Bitcoin scams to avoid

Bitcoin itself is hard to break. Most losses happen when someone is tricked into handing over their recovery words or sending coins to the wrong place. This page explains the scams aimed at people who hold bitcoin, the warning signs for each, and what to do. Educational only, not financial advice.

The scale is real. In its 2025 Internet Crime Report, the FBI says Americans filed 181,565 complaints involving cryptocurrency, with more than $11 billion in reported losses (FBI, Apr 6, 2026).

Golden rules

Your recovery words are for your wallet only. Never type, photograph or share them. Nobody legitimate will ever ask.
Nothing doubles. No one sends back more bitcoin than you send.
Support doesn't DM you first. Find help through the company's own website.
Check every address on your wallet's screen, and send a small test first.
Buy wallets direct from the maker and set them up yourself.
Slow down. Urgency and secrecy are the scammer's tools. Bitcoin payments can't be undone.

Jump to: Fake wallets and apps · Seed-phrase phishing · Fake support and DMs · Giveaways and “send 1, get 2” doubling · Impersonation of famous people and companies · Clipboard address-swap malware · Fake or pre-seeded hardware wallets · Romance and “pig-butchering” scams · Recovery-service scams · Ponzi schemes and “guaranteed yield” · If you've been scammed

Scams aimed at bitcoin holders

Fake wallets and apps

How it works. A copycat wallet app or browser extension uses a real brand's name and logo, often reached through a search ad or a link in a message. It works like a wallet until you deposit or import your recovery words, and then the coins are sent to the scammer.

Red flags:

You found it through an ad, a pop-up or a link someone sent you.
A new app with few reviews, or a developer name that doesn't match the brand.
It asks you to import an existing recovery phrase straight away.

What to do. Get wallet apps only from the maker's own website, or from the app store link that website gives. Type the address yourself rather than clicking an ad.

Seed-phrase phishing (“validate your wallet”)

How it works. An email, text, letter or pop-up says your wallet needs to be validated, synced, upgraded or unlocked, and points you to a page that asks for your 12 or 24 recovery words. Anyone with those words controls your bitcoin.

Red flags:

Any request to type, paste or photograph your recovery words.
Urgent warnings that your funds will be frozen or lost.
A page that looks like your wallet maker's but sits at a slightly different web address.

What to do. Never enter your recovery words anywhere except your own wallet device during a restore. No real company will ask for them. Close the page and check your wallet through its own app.

Fake support and DMs

How it works. You post a question about a stuck transaction or a wallet problem, and within minutes “support” replies or sends a direct message. They guide you to a form, a remote-access app or a chat that ends with a request for your recovery words or a payment.

Red flags:

Support that contacts you first, on social media or by DM.
Requests to install screen-sharing or remote-access software.
Requests for your recovery words, PIN or a “verification payment”.

What to do. Reach support only through the contact page on the company's official website. Real support teams don't start conversations in DMs and never need your recovery words.

Giveaways and “send 1, get 2” doubling

How it works. A post, video or live stream promises to send back double any bitcoin you send to an address, often presented as a celebration or a marketing event. Nothing comes back.

Red flags:

Any promise to multiply coins you send.
A countdown or “only the first 1,000 people”.
Replies full of people claiming it worked.

What to do. Treat every “send to receive more” offer as a scam. Real giveaways never require you to send anything first.

Impersonation of famous people and companies

How it works. Scammers copy the name, photo or voice of a well-known founder, celebrity, exchange or government agency, sometimes with edited or AI-generated video, to make a fake offer or warning look trustworthy.

Red flags:

A verified-looking account with a slightly different handle.
A famous person asking you, personally, to send crypto.
Video or voice that feels slightly off, paired with an urgent request.

What to do. Check the claim on the person's or company's own official website. A famous name is never a reason to send bitcoin.

Clipboard address-swap malware

How it works. Malicious software on your computer or phone watches for bitcoin addresses you copy, and swaps in the attacker's address when you paste. The payment looks normal but goes to the wrong place.

Red flags:

The pasted address doesn't match the one you copied, even by a few characters.
Pirated software, cracked apps or unknown browser extensions on the device you use for bitcoin.

What to do. Compare the whole address, not just the start and end, and on a hardware wallet check it on the device's own screen before approving. Send a small test payment first. Our self-custody guide walks through a test withdrawal.

Fake or pre-seeded hardware wallets

How it works. A hardware wallet bought from a marketplace or second-hand seller has been tampered with, or arrives with a recovery card already filled in. Whoever wrote those words can take anything you deposit.

Red flags:

A device that is already set up when you open it.
A recovery phrase printed or written in the box.
A price far below the maker's, or a seller the maker doesn't list.
Packaging that looks opened.

What to do. Buy new, direct from the maker or a reseller the maker lists, and always create a fresh wallet on the device yourself. See our hardware wallet guide for setup steps.

Romance and “pig-butchering” scams

How it works. A friendly contact from a dating app, social media or a “wrong number” text builds trust over weeks, then introduces an investment platform or a way to “grow” your bitcoin. The platform shows gains, but withdrawals need ever more fees. The FBI says crypto investment scams typically start through texts, social media, ads or dating apps and quickly move to a messaging app, and that victims are often charged “taxes and fees” when they try to withdraw (IC3 2025 report).

Red flags:

Someone you've never met in person steering conversation toward money.
A move to WhatsApp or Telegram early on.
A platform or app you've never heard of, recommended by them.
Fees or taxes you must pay before you can withdraw.

What to do. Don't send bitcoin to a platform someone you met online recommends. Talk it over with a friend or family member. If you've already sent money, stop and report it.

Recovery-service scams

How it works. After a loss, people who say they are “recovery experts”, hackers, lawyers or even law enforcement offer to get your bitcoin back for an upfront fee. The FBI notes that crypto investment fraud victims are also targeted by recovery scams (IC3 2025 report).

Red flags:

They contacted you first, sometimes knowing details of your loss.
Upfront fees, often in crypto or gift cards.
A guarantee that the funds can be recovered.

What to do. Don't pay. Bitcoin transactions can't be reversed by a third party for a fee. Report the loss yourself through the official sites below.

Ponzi schemes and “guaranteed yield”

How it works. A lending, staking, mining or “bitcoin savings” scheme promises a fixed, high return. Early members are paid with newer members' money until deposits slow and withdrawals stop.

Red flags:

A fixed daily or monthly return, whatever the market does.
Rewards for recruiting friends.
Vague answers about where the yield comes from.
Withdrawal limits that appear without warning.

What to do. Ask where the return comes from. If no one can explain it plainly, don't deposit. Holding bitcoin in your own wallet earns no yield, and that's normal.

If you've been scammed

Stop sending anything more, including “fees” to unlock a balance.
Move what's left. If your recovery words may have been seen, create a new wallet on a clean device and move any remaining bitcoin to it.
Write it down: addresses, transaction IDs, dates, usernames, web addresses and screenshots of every message.
Report it to the FBI at ic3.gov and to the FTC at reportfraud.ftc.gov.
Tell the exchange you sent from, through the support page in its official app or website.
Beware recovery offers. Anyone who reaches out promising to get your bitcoin back for a fee is almost certainly running the next scam.

Keep learning: how to move bitcoin off an exchange, how to set up a hardware wallet and the Bitcoin whitepaper. Trading as well as holding? Daily Edge covers crypto trading scams like fake exchanges and signal groups.

Frequently asked questions

Will anyone legitimate ever ask for my recovery phrase?

No. Wallet makers, exchanges, support teams and Hold My Bitcoin will never ask for your recovery words. Anyone who asks is trying to take your bitcoin.

Can a bitcoin payment to a scammer be reversed?

Generally no. Bitcoin transactions can't be undone by the sender, which is why checking the address and amount before you approve matters so much. Report the theft to ic3.gov and reportfraud.ftc.gov.

Are bitcoin giveaways real?

Any giveaway that asks you to send bitcoin first, with a promise to send more back, is a scam.

How do I know a hardware wallet is genuine?

Buy it new, direct from the maker or a reseller the maker lists, follow the maker's own authenticity checks and create a new wallet on it yourself. A device that comes already set up, or with recovery words in the box, should not be used.

Where do I report a bitcoin scam in the US?

Report it to the FBI at ic3.gov and to the FTC at reportfraud.ftc.gov, and tell the exchange you sent the bitcoin from through its official support page.

Sources: FBI, “Cryptocurrency and AI Scams Bilk Americans of Billions” (Apr 6, 2026); FBI Internet Crime Complaint Center, 2025 Internet Crime Report. Both opened Oct 31, 2026.

Educational only, not financial or legal advice. Hold My Bitcoin never asks for seed phrases, private keys or logins.