com/advisor/investing/cryptocurrency/best-crypto-exchanges/). Eventually the con grew deeper. Jenny persuaded him to move his money to a different exchange and to keep investing. His portfolio soon hit \$1 million in value. Mike grew suspicious when Jenny told him to send his tax payments to the Department of Homeland Security instead of the Internal Revenue Service (IRS). Then he found he couldn’t withdraw his money from the new crypto exchange account, at which point he realized it was all a long con. Mike ultimately lost nearly \$280,000. ## How to Recognize Bitcoin Scams It’s easy to look at these individual cases and marvel at how foolish the victims seem to be. Why was Mike listening to a woman he’d never actually met and agreeing to invest hundreds of thousands of dollars? How could anyone give away \$500,000 worth of Bitcoin to a business partner without at least picking up the phone to discuss the deal? How could someone believe that they could get a guaranteed 50% return? The problem is that it’s easy to lose your skeptical faculties when you feel like you’ve met your future spouse, you’re chatting with who you think is a close partner or you believe you’ve found a sure thing. It’s easy to lose sight of red flags when these confounding factors cloud your judgment. That’s why it’s important to keep a few rules of thumb in mind whenever someone you’ve never actually met comes to you with a chance to make money in Bitcoin. - Don’t believe the hype. Any claim of a guaranteed return, especially a very sizable guaranteed return, should always be treated as a scam. There are practically no legitimate investments that can double your money in a week or a month, or even a year, as Bernie Madoff’s victims can attest. Likewise, ignore any claim that your Bitcoin investment can be “multiplied.” - Bitcoin for Bitcoin’s sake. The reason why Bitcoin has risen so dramatically in value recently is because genuine investors believe they can sell it to someone else for a higher price at a future date. That’s what makes crypto a highly speculative investment. Always ignore “investment opportunities” that claim to be helping you get in on special or rare deals that involve Bitcoin. - Obsessed with Bitcoin. Let’s say you meet someone online, and they really want you to invest in Bitcoin. They’re almost certainly lying to you. Meanwhile, the government–especially the Social Security Administration–doesn’t track you down and demand instant crypto payments. If you’re dealing with someone who is demanding that you adopt Bitcoin in some fashion, disengage and call the cops. If you suspect that you’ve been the target of a crypto scam, file a [report with the FTC](https://reportfraud.ftc.gov/#/). When you share information about Bitcoin scams, it can help the FTC investigate fraud methods and keep Americans aware of new scams. * Was this article helpful? Share your feedback Send feedback to the editorial team ![User Form](https://www.forbes.com/advisor/wp-content/themes/fadv/assets/img/user-feedback-form/user-form-icon.svg) ![Success Icon](https://www.forbes.com/advisor/wp-content/themes/fadv/assets/img/user-feedback-form/success-icon.svg) Thank You for your feedback\! ![Error Icon](https://www.forbes.com/advisor/wp-content/themes/fadv/assets/img/user-feedback-form/error-icon.svg) Something went wrong. Please try again later. Basics - [Top 10 Cryptocurrencies](https://www.forbes.com/advisor/investing/cryptocurrency/top-10-cryptocurrencies/ "Top 10 Cryptocurrencies") - [Best Crypto Exchanges](https://www.forbes.com/advisor/investing/cryptocurrency/best-crypto-exchanges/ "Best Crypto Exchanges") - [Best Crypto Credit Cards](https://www.forbes.com/advisor/credit-cards/best/crypto-rewards/ "Best Crypto Credit Cards") - [Cryptocurrency Tax Calculator](https://www.forbes.com/advisor/taxes/cryptocurrency-tax-calculator/ "Cryptocurrency Tax Calculator") Guides - [How To Buy Cryptocurrency](https://www.forbes.com/advisor/investing/cryptocurrency/how-to-buy-cryptocurrency/ "How To Buy Cryptocurrency") - [How To Buy XRP (Ripple)](https://www.forbes.com/advisor/investing/cryptocurrency/how-to-buy-xrp-ripple/ "How To Buy XRP (Ripple)") - [How To Buy Bitcoin (BTC)](https://www.forbes.com/advisor/investing/cryptocurrency/buying-bitcoin/ "How To Buy Bitcoin (BTC)") - [How To Buy Ethereum (ETH)](https://www.forbes.com/advisor/investing/cryptocurrency/how-to-buy-ethereum/ "How To Buy Ethereum (ETH)") Crypto Exchanges - [Crypto.com Review](https://www.forbes.com/advisor/investing/cryptocurrency/crypto-com-review/ "Crypto.com Review") - [Coinbase Review](https://www.forbes.com/advisor/investing/cryptocurrency/coinbase-review/ "Coinbase Review") - [Binance.US Review](https://www.forbes.com/advisor/investing/cryptocurrency/binance-us-review/ "Binance.US Review") - [Kraken Review](https://www.forbes.com/advisor/investing/cryptocurrency/kraken-review/ "Kraken Review") - [eToro Review](https://www.forbes.com/advisor/investing/cryptocurrency/etoro-review/ "eToro Review") #### More from ![forbes-advisor](https://www.forbes.com/advisor/wp-content/themes/fadv/assets/img/forbes-updated-logo.svg) [![8 Best Crypto Wallets](https://www.forbes.com/advisor/wp-content/uploads/2022/10/best_crypto_wallets-568x322.jpg) 8 Best Crypto Wallets ![Maisha Shahid](https://www.forbes.com/advisor/wp-content/uploads/2024/11/maisha-headshot-Maisha-Shahid-e1730783915307.jpg) By Maisha Shahid](https://www.forbes.com/advisor/investing/cryptocurrency/best-crypto-wallets/ "8 Best Crypto Wallets") [![Ethereum Price Today: ETH Is Trading At \$2,182 ](https://www.forbes.com/advisor/wp-content/uploads/2025/02/ethereum-ETFs-568x322.jpg) Ethereum Price Today: ETH Is Trading At \$2,182 ![Farran Powell](https://www.forbes.com/advisor/wp-content/uploads/2022/04/Farran-Powell_headshot.jpeg) By Farran Powell](https://www.forbes.com/advisor/investing/cryptocurrency/ethereum-price-today/ "Ethereum Price Today: ETH Is Trading At $2,182 ") [![Bitcoin Profit Calculator](https://www.forbes.com/advisor/wp-content/uploads/2023/10/bitcoin-charts-568x322.jpeg) Bitcoin Profit Calculator ![Farran Powell](https://www.forbes.com/advisor/wp-content/uploads/2022/04/Farran-Powell_headshot.jpeg) By Farran Powell](https://www.forbes.com/advisor/investing/cryptocurrency/bitcoin-profit-calculator/ "Bitcoin Profit Calculator") [![Bitcoin Price Today: Bitcoin Drops To \$71,192](https://www.forbes.com/advisor/wp-content/uploads/2021/06/bitcoin-20210617-568x322.jpg) Bitcoin Price Today: Bitcoin Drops To \$71,192 ![Farran Powell](https://www.forbes.com/advisor/wp-content/uploads/2022/04/Farran-Powell_headshot.jpeg) By Farran Powell](https://www.forbes.com/advisor/investing/cryptocurrency/bitcoin-price-today/ "Bitcoin Price Today: Bitcoin Drops To $71,192") [![What Is Bitcoin And How Does It Work?](https://www.forbes.com/advisor/wp-content/uploads/2021/03/bitcoin_glasses-568x322.jpg) What Is Bitcoin And How Does It Work? ![Kate Ashford](https://www.forbes.com/advisor/wp-content/uploads/2019/02/kate-ashford.jpg) By Kate Ashford](https://www.forbes.com/advisor/investing/cryptocurrency/what-is-bitcoin-zx1fa/ "What Is Bitcoin And How Does It Work?") 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Readable Markdown	Bitcoin scams are like a box of chocolates. You never know what kind you’re going to get. While the brashest crypto scams [end up in the headlines](https://www.reviewjournal.com/crime/las-vegas-police-say-man-swindled-500k-in-bitcoin-from-trader-2553242/), like the case of a Las Vegas poker player who pilfered \$500,000 from another card shark, most shakedowns are more prosaic. Think of schemes that use threatening phone calls, a desperate plea for money or a demand to transfer sums of cash or else. Whatever form it takes, there’s no denying that [cryptocurrency](https://www.forbes.com/advisor/investing/cryptocurrency/cryptocurrency-for-newcomers-beginners-guide/) fraud is on the rise. The Federal Trade Commission (FTC) received 7,000 reports of crypto theft, with a combined value of more than \$80 million, between October 2020 and March 2021. That’s a 12-fold increase in cases and a 1,000% jump in cash amount compared to the same period a year prior. When it comes to Bitcoin fraud, the strengths of cryptocurrency are turned against the victims. “Bitcoin-related scams track with other criminal exploits online until you try to recover your assets,” said cybersecurity expert Adam Levin. “Cryptocurrency is designed to be hard to track and even more difficult to recapture. Once transferred, it’s gone, with a few very high-level exceptions.” While the number of Bitcoin transactions has remained static in recent years, the value of cryptocurrency has surged. One Bitcoin was worth \$9,000 in April 2020 compared to roughly \$43,000 now. Here are the Bitcoin scams that you should be on the lookout to avoid. ## Bitcoin Fraud and Imposters In the poker scam mentioned above, the perp allegedly posed as the victim’s business partner on the encrypted text app, Telegram. The faux partner wanted to exchange \$500,000 worth of Bitcoin, plus a \$50,000 fee, for cash. The victim sent the Bitcoin, but never got the cash. When he reached out to his real associate by other means, the associate had no clue what was going on. The numbers involved in Bitcoin imposter schemes aren’t always this large. For instance, one scammer who [posed as a Coinbase](https://www.coindesk.com/tech/2020/04/08/how-imposters-scam-entrepreneurs-out-of-their-crypto/) reporter contacted public relations companies offering positive coverage for clients in exchange for a measly sum of \$600. And then there are twists on old-fashioned Social Security scams. For instance, a Naples, Fla. resident [was told by a perp](https://nbc-2.com/features/tech/2021/11/11/con-artists-add-new-twist-to-old-social-security-scam/) that her Social Security number had been stolen and was being used to open fraudulent bank accounts. She was instructed to download an app, then transfer all of her money from her bank account into Bitcoin. Thankfully, a fraud alert popped up on her phone before the deed was done. “Always take a moment before clicking on links sent via email or SMS, and don’t install apps on your mobile device unless you’re 100% certain they are legit by checking the reviews on the platform where you found them,” said Levin. The FTC warns of another [Social Security](https://www.forbes.com/advisor/retirement/what-is-social-security/) scam where folks are told to deposit cash in Bitcoin ATM machines to pay scammers who are claiming to be from the Social Security Administration. ## Fake Bitcoin Investing Scams Bitcoin is an abstraction of an abstraction. It’s a store of value that not only doesn’t take any physical form, but also lacks any backing by the full faith and credit of a sovereign government. Enthusiasts find these aspects of cryptocurrency deeply appealing. Many Bitcoin investors believe the less government involvement in money, the better. Others prefer to engage in financial transactions that are hard to trace by the authorities. Unfortunately, these are also big advantages for scammers who set up fake websites purporting to offer new investors the chance to make a quick buck. This is what happened to one victim of a 2017 scheme from Australia. The man, whom [ABC Everyday identified as Jonathan](https://www.abc.net.au/everyday/crypto-bitcoin-mining-scam-on-instagram/100016720), saw an Instagram post that advertised the chance to make a 50% return mining for Bitcoin. He initially sent the site \$50, and soon thereafter got \$30 back in profit. Moreover, the Instagram account was full of testimonial videos and other folks endorsing the service, and had thousands of followers. It looked legitimate. He then prostelyzed his newfound opportunity to friends and family. All in all, Jonathan, his family and friends chipped in about \$20,000. Then the account disappeared, and the thief with it. Not only did he lose his money, but some of his friends no longer speak to him. The entire cost of these types of Ponzi-style Bitcoin scams can be enormous. “Many people have reported being lured to websites that look like opportunities for investing in or mining cryptocurrencies, but are bogus,” per the FTC. “Sites use fake testimonials and cryptocurrency jargon to appear credible, but promises of enormous, guaranteed returns are simply lies.” ## Bitcoin Giveaway Fraud In July 2020, something truly remarkable happened. Celebrities and famous figures around the world all went to their Twitter accounts simultaneously to promote the same Bitcoin giveaway offer. Shockingly, it seemed too good to be true. “I am giving back to my community due to Covid-19!” wrote former President Barack Obama on his Twitter account. “All Bitcoin sent to my address below will be sent back doubled. If you send \$1,000, I will send back \$2,000!” The accounts for Joe Biden, rapper Kanye West and former New York City mayor Mike Bloomberg, among others, published [the same message](https://www.bbc.com/news/technology-53425822). As you probably guessed, the giveaway offers were all part of an unprecedented Twitter hack. Jack Dorsey, the former chief executive officer of Twitter, called it “a tough day” for the social media company. These types of scams, though, are nothing new. The FTC [estimates](https://www.cnbc.com/2021/05/17/elon-musk-impersonators-stole-more-than-2-million-in-crypto-scams-.html) that over a six-month period in late 2020 and early 2021, people reportedly sent more than \$2 million in cryptocurrency to investment frauds pretending to be fronted by Tesla Inc. founder and crypto enthusiast Elon Musk. ## Crypto Romance Scams Bitcoin’s meteoric rise has dovetailed with the mass adoption of dating apps that make it really easy to find new romantic partners. While that may be a boon for people who are looking for love, it’s also a goldmine for scammers. In fact, cryptocurrency was the top payment choice for [romance scams](https://www.forbes.com/advisor/personal-finance/romance-scams/) reported to the FTC in 2021 (\$139 million), followed by bank transfers (\$121 million), wire transfers (\$93 million) and gift cards (\$36 million). While romance scams are nothing new, cryptocurrency adds a new twist: Unsuspecting paramours believe they’re getting in on a crypto investing opportunity. Take Mike (not his real name), who was recently profiled by [NBC News](https://www.nbcnews.com/news/crime-courts/online-romance-cryptocurrency-fraud-cost-one-man-almost-300000-rcna22609). Mike met a woman named Jenny on Tinder. They struck up a relationship, texting on Tinder and WhatsApp. After about a month, Jenny told Mike that she had a good tip. She claimed that her uncle worked at JPMorgan Chase, and “…was the world expert in Bitcoin options.” Mike was in the market for love, not Bitcoin, but he soon grew interested and invested \$3,000 on Crypto.com, a legitimate [cryptocurrency exchange](https://www.forbes.com/advisor/investing/cryptocurrency/best-crypto-exchanges/). Eventually the con grew deeper. Jenny persuaded him to move his money to a different exchange and to keep investing. His portfolio soon hit \$1 million in value. Mike grew suspicious when Jenny told him to send his tax payments to the Department of Homeland Security instead of the Internal Revenue Service (IRS). Then he found he couldn’t withdraw his money from the new crypto exchange account, at which point he realized it was all a long con. Mike ultimately lost nearly \$280,000. ## How to Recognize Bitcoin Scams It’s easy to look at these individual cases and marvel at how foolish the victims seem to be. Why was Mike listening to a woman he’d never actually met and agreeing to invest hundreds of thousands of dollars? How could anyone give away \$500,000 worth of Bitcoin to a business partner without at least picking up the phone to discuss the deal? How could someone believe that they could get a guaranteed 50% return? The problem is that it’s easy to lose your skeptical faculties when you feel like you’ve met your future spouse, you’re chatting with who you think is a close partner or you believe you’ve found a sure thing. It’s easy to lose sight of red flags when these confounding factors cloud your judgment. That’s why it’s important to keep a few rules of thumb in mind whenever someone you’ve never actually met comes to you with a chance to make money in Bitcoin. - Don’t believe the hype. Any claim of a guaranteed return, especially a very sizable guaranteed return, should always be treated as a scam. There are practically no legitimate investments that can double your money in a week or a month, or even a year, as Bernie Madoff’s victims can attest. Likewise, ignore any claim that your Bitcoin investment can be “multiplied.” - Bitcoin for Bitcoin’s sake. The reason why Bitcoin has risen so dramatically in value recently is because genuine investors believe they can sell it to someone else for a higher price at a future date. That’s what makes crypto a highly speculative investment. Always ignore “investment opportunities” that claim to be helping you get in on special or rare deals that involve Bitcoin. - Obsessed with Bitcoin. Let’s say you meet someone online, and they really want you to invest in Bitcoin. They’re almost certainly lying to you. Meanwhile, the government–especially the Social Security Administration–doesn’t track you down and demand instant crypto payments. If you’re dealing with someone who is demanding that you adopt Bitcoin in some fashion, disengage and call the cops. If you suspect that you’ve been the target of a crypto scam, file a [report with the FTC](https://reportfraud.ftc.gov/#/). When you share information about Bitcoin scams, it can help the FTC investigate fraud methods and keep Americans aware of new scams. ***
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