Crypto trading is super exciting, till it’s not, and this realization can hit real fast if you’ve fallen victim to a crypto scam. Falling prey to a crypto scam can feel like someone just pulled the floor out from under you. It’s frustrating, embarrassing, and painful; after all, you just lost money, no matter how much, to some random person or group. 

Earlier this year, the City of London Police reported that over £649 million was lost to investment fraud in 2024. Cryptocurrency fraud, in particular, saw a huge rise last year. New traders are more vulnerable to such scams, and falling victim to them can shake your confidence in the entire crypto space. 

The important thing to remember is that you’re not alone. Plenty of beginners and even seasoned traders have faced the same situation. So, if you’ve recently fallen victim to such a scam, here are a few things you need to remember. 

#1 Report the Scam and Keep Every Bit of Evidence

It’s not just the UK; crypto scams have increased globally, especially since the start of the COVID-19 pandemic. Scams increased by 900 percent in the US alone since the start of the pandemic. In 2021 alone, over 46,000 Americans lost more than $1 billion to crypto-related fraud.

If you’ve fallen victim to such a scam, the first thing you need to do is report it. The authorities need to know this and have your information to track patterns and catch bigger criminal networks. 

Contact your local financial regulators or consumer protection offices and hand over every detail you have. Keep records of messages, screenshots, wallet addresses, and transaction histories. Even the smallest detail can connect dots in larger investigations.

Also, don’t forget to report the scam to the platform where it happened. Many exchanges and online communities have ways to flag suspicious accounts and warn others. 

#2 Attempt to Recover the Assets

After the scam, you’ve probably asked yourself, “Can I get my money or assets back?” And don’t worry, this isn’t just you; victims of crypto scams always ask this question. After all, we’re talking about currency or assets that are not fully regulated by the government or concerned financial bodies. Hence, asking this question right after the scam is totally justified.

While there’s no guarantee, the lands

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Author: Adrian Barkley