How to Identify and Prevent Crypto Scams: A Complete Guide for 2024 + What to Do If You’ve Been Scammed and How to Reclaim Crypto

AceChange - How to Identify and Prevent Crypto Scams: A Complete Guide for 2024 + What to Do If You’ve Been Scammed and How to Reclaim Crypto

This article is a comprehensive guide on how to buy crypto safely and identify various online scams. After reading, you should be able to recognize scammers, saving you a lot of money and trouble.


The article is divided into two parts:

 1.   Part One: Provides a precise guide on what to do if you have fallen victim to a scam and want to attempt to reclaim crypto. Following these steps will significantly increase your chances of getting your money back.


2.   Part Two: Contains examples of well-known and lesser-known scams, along with various recommendations. This will help you easily identify scammers and protect your money.


When the bull run crypto begins, the number of scammers increases. Therefore, it's essential to understand how scammers operate and learn how to defend yourself. Read the entire article and share it so that as many people as possible can avoid scams. In just a few minutes of reading, you will significantly increase your chances of protecting your assets and preventing yourself from becoming a victim of scammers.


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Part One: What to Do If You’ve Been Scammed - Initial Steps to Reclaim Your Money

In this section, you'll find the first essential steps to begin the process of free crypto recovery to increase your chances of getting your money back. It is crucial to act quickly if you've been scammed. Set aside all other activities and fully focus on the steps outlined below. Time is of the essence and works against you.

Step 1: Ensure the Scammer Can't Steal More Money
For instance, if your card was misused, block it immediately and report the theft. In the case of a phishing attack, disconnect your devices from the internet and transfer your cryptocurrencies to another wallet right away.

Step 2: Do Not Reveal to the Scammer That You Know About the Fraud
Pretend that everything is fine. This is very important because you need the scammer to keep communicating with you, ideally asking for more money (which you should not send).

Step 3: Contact All Relevant Companies First, Not the Police
Police procedures like interviews can take a long time. Companies are often more effective and faster in responding to the situation. For example, if your USDT was stolen, contact Tether directly as they have excellent and quick support. Check the blockchain to see if the address (wallet) to which you sent your cryptocurrencies is labeled. Large exchanges often have labeled wallets (HOT WALLET) directly on the blockchain, like in the image below.From this, you know that your funds were sent to the Binance exchange and you need to contact them immediately. Provide the address to which you sent the funds and request that they hold the money. Send all necessary documents and inform them that you will be contacting the police. If you sent money to a bank, there are tools to find out which bank manages the IBAN. Contact the bank and request a hold on the funds, and of course, also contact your own bank. The same applies to cards. Below are links to some control tools that can help you determine the origin of the card or IBAN, which will assist in further investigation.


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Step 4: Report the Scam on Blockchain Explorers
Most cryptocurrencies have the option to report an address associated with fraud on their blockchain explorers. This is also an important step and should be done as soon as possible. For instance, if you were scammed for bitcoin, I recommend reporting the address here: .

Step 5: Go to the Police
Even if the police can't directly help you, you'll need documentation for companies like Tether or Binance. Make sure the report includes the address where you sent the money. Once you obtain these documents, send them to all relevant parties.

These are the initial steps. Continue monitoring the blockchain situation. If your funds move to other addresses and you are lucky enough that the scammers sent the funds to a public hot wallet, contact the respective exchange and follow police advice. It is also beneficial to seek help and further advice in various groups.

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Your Grandchild is at the Police Station! You Must Pay Immediately scam !!!

Your Grandchild is at the Police Station! You Must Pay Immediately

One of the most despicable scams targets the elderly. Typically, the scammer contacts an older person, often identified through Facebook. It's easy to find information about their family there. More sophisticated scammers might wait until the grandchild is on vacation. Thanks to social media posts, they know exactly where the grandchild is and use this information to their advantage.

The scam starts with a phone call to the elderly person, claiming their grandchild is in trouble—perhaps detained by the police and needing bail within 24 hours to avoid a long prison sentence. The scammer knows exactly where the grandchild was supposedly detained and has names and details obtained from social media. The elderly person believes them and rushes to pay the scammer. Often, the scammer instructs the elderly person to trust no one and to pay using bitcoin purchased at a bitcoin ATM.

This is just one scenario scammers use. There are many, such as claiming a relative was in a car accident and needs hospital fees. You might also receive a call from someone claiming to be your relative from a very similar profile, and thanks to AI, they might have a very similar voice or video.

This type of scam will become extremely problematic in the next five years due to advances in artificial intelligence. Therefore, it’s essential to follow the rules outlined below.

How to Identify a Scammer:

1.   Unknown Caller: Often, they are people with foreign accents speaking your native language, claiming to be translators.

2.   Unusual Story: Scammers have strange stories explaining why you need to send money immediately.

3.   Pressure Tactics: They continuously persuade you and apply psychological pressure.

4.   Emotional Blackmail: They use emotional blackmail, claiming, for example, that if you don’t pay, your grandchild will die.

How to Protect Yourself:

1.   Verify Your Relatives’ Safety: If someone contacts you claiming your relative is in danger, stay calm and verify. Call your relative directly on a number you know belongs to them. If you can’t reach them, message or call their social media profile. Make sure the profile has chat history, indicating you are genuinely communicating with your relative. Scammers can create very similar profiles but can’t copy chat history. If you still can’t reach your relative, contact other family members and finally the police, explaining the situation. Tell the caller to call back in an hour.

2.   Use Common Sense: Neither the police nor doctors will ever ask you to pay in BTC (bitcoin) or use emotional blackmail.

What to Do if You Have Been Scammed:

1.   Maintain Contact: Try not to cut off communication with the scammers. Scammers often want to extract as much as possible, so if you’ve sent money once and don’t reveal you’re aware of the scam, they will stay in contact, which can be crucial for investigations.

2.   Gather Evidence: Take screenshots of all communications and the scammer’s profile, and collect all possible evidence.

3.   Contact the Police: If you realize you’ve been scammed, contact the police and all involved parties, such as your bank and the social media platform where you were contacted.



Phishing Attacks

Phishing Attacks

Phishing attacks are scams where attackers pose as trustworthy individuals or organizations to trick people into giving away sensitive information, such as passwords or financial details, or to send them money under various pretexts. While it's impossible to list all scenarios and types of attacks, below are the basic types of phishing attacks to be aware of. Always be cautious when encountering a group on Facebook or a website advertising phrases like "how to make money on crypto" or "earn crypto."

Types of Phishing Attacks

1.   Classic Phishing:

o   Attackers send emails that appear to be official communication from well-known organizations. These emails contain links to fake websites designed to capture login credentials or other sensitive information.

2.   Spear Phishing:

o   This type of phishing is more targeted. Attackers focus on specific individuals or organizations, using personal information about the victim to create a believable message.

3.   Whaling:

o   Targets high-profile individuals within organizations, such as executives or managers. These attacks are often more sophisticated and use advanced techniques to deceive the victims.

4.   Smishing and Vishing:

o   Smishing uses SMS messages to spread malicious links or requests for information.

o   Vishing involves phone calls where attackers pretend to be from a trustworthy institution to extract sensitive information.

Additional Threats:

·       Infected Software:

    • Attackers create malicious software that looks like a legitimate application, such as a cryptocurrency wallet. When a user installs such an app, they may be prompted to enter their seed (private wallet key). Unknowingly, the user reveals their access details, leading to the immediate loss of all cryptocurrencies in the wallet.

·       Cryptojacking:

    • Malicious software can utilize the device’s computational power to mine cryptocurrencies in the background. This type of attack doesn’t directly steal sensitive information but significantly slows down the device’s performance and can cause overheating or damage.


1.   How to Defend Against Phishing Attacks:

o   Use antivirus software. We recommend ESET.

o   Be cautious and vigilant. If something seems off, do not enter your sensitive information.

o   Never share your seed with unverified sources.

2.   How to Identify a Scammer:

o   Watch for signs of suspicious activity, such as unexpected requests for sensitive information.

o   Verify the authenticity of software and applications before installing them.

o   Be wary of unsolicited communications that urge immediate action.

3.   What to Do if You Have Been Scammed:

o   Immediately disconnect your device from the internet to prevent further data theft.

o   Report the incident to the relevant authorities and platforms.

o   Change all your passwords and take steps to secure your accounts and devices.

o   Consider seeking professional help to remove any malicious software from your device.


Rug Pull

Rug Pull

A Rug Pull is a type of cryptocurrency scam where the project creators develop a token or cryptocurrency, attract investors, and then suddenly disappear with their money. These scammers lure you with attractive slogans like "earn crypto free," "make money online for free," and similar promises. This scam typically unfolds in several steps:

1.   Creating the Project: Scammers create a new cryptocurrency project with a token that appears legitimate and promising. They use social media, websites, and often fake reviews or well-known influencers to promote it.

2.   Attracting Investors: Using various marketing strategies and promises of high returns, scammers attract a large number of investors. As investors start buying the new token, its price rises.

3.   Sudden Disappearance: When the token reaches a certain value and enough money is invested, the scammers suddenly sell all their tokens, causing the token's value to plummet. They then disappear with the money, leaving investors with worthless tokens.


1.   How to Protect Yourself Against Rug Pulls:

o   Thoroughly research the project and its team.

o   Be cautious with tokens that are only tradable on DEXs and lack a verifiable team or whitepaper.

o   Look for warning signs such as lack of transparency, no audits, and unrealistic promises.

2.   How to Identify a Scammer:

o   Be wary of projects that appear suddenly and gain hype without a clear and legitimate vision.

o   Check the background of the project developers. If they are anonymous or have no history, be cautious.

o   Avoid investing based solely on hype or fear of missing out (FOMO).

3.   What to Do if You Have Been Scammed:

o   Immediately report the scam to the relevant authorities and platforms, such as social media networks and others.

o   Share your experience in online communities to warn others.

o   Collect all evidence and keep it safe; it might be needed in the future if the creators are charged, and you'll need proof of your cryptocurrency purchase.


You Have BTC with Us

You Have BTC with Us

A simple yet effective scam involves receiving a call from an unknown number, introducing themselves as a manager from a cryptocurrency exchange (it could also be a bank, a well-known investment company, or a lawyer telling you that you’ve inherited assets). They claim you have several BTC on the exchange that you bought years ago, though you don’t recall making such a purchase. The manager insists it’s true and that you have a significant amount of BTC in your account. They provide access to a seemingly legitimate but actually phishing cryptocurrency exchange. To your surprise, you see a large sum in your account and feel ecstatic, wanting to believe it. However, there's a catch: you need to pay a VAT fee before they can release your money. Of course, it’s a scam, and once you pay, they stop communicating, and you lose your real money. No exchange will pay taxes on your behalf or hold your funds for this reason.

How to Identify a Scammer:

1.   Unknown Caller: A "manager" from a cryptocurrency exchange calls you asking for money. No financial service will call you and ask for money; it’s prohibited, and banks and exchanges warn about this.

2.   Upfront Payment: They ask for an upfront payment in an unusual manner, either for your assets or for services that should be free, like transferring your BTC from the exchange.

3.   Pressure Tactics: They continuously persuade you and apply psychological pressure.

4.   Emotional Blackmail: They use emotional blackmail, claiming that if you don’t pay, your assets will be forfeited to the state.

How to Protect Yourself:

1.   Don’t Be Naive: Yes, you might feel a surge of happiness, thinking you’ll no longer have to work at a job you dislike, buy your dream car, and visit desired destinations. These feelings can suppress your sense of caution. Scammers know this and exploit your natural reactions. Don’t let yourself be deceived; keep a cool head at all costs.

2.   Stop Communicating: Even if you’re tempted and think, "What if it’s real?" it’s not. Immediately stop communicating. Scammers are very persistent and might invest a lot of time into you, pretending to genuinely help.

3.   Ask the Community: It’s very effective to ask for advice from online communities. On Facebook, you’ll find many groups that can help, and many allow anonymous posts.

What to Do if You Have Been Scammed:

1.   Maintain Contact: In this case, too, do not break off contact. Pretend everything is fine. The scammer will usually ask for one or two more payments. Use this opportunity to consult with experts on how to proceed. There are many tools online to help identify scammers.

2.   Gather Evidence: Take screenshots of your communication and the scammer’s profile, and collect all possible evidence.

3.   Contact All Involved Parties: If you realize you’ve been scammed, contact the police and all involved parties, such as your bank and social media platforms. If you’ve been scammed out of USDT, contact Tether directly. If the address you sent BTC to is marked on the blockchain, for example, as HOT WALLET BINANCE 7, you know your money went to Binance. Contact Binance directly. Sometimes, just waiting a few days will show that your cryptocurrency was sent to a centralized exchange, which often has marked addresses on the blockchain. Keep tracking where your money was sent.


After reading this article, you now have a much better chance of protecting yourself from scammers. However, remain vigilant and remember that when it comes to money, human greed knows no bounds. Your caution and awareness are your best defenses.

Written by: Vladimir Galba, CEO:

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