This article covers the warning signs of common cryptocurrency scams, what to do if you're targeted, and how to report an incident.
Warning signs of a scam
Warning signs of a scam
If any of the following apply to a situation you're in, stop and do not proceed.
Warning sign | What it looks like |
High-pressure urgency | Someone pressures you to act immediately or risk losing money |
Guaranteed returns | Promises of high profits (e.g. "300% growth") with little or no risk |
No experience needed | Claims that an automated system handles everything for you |
Unsolicited contact | You're contacted out of nowhere about a crypto opportunity |
Upfront payment required | You're asked to send money before receiving any service |
Requests for personal info | Someone asks for your SSN, password, or financial details |
Secrecy requested | You're told to keep the transaction confidential |
Too good to be true | You're shown account dashboards with rapid, unrealistic growth |
Remember: Cryptocurrency transactions are irreversible. If something feels off, do not send funds — even if you feel pressured.
Common scams and what to do
Common scams and what to do
Warrant scams
How it works: Scammers impersonate law enforcement or government agencies and claim there is a warrant for your arrest. They demand immediate payment — sometimes in cryptocurrency — to "clear" the warrant, and may threaten jail time to pressure you into acting fast.
What to do: Do not engage. Legitimate authorities will never demand payment over the phone or through a machine. Contact your local law enforcement if you've been targeted.
Technical support and impersonation scams
How it works: Fraudsters set up fake customer support lines, often impersonating well-known companies. They use social engineering to extract personal information or manipulate victims into sending funds, and may call you directly with false claims.
What to do: Hang up and contact the company directly using their official website or app. Report the incident to local law enforcement.
Investment scams
How it works: Scammers promise high returns with minimal risk, often through Ponzi or pyramid schemes. They may ask you to invest through a Coinme account or a third-party platform they control.
What to do: Do not send funds to unverified investment platforms. Report the incident to local law enforcement.
Employment scams
How it works: Scammers pose as recruiters with convincing fake job offers, sometimes including official-looking offer letters. They often target people who have posted resumes online and may ask for personal information as part of a fake onboarding process.
Coinme only posts open positions at coinme.com/careers. Legitimate communications from Coinme recruiters will always come from @coinme.com email addresses.
What to do: Do not provide personal information to unverified recruiters. Report suspicious activity to Coinme via the chat icon in the bottom right corner of this page.
Romance scams
How it works: Scammers build fake online relationships over time, often proposing marriage or making plans to meet — which never happen. Eventually, they ask for money or cryptocurrency.
What to do: Be cautious about what you share online. Research photos and profiles before trusting someone you've only met digitally. Report the incident to local law enforcement.
Money mule scams
How it works: Scammers recruit people — often through work-from-home job ads — to transfer money or cryptocurrency on their behalf. Participants may unknowingly help move stolen funds.
What to do: If you suspect you've been used as a money mule, stop transferring funds immediately. Notify Coinme and any financial institutions involved, and report to the FTC at ftc.gov/complaint.
Inheritance scams
How it works: You receive notice of a false inheritance that requires upfront fees or your bank account information to claim.
What to do: Do not pay any fees or share financial account information. Seek assistance from local law enforcement.
Tax scams
How it works: Scammers impersonate the IRS and demand immediate cryptocurrency payment for supposed back taxes.
The IRS communicates through official mail and will never demand immediate cryptocurrency payment. Verify any tax-related claims directly at irs.gov.
What to do: Do not send payment. Report phishing attempts to [email protected].
Utility bill scams
How it works: Someone claiming to be from a utility company demands immediate cryptocurrency payment, threatening service shutdowns to pressure you into paying before you can verify the request.
What to do: Contact your utility provider directly using their official number. Report the incident to the utility company.
How to report a scam
How to report a scam
If you believe you are a victim of a cryptocurrency scam, take the following steps:
Step 1: Stop all contact. Do not respond to the scammer or send any additional funds.
Step 2: Contact Coinme. Reach out to our support team via the chat icon on this page so we can note your account and assist where possible.
Step 3: Report to law enforcement. Report the incident to your local law enforcement using their non-emergency line. Many agencies also accept reports online.
Step 4: File a report with the IC3 (ic3.gov). Cryptocurrency scams often cross jurisdictions. Reporting to the FBI's Internet Crime Complaint Center helps authorities track and investigate these crimes.
Remember, vigilance is key to staying safe in the cryptocurrency space. If you encounter a scam not listed above, take immediate action to protect yourself and seek assistance from local law enforcement.
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