Learn / Scam Watch
Scam Watch
Crypto moves fast and transactions cannot be reversed, which is exactly why scammers like it. Most scams work the same way: they rush you, promise something too good to be true, or pretend to be someone you trust. Knowing the pattern is your best protection.
Three rules that cover most of it. Never share your recovery phrase or private key with anyone, ever. Nobody honest will ask for it. Never send crypto to “unlock”, “verify” or “release” something. And if something promises guaranteed profit, walk away.
Common scams
“Guaranteed” returns
Anyone promising fixed or risk-free profits, or offering to “double your crypto”, is not telling the truth. Real investments can lose money.
Fake giveaways
Posts or videos, often using a famous person’s name or face, say “send some crypto and get more back”. You never get it back.
Phishing and fake sites
A message or search ad sends you to a copy of a real exchange or wallet website. You type in your login or recovery phrase and they take everything. Check the web address carefully, and use bookmarks.
Fake support
You post a problem and a “helper” messages you privately, or a stranger contacts you about your wallet. Real support will never ask for your recovery phrase or ask to see your screen.
Online relationship scams
Someone you met online builds trust over weeks and then “shares” an investment tip or platform. The platform is fake, and the money is gone once you send it.
Pump groups and rug pulls
A group hypes a little-known coin so you buy, then the organisers sell at the top. In a rug pull, the project’s creators simply take the money and vanish.
Fake apps
Copies of wallet or exchange apps that look real but steal your keys. Only install apps from the link on the official website, and check who published the app.
Recovery scams
After you lose money, someone offers to get it back for a fee. They are often the same scammers, or their friends. Do not pay.
Red flags
- Pressure to act now, or a countdown timer.
- Guaranteed profits or “no risk”.
- Someone you do not know contacts you first, especially by direct message.
- You are asked for a recovery phrase, private key or password.
- You are asked to pay a fee, tax or “unlock” payment before you can withdraw your money.
- You are told to keep it secret, or not to talk to your bank or family.
- A website address that is almost right, with a misspelled name or an odd ending.
Good habits
- Slow down. A real opportunity will still be there tomorrow.
- Bookmark the real sites you use, and go there from the bookmark instead of from links in messages or ads.
- Turn on two-factor authentication on your exchange accounts, preferably with an authenticator app.
- Send a small test amount first, and check every character of an address. Transactions cannot be reversed.
- Keep your recovery phrase on paper, offline, where only you can find it. More in the wallets lesson.
- Only put in money you could afford to lose.
If something goes wrong
- Stop sending money, even if they say one more payment will fix it.
- Do not pay anyone who offers to recover your funds for a fee.
- If you shared a password or recovery phrase, move any remaining funds to a new wallet right away and change your passwords.
- Keep screenshots, addresses, transaction records and messages.
- Tell your bank or the exchange you used, and report it to the police. For local rules and warnings, also watch for notices from the Central Bank of Trinidad and Tobago.
This page is general information, not legal or financial advice. If you think you have been scammed, speak to the police and your bank as soon as you can.