Stop. Spot. Avoid.
Don’t fall victim to crypto scams
Crypto scams are a real concern, and are an unfortunate byproduct of cryptocurrency’s growing traction worldwide. Ripple is deeply committed to combating these scams, and we are taking an active and aggressive stance against crypto fraud, working alongside other leaders across various cryptocurrency communities.
How is Ripple helping?
We are attacking the problem along many fronts, including:
Working with 3rd party experts to actively scan the web for potential scams
Alerting social media platforms and the FBI to potential scam activity
Partnering with other blockchain companies and organizations to coordinate scam combatance activities
We are also providing content, including what you see below, to empower people to avoid crypto scam activity.
Crypto scam warning signs
Crypto scams can be difficult to spot. Here are our top tips for identifying, avoiding and reporting the most common cryptocurrency scams to ensure you and others don’t fall victim.
Social media profiles
Lack of a profile picture, odd account names, or terminology in the comments on a social media post that “loves” or “thanks” the company for giveaway winnings.
Social media comments
Social media comments are restricted or turned off altogether to discourage followers from commenting that it’s a scam.
Crypto fraud websites
Links to a fraudulent website or a crypto wallet address asking targets to send money.
Crypto giveaway scams
In order to receive a reward, you must first send money via digital wallet, credit card, or otherwise.
You are contacted unexpectedly or the message appears to be out of the blue.
Suspicious wallet activity
Unfamiliar crypto assets or other digital tokens appear in your wallet.
Promises of free crypto instantly
The request is “urgent” or you are being pressured to act quickly.
Testimonials of others earning free crypto
Fake testimonials - these can be particularly difficult to spot since scammers will use paid actors.
The website or content has spelling or grammar errors.
How to avoid cryptocurrency scams
Always use personal due diligence before sending or receiving funds.
With real sweepstakes (crypto or otherwise) participation should be free, and organizers shouldn’t ask for money or financial account information upfront.
Visit the company’s website and verified social channels to confirm if information about the ad exists there as well.
Use updated browsers with built-in support for Google Safe Browsing, which will warn users of dangerous crypto scam websites or downloads.
Digital wallet providers such as Metamask and Coinbase provide browser plugins that raise notifications when users try to connect to a scam site.
Remember, if it sounds too good to be true, then it probably is.
Reporting crypto fraud activity
If you suspect you’ve encountered crypto crime, or fallen victim to a cryptocurrency fraud or scam, you can report the incident of fraud and/or other suspicious activity involving cryptocurrency to local government and law enforcement agencies. If you’re based in the US, you can file a complaint with the Federal Bureau of Investigation (FBI). For fraudulent website reporting, use the form below to submit the URL to Google which may be escalated to a third party for further investigation.
Report to the FBI
Report a phishing page
What are the most common types of cryptocurrency scams?
- Impersonation scam: scammers create a sense of legitimacy by using logos, social media verification checks, company executive social media handles, profile images, graphics, deepfakes or legitimate video excerpts with branding that match real corporate imagery.
- Crypto giveaway scams: typically social media posts posing as public figures promising free cryptocurrency. These posts include branding and profile pictures that look exactly like what the companies, individuals or government authorities use.
- Phishing scams: often in the form of emails or text messages, a phishing scam appears to be someone you know asking you to respond, visit a website, or send money.
- Exit scam or rug pull scams: when developers of a cryptocurrency pull their funds and abandon the project to profit from investors.
We highly recommend continuing to self-educate and staying on top of the latest crypto fraud schemes to help get ahead of and stop crypto crime. Remember, we are all in this together.
Below are some additional recommended readings on the different types of crypto scams:
How to Spot Crypto Scams
How to detect deepfakes
Deepfake threats to organizations
What to Know about Cryptocurrency Scams