If you have lost money in a cryptocurrency scam, stop sending money, contact your bank about any payments you made to buy crypto, and report it to Report Fraud (or Police Scotland on 101). Save your wallet addresses, transaction records and messages. Be very wary of anyone who offers to recover your crypto for a fee, and if you were shown "USDT" or "USDC" you cannot withdraw, check whether it is a counterfeit token.
What should I do first?
- Stop all payments. Do not pay any "withdrawal fee", "tax", "unlock fee" or "gas deposit". These are signs of a scam.
- Call your bank using the number on your card or by dialling 159. Tell them about every payment you made, including payments to a crypto exchange.
- Report it to Report Fraud online or on 0300 123 2040 if you live in England, Wales or Northern Ireland. In Scotland, call Police Scotland on 101.
- Report it to the FCA on 0800 111 6768 if it involved a fake investment firm or platform.
- Tell the crypto exchange you used, so it can look at the accounts involved.
- Secure your accounts. See protecting your accounts.
Never share your seed phrase (recovery phrase), private keys or passwords with anyone. No genuine bank, exchange, police officer or recovery service needs them.
Can I get my money back?
It depends on how the money left your control. Be realistic: crypto is very hard to recover once it reaches a scammer.
- Bank transfer straight to a scammer's UK account: may be covered by the APP reimbursement rules, up to £85,000. See getting your money back after an APP scam.
- Bank transfer to your own crypto exchange account, then crypto sent to a scammer: the Payment Systems Regulator says this is not covered by the APP rules, because the scam payment itself was made in crypto. You can still tell your bank and make a complaint if you think it should have stepped in.
- Card payment to buy crypto: ask your card provider whether chargeback or Section 75 could apply.
The FCA says most crypto activities are not regulated in the UK. This means you generally cannot complain to the Financial Ombudsman about a crypto firm, and you are not protected by the Financial Services Compensation Scheme if the firm fails. You may still be able to complain about your bank's handling of your payments. See taking a complaint to the Financial Ombudsman.
What records should I keep?
Crypto leaves a public trail on the blockchain, so good records can help investigators. Save:
- every wallet address you sent crypto to
- transaction IDs (hashes) for each transfer
- the token contract address of any token in your wallet you did not expect
- exchange account statements and bank statements
- screenshots of the scam website or app, including any "balance" it showed
- all messages, usernames and phone numbers
Our guide on how to preserve evidence has more tips.
What are counterfeit USDT and USDC tokens?
USDT (Tether) and USDC (USD Coin) are "stablecoins" meant to keep a steady value. Scammers sometimes create fake tokens with the same name and logo, so they look real in your wallet. They have no value. A scammer might send you a fake token to make you believe you have a large balance, then ask you to pay a fee to "release" it, or send you to a website that asks you to connect your wallet and approve a transaction.
You can check a token on our counterfeit stablecoin register. It lists tokens on BNB Smart Chain, Ethereum and TRON that imitate USDT or USDC but are not issued from the official contract.
If you have a suspicious token:
- do not pay anyone to unlock, convert or withdraw it
- do not try to sell, swap or send it, and do not connect your wallet to any website that says it supports the token
- compare the contract address with the official one, character by character
- revoke any approvals you gave to websites linked to it, using your wallet settings
Read what to do if you have received a counterfeit token for step-by-step help.
Watch out for crypto recovery scams
The FCA warns that people who lose money in crypto scams may be targeted again, with offers to recover their money or buy back the investment for a fee. Many "crypto recovery" or "blockchain tracing" services that contact you first are scams. No one can guarantee to get crypto back. Read our guide to fund recovery scams.
You can find out more about how these scams work in our guide to cryptocurrency fraud and investment fraud. For free, independent support, contact us. We never ask you to pay to recover funds.
Frequently asked questions
The platform says I must pay tax before I can withdraw. Should I pay?
No. Being asked to pay a fee or tax before you can withdraw is one of the most common signs of a crypto scam. Stop and report it.
Can the police freeze crypto?
Sometimes crypto can be traced and, in some cases, frozen when it reaches an exchange, but this is not guaranteed. Reporting quickly, with transaction IDs and wallet addresses, gives investigators the best information.
Is my wallet hacked if a fake token appeared in it?
Not necessarily. Scammers can send tokens to any public wallet address. The risk comes from interacting with the token or connecting your wallet to a linked website.
Should I give a recovery expert access to my wallet?
No. Never share your seed phrase or private keys, and never install remote access software at a stranger's request.