{"id":723331,"date":"2017-11-20T12:38:18","date_gmt":"2017-11-20T01:38:18","guid":{"rendered":"https:\/\/www.finder.com\/ca\/?p=723331"},"modified":"2026-03-09T18:37:12","modified_gmt":"2026-03-09T22:37:12","slug":"bitcoin-scams","status":"publish","type":"post","link":"https:\/\/www.finder.com\/ca\/cryptocurrency\/bitcoin\/bitcoin-scams","title":{"rendered":"11 crypto scams and how to spot each one"},"content":{"rendered":"<p>Cryptocurrencies are complicated, confusing to new users and basically unregulated in Canada, all of which makes them an ideal subject for scammers. But with a little bit of know-how and common sense, you can protect yourself against cryptocurrency scams, including those involving Bitcoin.<\/p>\n\n\n<div class=\"luna-card luna-card--alt has-padding-small text-x-small\"><p class=\"has-margin-bottom-xsmall\">\nThis is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade or use any services.\n<\/p><\/div><h3 id=\"list\">11 common crypto scams to keep an eye out for<\/h3><p>We\u2019ve listed out some of the most common Bitcoin and other crypto scams it\u2019s a good idea to have on your radar.<\/p><h3 id=\"phishing\">1. Phishing<\/h3><p>The first scam on the list is one that you may well be familiar with already, as it\u2019s also been widely used to target customers from major banks.<\/p><p>Known as \u201cphishing,\u201d this type of scam occurs when you receive an unsolicited email that looks as if it\u2019s from your bank\u2014or, in this case, from your crypto exchange or wallet provider. This email contains a link that takes you to a site that looks almost identical to the exchange or wallet you usually use, but is actually a scam site.<\/p><p>Once you enter your account details on this unofficial page, the scammers have everything they need to log in to your real account and steal your funds.<\/p><h4>How to avoid phishing scams:<\/h4><ul class=\"list-3\"><li>Always double-check URLs to make sure you\u2019re visiting the genuine website.<\/li><li>Don\u2019t click on suspicious links that are emailed to you.<\/li><li>Never disclose your private key.<\/li><\/ul><hr><h3>2. Fake exchanges and wallets<\/h3><div class=\"u-grid\"><div class=\"u-grid__col u-2\/3@s\"><p>In a similar vein to phishing scams, keep an eye out for fake Bitcoin exchanges. They might walk and talk like a reputable exchange, but they\u2019re merely a front to separate consumers from their hard-earned cash.<\/p><p>Some will entice users with promotional offers that sound too good to be true. Others pressure users into creating an account and depositing funds, perhaps even offering \u201cbonuses\u201d to those who deposit larger amounts. But once they have your money these platforms might charge ridiculously high fees, make it very difficult to withdraw funds or simply steal your deposit altogether.<\/p><p>Other scammers have turned their attention to creating quite sophisticated fake wallet apps that, once downloaded to a user\u2019s smartphone, can be used to steal critical account details. These apps have even made it into official, legitimate app stores like Google Play, so it pays to do your research before downloading <i>anything<\/i> to your phone.<\/p><\/div><div class=\"u-grid__col u-1\/3@s\"><article class=\"luna-card luna-card--primary\"><div class=\"luna-card__block\"><h4>Google Play scam<\/h4><p>In April 2024, Google sued two Chinese nationals in New York federal court, accusing them of misusing its Google Play app store to scam thousands of users out of their money through cryptocurrency investment apps. Google said the alleged fraudsters, Yunfeng Sun and Hongnam Cheung, engaged in a \u201csocial engineering\u201d scheme to lure victims to their apps through text messages and What\u2019s App.<\/p><\/div><\/article><\/div><\/div><h4>How to avoid fake exchange and fake wallet scams:<\/h4><ul class=\"list-3\"><li style=\"font-weight: 400;\">Stick with well-known and popular exchanges.<\/li><li style=\"font-weight: 400;\">Thoroughly research any exchange or wallet before creating an account\u2014who is the team behind the exchange or wallet? Where is the company registered? Are there reliable reviews from other users confirming its legitimacy?<\/li><li style=\"font-weight: 400;\">Don\u2019t let yourself be pressured into depositing funds or providing any personal information.<\/li><li style=\"font-weight: 400;\">Don\u2019t just randomly pick a wallet from the app store\u2014only download apps and software from <a href=\"https:\/\/www.finder.com\/ca\/cryptocurrency\/wallets\">legitimate wallet providers<\/a> and exchanges.<\/li><\/ul>\n<div style=\"max-width: 830px; width: 100%; margin:0 auto;\">\n    <article style=\"margin:0 auto;\">\n        <div class=\"luna-card__block\">\n\n            \n            <div class=\"luna-card luna-card--primary\" style=\"border-radius: 16px; background-color: #F0F7FF;\">\n            \n            \n            \n            <div style=\"margin: 20px;\">\n\n\n                \n                <svg width=\"30\" height=\"24\" viewbox=\"0 0 30 24\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n                    <path d=\"M12 3.5225C11.0934 4.74917 10.32 6.10917 9.68005 7.6025C9.04005 9.09583 8.69338 10.4292 8.64005 11.6025C9.97338 12.0825 11.0134 12.8025 11.76 13.7625C12.5601 14.7225 12.96 15.8958 12.96 17.2825C12.96 18.9892 12.3734 20.4558 11.2 21.6825C10.08 22.8558 8.66672 23.4425 6.96005 23.4425C5.20005 23.4425 3.73338 22.8558 2.56005 21.6825C1.38672 20.5092 0.800049 18.8025 0.800049 16.5625C0.800049 14.1625 1.44005 11.4425 2.72005 8.4025C4.00005 5.3625 5.78672 2.74916 8.08005 0.5625L12 3.5225ZM28.24 3.5225C27.3334 4.74917 26.5601 6.10917 25.9201 7.6025C25.2801 9.09583 24.9334 10.4292 24.8801 11.6025C26.2134 12.0825 27.2534 12.8025 28 13.7625C28.8 14.7225 29.2 15.8958 29.2 17.2825C29.2 18.9892 28.6134 20.4558 27.4401 21.6825C26.32 22.8558 24.9067 23.4425 23.2001 23.4425C21.4401 23.4425 19.9734 22.8558 18.8 21.6825C17.6267 20.5092 17.04 18.8025 17.04 16.5625C17.04 14.1625 17.68 11.4425 18.9601 8.4025C20.24 5.3625 22.0267 2.74916 24.32 0.5625L28.24 3.5225Z\" fill=\"#1969E8\"><\/path>\n                    <\/svg>\n\n                \n                                    \n\n                <p style=\"font-size: 18px;\">An exchange with KYC is more secure because it is less susceptible to hacks, data breaches, fraud and criminal activities. It increases customer confidence and trust because it complies with anti-money laundering legislations and ensures market stability because it reduces the risk of scams.<\/p>\n\n\n                \n                <div class=\"u-grid\">\n\n                    <div class=\"u-grid__col u-1\/12@s u-1\/3\" style=\"margin: auto 0; padding: 0 .5rem .5rem;\">\n\n                        <a href=\"https:\/\/www.ntu.ac.uk\/staff-profiles\/business\/jeremy-cheah\"><img decoding=\"async\" class=\"no-lazyload size-full wp-image-2490625\" alt=\"Jeremy Cheah\" style=\"border-radius: 50% 0 50% 50%;\" src=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2017\/11\/JeremyCheah_Supplied_400x486.jpg\" srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2017\/11\/JeremyCheah_Supplied_400x486.jpg?fit=180 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2017\/11\/JeremyCheah_Supplied_400x486.jpg?fit=360 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2017\/11\/JeremyCheah_Supplied_400x486.jpg?fit=400 400w\" sizes=\"(max-width: 400px) 28vw, 400px\"><\/a>\n                    <\/div>\n\n                    <div class=\"u-grid__col u-11\/12@s u-2\/3\" style=\"margin: auto 0; padding: 0 .5rem .5rem;\">\n                        <p>\n                            <span style=\"font-size: 16px; line-height: .5;\"><b>Jeremy Cheah<\/b><\/span><br>\n                            <span style=\"font-size: 14px; color: #6f7278;\"><a href=\"https:\/\/www.ntu.ac.uk\/staff-profiles\/business\/jeremy-cheah\">Associate Professor of Decentralised Finance, Nottingham Trent University<\/a><span>\n                        <\/span><\/span><\/p>\n                    <\/div>\n\n                <\/div>\n            <\/div>\n\n        <\/div>\n        <\/div>\n    <\/article>\n<\/div>\n\n<a name=\"expert-insight\"><\/a><hr><h3>3. Old-school scams<\/h3><p>Cryptos may be based on new technology, but there are still plenty of scammers using old tricks to con unwitting consumers.<\/p><p>The classic example of this is an unsolicited phone call or email from someone claiming to be with the IRS. This fictional tax man will try to convince you that you owe the IRS money and you\u2019ll be facing legal action if you don\u2019t transfer them a certain amount of Bitcoin as soon as possible.<\/p><p>The tried-and-tested \u201cNigerian prince\u201d scam has also migrated into the world of cryptocurrency. So if you\u2019re ever contacted out of the blue by someone overseas promising you a share in a large sum of digital currency if you help them transfer funds out of their own country, use your common sense and recognize it for the scam it is.<\/p><h4>How to avoid old-school scams:<\/h4><ul class=\"list-3\"><li>Use your common sense.<\/li><li>Don\u2019t trust unsolicited emails or phone calls.<\/li><\/ul><hr><h3>4. Fraudulent ICOs<\/h3><div class=\"u-grid\"><div class=\"u-grid__col u-1\/2@s\"><p>Seduced by the astronomical price rises Bitcoin has experienced since its inception, many everyday consumers venture into the world of cryptocurrency looking for the next big thing. After all, if \u201cthe next Bitcoin\u201d ever actually arrives, getting in at the ground floor could see early-adopters earn a fortune.<\/p><p>And if you want to get in on the ground floor, the easiest option for the average person is to buy coins or tokens in an initial coin offerings. There\u2019s a huge appetite for new digital currencies\u2014in the first half of 2018 alone, ICOs raised a total of US$11.69 billion\u2014and with many new buyers having limited knowledge of how the crypto industry works, it\u2019s the perfect breeding ground for scammers.<\/p><\/div><div class=\"u-grid__col u-1\/2@s\"><article class=\"luna-card luna-card--primary\"><div class=\"luna-card__block\"><h4>FLiK and CoinSpark<\/h4><p>In April 2024, the Securities and Exchange Commission (SEC) obtained a final judgment against defendants Ryan Felton, FLiK and CoinSpark, whom the SEC had previously charged for their involvement in two fraudulent initial coin offerings (ICOs). The complaint alleged Felton misappropriated funds to purchase a home and a Ferrari instead of building the digital asset trading platform he was supposed to create.<\/p><\/div><\/article><\/div><\/div><p>This has led to the rise of fake ICOs which, with some slick marketing and a little bit of hype, can convince people to buy a cryptocurrency that doesn\u2019t actually exist. For example, one report found that 78% of ICOs in 2017 were scams, while a separate report put that figure at above 80%.<\/p><p>Finally, if you\u2019re dreaming of getting rich quick from a crypto ICO, be aware that for every ICO success story there are many, many more failures, even if the project isn\u2019t a scam.<\/p><h4>How to avoid fraudulent ICOs:<\/h4><ul class=\"list-3\"><li style=\"font-weight: 400;\">Thoroughly research any ICO before buying in. Look at the team behind the project, its white paper, the purpose of the currency, the tech behind it and the specifics of the token sale.<\/li><\/ul><hr><h3>5. Bitcoin blackmail scams<\/h3><p>Similar to how scammers will sometimes pretend to represent the tax office in the hope of coercing victims out of money, they\u2019ll also pretend to be hackers with some kind of incriminating evidence.<\/p><p>One common variation of this scam arrives in the form of an unsolicited email, where the sender claims to be a hacker who has accessed your PC. They will say they\u2019ve found some kind of incriminating evidence, or taken over your webcam to capture footage of you doing something embarrassing or which you\u2019d rather other people didn\u2019t know about.<\/p><p>The emails promise to send the incriminating evidence to all of your email or social media contacts unless you send some Bitcoin to the blackmailer, and will typically include instructions on how to purchase Bitcoin and where to send it.<\/p><p>Naturally, it\u2019s all a lie. The phony blackmailers don\u2019t have any evidence and nothing will happen regardless of whether or not you make a payment. This scam is purely a numbers game, where the perpetrators hope that by sending out enough emails they\u2019ll scare enough people into sending them some Bitcoin.<\/p><h4>How to avoid Bitcoin blackmail scams<\/h4><ul class=\"list-3\"><li>Search online to see if other people are saying they\u2019ve received the same email.<\/li><li>Don\u2019t believe the scammers.<\/li><li>Consider using VPNs to browse more privately for additional peace of mind against this type of scam.<\/li><\/ul><hr><h3>6. Impersonation giveaway scams<\/h3><p>One type of scam that\u2019s common to many large sites and social media platforms is a celebrity impersonation giveaway scam. Here, the scammers will impersonate a celebrity or other notable person and announce that they\u2019re giving away a lot of cryptocurrency for free, as long as you send them some cryptocurrency first.<\/p><p>The scammers will often promise to send back double what you send them. Although especially prominent on Twitter, this scam has also appeared on platforms including YouTube, where scammers will impersonate a celebrity in a video or livestream.<\/p><p>This scam is all about quickly rushing victims into a bad decision by making them think they\u2019re missing out. A typical giveaway scam always specifies a total amount of cryptocurrency, such as \u201c5,000 ETH giveaway\u201d and then uses an army of bots and fake accounts to make it look like people are actually receiving money.<\/p><p>After seeing all the apparently free money being given away, victims race to send money to the scammers before they have time to think it over.<\/p><p>On Twitter, the fake giveaway bots will often have a blue \u201cverified\u201d check mark, but this does not mean anything. The scammers obtain this by taking over verified accounts and then changing the names. Similarly, scams will often have thousands of likes, views, retweets or other types of social proof. Those are just from bots, and don\u2019t mean anything either.<\/p><p>Although there are free crypto, it\u2019s only possible to get small amounts and there\u2019s often some kind of catch.<\/p><h4>How to avoid impersonation giveaway scams:<\/h4><ul class=\"list-3\"><li>Assume that anytime a celebrity is offering to give away free cryptocurrency on social media, it\u2019s a scam.<\/li><li>Double check the user name of the suspected scam account, and compare that to the username of the celebrity\u2019s real account.<\/li><li>Check the provided cryptocurrency address using a blockchain explorer. You can see how much money the scam is making and whether or not it\u2019s actually sending any money out.<\/li><\/ul><hr><h3>7. Ponzi or pyramid schemes<\/h3><div class=\"u-grid\"><div class=\"u-grid__col u-3\/5@s\"><p>A Ponzi scheme is a simple but alarmingly effective scam that lures in new investors with the promise of unusually high returns. Here\u2019s how it works: a promoter convinces people to invest in their scheme. These initial investors receive what they believe to be returns, but are actually payouts from the money deposited by newer investors. Now satisfied that the scheme is legit, those investors who received payouts pump more of their money into the scheme and encourage others to do the same.<\/p><p>Sooner or later, the scheme collapses when the promoter runs off with the money or it becomes too difficult to lure new investors. These types of pyramid schemes are nothing new and can be easy to spot, but that hasn\u2019t stopped some crypto buyers from being scammed in a handful of high-profile incidents.<\/p><\/div><div class=\"u-grid__col u-2\/5@s\"><article class=\"luna-card luna-card--primary\"><div class=\"luna-card__block\"><h4>Bitconnect<\/h4><p>In January 2018, Bitcoin investment lending platform Bitconnect shut down its lending and exchange services amid allegations it was a Ponzi scheme. Launched in early 2017 with promises of incredibly high returns, the platform was quick to attract criticism from the wider crypto community and soon drew the attention of regulators.<\/p><\/div><\/article><\/div><\/div><h4>How to avoid Ponzi\/pyramid schemes:<\/h4><ul class=\"list-3\"><li style=\"font-weight: 400;\">Look out for cryptocurrency projects that encourage you to recruit new investors to enjoy bigger profits.<\/li><li style=\"font-weight: 400;\">Never trust a scheme that promises returns that sound too good to be true.<\/li><\/ul><hr><h3>8. Rug pulls and exit scams<\/h3><p>A crypto rug pull is a type of exit scam in which a smart contract is robbed of its funds by one of the contract\u2019s own developers, after a substantial number of users have deposited money.<\/p><p>Rug pulls have become increasingly common in the DeFi space, where users deposit funds into specialized smart contracts in order to earn rewards\u2014a process known as \u201cyield farming\u201d. Once a large enough sum of funds has been deposited into the contract, one of the developers will then steal the funds, either using the contract\u2019s keys or a hidden backdoor in the code.<\/p><p>A rug pull can be very difficult to spot before it happens as they typically originate from profitable projects that function as intended, unlike a Ponzi scheme or ICO scam which are illegitimate from the outset. Furthermore, because of the rapid and dynamic nature of DeFi, users often enthusiastically \u201cpile in\u201d to new projects early in their life-cycle while profits are highest, which may give the project an unwarranted degree of trust.<\/p><p>SushiSwap was famously rug pulled for 37,400 ETH by its developer, Chef Nomi, after amassing US$1 billion worth of funds after only a few weeks of operation.<\/p><h4>How to avoid crypto rug pulls:<\/h4><ul class=\"list-3\"><li>Steer clear of DeFi projects where the private keys are held by one individual.<\/li><li>Beware of pseudonymous developers or teams without a thorough reputation.<\/li><li>Look for DeFi projects that have gone through a smart contract audit by a trusted third party, as this will help reduce the likelihood of a backdoor attack\u2014although even these can be spoofed.<\/li><li>Use restraint to avoid chasing gains and jumping into a project before it has time to prove itself.<\/li><\/ul><hr><h3>9. Malware<\/h3><p>Malware has long been a weapon in the arsenal of online scammers. But thanks to the complicated and highly technical nature of cryptocurrencies, much of which isn\u2019t well understood by most people, malware now poses an even bigger threat.<\/p><p>Rather than stealing credit card and bank account details, crypto-related malware is designed to get access to your web wallet and drain your account, monitor the Windows clipboard for cryptocurrency addresses and <a href=\"https:\/\/www.bleepingcomputer.com\/news\/security\/clipboard-hijacker-malware-monitors-23-million-bitcoin-addresses\/\" target=\"_blank\" rel=\"noopener noreferrer\">replace your legitimate address with an address belonging to a scammer<\/a>, or even infect your computer with a cryptocurrency miner.<\/p><h4>How to avoid cryptocurrency malware scams:<\/h4><ul class=\"list-3\"><li style=\"font-weight: 400;\">Update your antivirus software regularly to protect yourself against malware.<\/li><li style=\"font-weight: 400;\">Never download and install programs unless you\u2019re 100% sure they\u2019re from a reputable, legitimate provider.<\/li><li style=\"font-weight: 400;\">Don\u2019t open suspicious attachments.<\/li><\/ul><hr><h3>10. Mining scams<\/h3><p>Cloud mining allows you to mine cryptocurrencies like bitcoin without having to purchase the expensive hardware required to do so. There are several legitimate cloud mining services that let users rent server space to mine for coins at a set rate. There are also some legitimate ways to invest in Bitcoin mining companies and share profits from them.<\/p><p>However, there are also plenty of cryptocurrency mining scams out there. Some promise astronomical (and implausible) returns and fail to disclose a range of hidden fees, while others are fronts for Ponzi scams and are simply designed to part you from your money.<\/p><p>It\u2019s also important to note that even if it\u2019s not an outright scam, cloud mining will always be a bad investment compared to simply buying cryptocurrency, as will leasing any other form of cryptocurrency mining equipment. The quirks of Bitcoin mining economics means that no matter what Bitcoin prices do, you\u2019ll always be better off just buying the equivalent amount of Bitcoin instead of trying to invest that money in a mining scheme.<\/p><p>Even if they\u2019re not technically scams, it\u2019s a mathematical fact that all \u201clegitimate\u201d Bitcoin cloud mining businesses and consumer-oriented miner rental schemes are invariably bad investments.<\/p><h4>How to avoid cryptocurrency mining scams:<\/h4><ul class=\"list-3\"><li style=\"font-weight: 400;\">Avoid all cloud mining and rent-a-miner schemes under all circumstances.<\/li><\/ul><hr><h3>11. Pumps and dumps<\/h3><p>Cryptocurrencies are often dismissed as a speculator\u2019s dream come true that are ripe for a little bit of market manipulation, which has led to the rise of what are known as \u201cpump and dump\u201d schemes.<\/p><p>This is where large groups of buyers target an altcoin with a small market cap, buy that coin en masse at a particular time to drive its price up (which attracts a whole lot of new buyers fueled by FOMO\u2014a fear of missing out) and then sell to take advantage of the significant price rise.<\/p><p>This sort of thing is illegal in traditional securities markets, but is a common occurrence in the largely unregulated world of cryptocurrencies. In fact, there are several online groups and forums dedicated to this exact practice, so it\u2019s important that you stay savvy and know how to steer clear of these scams.<\/p><h4>How to avoid pump and dump scams:<\/h4><ul class=\"list-3\"><li style=\"font-weight: 400;\">Be wary of low-market-cap cryptos that normally have a low trading volume but that suddenly experience a sharp price rise.<\/li><li style=\"font-weight: 400;\">Keep an eye out for \u201cfake news\u201d on social media that hypes particular coins.<\/li><li style=\"font-weight: 400;\">Carefully research the credentials of any cryptocurrency before buying.<\/li><\/ul><article class=\"luna-card luna-card--primary\"><div class=\"luna-card__block\"><h4>GVT pump and dump<\/h4><p>In January 2018, a fake Twitter account purporting to belong to cybersecurity guru and crypto enthusiast John McAfee tweeted support for the GVT cryptocurrency, naming it \u201ccoin of the day.\u201d<\/p><p>For some in the crypto community, this was good enough reason to buy some GVT, and just four minutes after the tweet was posted the price of GVT had jumped from $30 to $45 and trading volume had doubled. Fifteen minutes later, the price was hovering around the $30 mark once again, after early buyers \u201cdumped\u201d and ran.<\/p><p>On closer inspection, the Twitter account was revealed to be bogus and not associated with McAfee at all. Instead, it was simply a key player in a pump and dump scheme devised and implemented in a chat room called \u201cBig Pump Signal.\u201d<\/p><\/div><\/article><h3>How to detect a crypto scam<\/h3><p>Not sure if a crypto website is a scam? Use this checklist to help sort legitimate providers from platforms you should avoid. It\u2019s possible for a website to pass several of these tests with flying colors and still be a scam. Do your due diligence before giving any website or app personal or financial information.<\/p><article class=\"luna-card luna-card--border\"><div class=\"luna-card__block\"><ul><li style=\"padding-bottom: 10pt;\">Does the company\u2019s app <strong>glitch<\/strong> out and make it impossible to log in? If you can\u2019t access your account, you can\u2019t access your funds either.<\/li><li style=\"padding-bottom: 10pt;\">If the address starts with <strong>\u201chttp\u201d instead of \u201chttps,\u201d<\/strong> the data you send to the website is not secure.<\/li><li style=\"padding-bottom: 10pt;\">Can you see the word \u201c<strong>Secure<\/strong>\u201d or an image of a <strong>padlock<\/strong> in your web browser\u2019s address bar? This indicates that a website is secure.<\/li><li style=\"padding-bottom: 10pt;\">A website might be fake if its URL or content has noticeable <strong>spelling mistakes or errors<\/strong>.<\/li><li style=\"padding-bottom: 10pt;\">Does the website <strong>promise abnormally high returns<\/strong> (like doubling your investment)? This should raise a big red flag. If something just doesn\u2019t seem right, trust your gut.<\/li><li style=\"padding-bottom: 10pt;\">Is there an \u201cAbout us\u201d page? Does it show the real people behind the company and its registration details? Beware of companies with <strong>little or no background information<\/strong>.<\/li><li style=\"padding-bottom: 10pt;\"><strong>Do legitimate, reputable websites link to this site<\/strong>? This could mean it\u2019s respectable.<\/li><li style=\"padding-bottom: 10pt;\">Are there <strong>negative user reviews<\/strong> about the site?<\/li><li style=\"padding-bottom: 10pt;\"><strong>Check the registered owner<\/strong> of the domain or website and how long the domain has been registered on a site like <a href=\"https:\/\/www.whois.com\/whois\" target=\"_blank\" rel=\"noopener noreferrer\">WHOis.net<\/a>). The more information you can find, the better.<\/li><li style=\"padding-bottom: 10pt;\">Many investment scams use <strong>fake celebrity endorsements<\/strong> to get people to lower their guard.<\/li><li style=\"padding-bottom: 10pt;\">Scammers often reach new victims via <strong>social media and unsolicited messages<\/strong>.<\/li><\/ul><\/div><\/article><style type=\"text\/css\">\n    .survey-response {\n        overflow-x: auto;\n        max-width: 800px;\n    }\n\n    .survey-response .luna-table th,\n    .survey-response .luna-table td {\n        padding: 0.3rem 1rem calc(0.20rem + 1px);\n        font-size: 12px;\n        color: rgb(117, 117, 117);\n        text-align: left;\n    }\n\n    .survey-response .luna-table {\n        border: none;\n    }\n\n    .survey-response .row-color-icon {\n        width: 10px;\n        height: 10px;\n        display: inline-block;\n        margin-right: 4px;\n        border-radius: 2px;\n    }\n\n    .survey-response .source-container {\n       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{\n            margin-left: auto;\n            display: flex;\n            justify-content: space-between;\n            margin-right: auto;\n        }\n\n        .u-grid__col.chart-container {\n            margin-left: 0 !important;\n            margin-right: 0 !important;\n        }\n    }\n\n    .survey-response .table-container {\n        overflow-x: auto;\n        max-width: 800px;\n        display: block;\n    }\n\n    @media screen and (max-width: 959px) {\n        .survey-response .table-container {\n            display: block;\n        }\n\n        .source-container {\n            margin-left: 2rem;\n            margin-right: 2rem;\n        }\n    }\n\n<\/style> <h4>Finder survey: Are men or women more likely to have money invested in cryptocurrency?<\/h4><div id=\"scale-surveys-10028-9412\" class=\"survey-response u-grid u-grid--gutterLarge\"><div id=\"view-do-you-currently-have-money-in-any-of-the-following-outside-of-your-rrsp-pension-or-other-retirement-fund--gender-\" 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'bar';\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tvar data = google.visualization.arrayToDataTable([\n\t\t\t\t\t\t\t[\" \", \"Male\", \"Female\", ],\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t[\"Stocks\", 37.08, 25.94, ],\n\t\t\t\t\t\t\t\t\t\t\t\t\t]);\n\t\t\t\t\t\t\n\t\t\t\t\t\tvar options = {\n\t\t\t\t\t\t\tlegend: {\n\t\t\t\t\t\t\t\tposition: 'none'\n\t\t\t\t\t\t\t},\n\t\t\t\t\t\t\tcolors: ['#1D53FF', '#00B2FF', '#FFD23B', '#C3F53C', '#B469FF', '#FF73A9', '#1DD751', '#DB2420', '#E5F7FF', '#FFF9E5', '#EEF5DC', '#F2E5FF', '#FFE5EF']\n\t\t\t\t\t\t};\n\n\t\t\t\t\t\tvar chart;\n\t\t\t\t\t\t\t\t\t\t\t\tchart = new google.charts.Bar(document.getElementById('view-do-you-currently-have-money-in-any-of-the-following-outside-of-your-rrsp-pension-or-other-retirement-fund--gender-'));\n\t\t\t\t\t\t\/\/ Bar chart specific options can go here\n\t\t\t\t\t\toptions.bars = 'vertical';\n\t\t\t\t\t\toptions.hAxis = {\n\t\t\t\t\t\t\tviewWindowMode: 'maximize',\n\t\t\t\t\t\t\tformat: 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{\n\t\t\t\t\t\t\tconsole.log('retrying');\n\t\t\t\t\t\t\tsetTimeout(init, 100);\n\t\t\t\t\t\t}\n\t\t\t\t\t}\n\t\t\t\t\tinit();\n\t\t\t\t})()\n\t\t\t<\/script><div class=\"u-grid__col u-1\/2@s  u-1\/1 aligncenter size-full border-fix table-container\"><table class=\"luna-table js-tablesorter tablesorter tablesorter-default\" role=\"grid\"><thead class=\"luna-table__header\"><tr><th>Response<\/th><th><span class=\"row-color-icon\" style=\"background-color: #1D53FF;\"><\/span>Male<\/th><th><span class=\"row-color-icon\" style=\"background-color: #00B2FF;\"><\/span>Female<\/th><\/tr><\/thead><tbody class=\"luna-table__body\" aria-live=\"polite\" aria-relevant=\"all\"><tr><td>Stocks<\/td><td>37.08%<\/td><td>25.94%<\/td><\/tr><\/tbody><\/table><\/div><div class=\"source-container\"><span class=\"source\">Source: Finder survey by Pollfish of 1846 Canadians, January 2023\t\t<\/span><\/div><\/div><h3>How to report crypto scams<\/h3><p>If you\u2019ve sent money overseas as the victim of a scam, unfortunately the chances of getting your money back are very slim. This is true for all international scams, but cryptocurrency in particular is especially difficult to recover.<\/p><p>However, you can still report it to help prevent other people from falling victim and to help law enforcement gather data and track down scammers.<\/p><p>If you\u2019ve spotted a scam or been the victim of one, you should <strong>report it to your local police and the <a href=\"https:\/\/www.competitionbureau.gc.ca\/eic\/site\/cb-bc.nsf\/eng\/04339.html\" target=\"_blank\" rel=\"noopener noreferrer\">Canadian Anti-Fraud Centre<\/a><\/strong>.<\/p><p>If the scammer is using a particular crypto exchange, you may want to <strong>report the scam to the exchange<\/strong>. Some platforms carry insurance to cover losses due to unauthorized account activity, provided customers have taken reasonable steps to protect their account information and the private keys to their crypto. If such coverage is in place, it may be possible to recover some or all of what was lost.<\/p><h3>Tips to help you avoid crypto scams<\/h3><p>There are plenty of simple steps you can take to protect yourself against fraud and Bitcoin scams. For starters, make sure you only buy and sell crypto on a legitimate exchange.<\/p><h4 id=\"legit\">Choosing a legitimate exchange<\/h4><p>When you\u2019re choosing a <a href=\"https:\/\/www.finder.com\/ca\/cryptocurrency\/exchanges\">crypto exchange in Canada<\/a>, consider factors like fees, supported coins and tokens, availability on mobile and desktop apps, user reviews and registration.<\/p><p>In Canada, cryptocurrency platforms are regulated by provincial\/territorial securities regulators. A number of crypto exchanges are also registered with the Canadian Securities Administrators (CSA), a national organization under which provincial\/territorial regulators collaborate on policy and market security.<\/p><p>Here are some examples of CSA-registered crypto trading platforms in Canada:<\/p><div class=\"u-grid\"><div class=\"u-grid__col u-1\/3@s\"><ul><li><a target=\"_blank\" rel=\"sponsored\" href=\"https:\/\/www.finder.com\/redirect\/gx\/cryptocurrency\/bitbuy-exchange-ca-secure.html?nb=1&amp;src_country=ca&amp;redirect_tracking_params=%7B%22placement_type%22%3A%22product_link%22%2C%22title%22%3A%22Bitbuy%22%2C%22site%22%3A%22GXFCY%22%2C%22offer_id%22%3A%225839%22%2C%22niche_code%22%3A%22GXFCY%22%2C%22product_id%22%3A%226fbc9016-a250-47cc-8dd8-6c4cca190749%22%2C%22product_name%22%3A%22Bitbuy%22%2C%22provider_id%22%3A%2250604678-6184-4fda-b13e-ae1c0eb8736f%22%2C%22provider_name%22%3A%22Bitbuy%22%2C%22post_id%22%3A%22723331%22%2C%22post_path%22%3A%22cryptocurrency%252Fbitcoin%252Fbitcoin-scams%22%2C%22post_country%22%3A%22ca%22%7D\">Bitbuy<\/a><\/li><li><a target=\"_blank\" rel=\"sponsored\" href=\"https:\/\/www.finder.com\/redirect\/gx\/cryptocurrency\/coinbase-ca-secure.html?nb=1&amp;src_country=ca&amp;redirect_tracking_params=%7B%22placement_type%22%3A%22product_link%22%2C%22title%22%3A%22Coinbase%22%2C%22site%22%3A%22GXFCY%22%2C%22offer_id%22%3A%2219263%22%2C%22niche_code%22%3A%22GXFCY%22%2C%22product_id%22%3A%22af1f6dbf-61d2-4074-a5e0-928cb07989ef%22%2C%22product_name%22%3A%22Coinbase%22%2C%22provider_id%22%3A%22af88b507-6960-4cbd-b552-f8f6d85bc49e%22%2C%22provider_name%22%3A%22Coinbase%22%2C%22post_id%22%3A%22723331%22%2C%22post_path%22%3A%22cryptocurrency%252Fbitcoin%252Fbitcoin-scams%22%2C%22post_country%22%3A%22ca%22%7D\">Coinbase<\/a><\/li><li>VirgoCX<\/li><\/ul><\/div><div class=\"u-grid__col u-1\/3@s\"><ul><li>Bitvo<\/li><li>Coinsquare<\/li><li>Netcoins<\/li><\/ul><\/div><div class=\"u-grid__col u-1\/3@s\"><ul><li>Shakepay<\/li><li>CoinSmart<\/li><li><a target=\"_blank\" rel=\"sponsored\" href=\"https:\/\/www.finder.com\/redirect\/gx\/cryptocurrency\/wealthsimple-ca-secure.html?nb=1&amp;src_country=ca&amp;redirect_tracking_params=%7B%22placement_type%22%3A%22product_link%22%2C%22title%22%3A%22Wealthsimple%22%2C%22site%22%3A%22GXFCY%22%2C%22offer_id%22%3A%2227029%22%2C%22niche_code%22%3A%22GXFCY%22%2C%22product_id%22%3A%22608f4c78-f640-41c8-bb05-a236720be51f%22%2C%22product_name%22%3A%22Wealthsimple%2BCrypto%22%2C%22provider_id%22%3A%226ba5caef-a622-4365-9b28-f8e34c133fe9%22%2C%22provider_name%22%3A%22Wealthsimple%22%2C%22post_id%22%3A%22723331%22%2C%22post_path%22%3A%22cryptocurrency%252Fbitcoin%252Fbitcoin-scams%22%2C%22post_country%22%3A%22ca%22%7D\">Wealthsimple<\/a><\/li><\/ul><\/div><\/div><p>There are plenty of other simple steps you can take to protect yourself against Bitcoin and crypto fraud.<\/p><h4>Use two-factor authentication<\/h4><p>If you\u2019re using a crypto wallet or exchange that supports two-factor authentication, enable this feature before depositing any funds. It\u2019s simple to set up and provides an extra layer of account security.<\/p><h4>Use a cold wallet<\/h4><p>A \u201chot\u201d wallet is one that\u2019s connected to the internet, while a \u201ccold\u201d wallet is one that\u2019s held offline. Storing your crypto offline in a secure <a href=\"https:\/\/www.finder.com\/ca\/cryptocurrency\/wallets\/best-cryptocurrency-hardware-wallets\">cold storage wallet<\/a> is usually considered to be a much safer option than using an online wallet.<\/p><h4>Stick with established providers<\/h4><p>Avoid new and untested platforms. Let the early-adopters take the risks and make sure you don\u2019t get involved with an exchange or wallet until you can be sure it\u2019s legitimate. Better still, only use exchanges that are registered with the Financial Transactions and Reports Analysis Centre (FINTRAC).<\/p><h4>Update your antivirus software<\/h4><p>Make sure your PC is protected against malware by keeping your antivirus software up to date.<\/p><h4>Always double-check addresses<\/h4><p>Get into the habit of scanning the URL bar to look for the https and \u201csecure\u201d lock symbol, and remember to double-check the URL to make sure you\u2019re visiting the correct site.<\/p><h4>Never share your private keys with anyone<\/h4><p>You need your private key to access your crypto holdings, so make sure you never disclose any of your private keys to a third party.<\/p><div id=\"sources\" style=\"position: relative;\"><h3 style=\"position: absolute; width: 1px; height: 1px; padding: 0; margin: -1px; overflow: hidden; clip: rect(0,0,0,0); white-space: nowrap; border: 0;\">Sources<\/h3>\n<div id=\"lazy0000000000\"><\/div>\n<script type=\"application\/json\" id=\"lazyloaded-assets-json-lazy0000000000\" class=\"lazyloaded-assets-json\">{\"critical-scripts\":[],\"scripts\":[\"https:\\\/\\\/www.finder.com\\\/parent-theme\\\/shortcodes\\\/article-source\\\/prod\\\/article-source.de087a0da9824e407767.js\"],\"styles\":[\"https:\\\/\\\/www.finder.com\\\/parent-theme\\\/shortcodes\\\/article-source\\\/prod\\\/article-source.87684078d471e76125dd.css\"]}<\/script><\/div>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n<div class=\"luna-card luna-card--alt has-padding-small text-x-small\"><p class=\"has-margin-bottom-xsmall\">\n<strong>Disclaimer<\/strong>: Cryptocurrencies are speculative, complex and involve significant risks \u2013 they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.\n<\/p><\/div>","protected":false},"excerpt":{"rendered":"<p>A round-up of the most common crypto scams and how to detect and avoid each one.<\/p>\n","protected":false},"author":209,"featured_media":1050224,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[5339],"tags":[5445],"asset_tag":[],"class_list":["post-723331","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-cryptocurrency"],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.9 (Yoast SEO v24.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>11 Common Bitcoin &amp; Crypto Scams (And How To Avoid Each One)<\/title>\n<meta name=\"description\" content=\"Crypto scams are making the headlines. Stay alert with our guide to 11 common Bitcoin scams, and learn how to protect yourself from fraud.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.finder.com\/ca\/cryptocurrency\/bitcoin\/bitcoin-scams\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"11 Common Bitcoin &amp; Crypto Scams (And How To Avoid Each One)\" \/>\n<meta property=\"og:description\" content=\"Crypto scams are making the headlines. Stay alert with our guide to 11 common Bitcoin scams, and learn how to protect yourself from fraud.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.finder.com\/ca\/cryptocurrency\/bitcoin\/bitcoin-scams\" \/>\n<meta property=\"og:site_name\" content=\"Finder Canada\" \/>\n<meta property=\"article:published_time\" content=\"2017-11-20T01:38:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cdn.finder.com.au\/finder-us\/wp-uploads\/sites\/5\/2017\/11\/bitcoincryptoscams_Supplied_1800x1000.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1800\" \/>\n\t<meta property=\"og:image:height\" content=\"1000\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Andrew Munro\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Andrew Munro\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"16 minutes\" 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