Cryptocurrency Scams on the Rise

Cryptocurrency scams are rising, and thieves are using new and old techniques to steal money.

Bitcoin and other cryptocurrencies are new and emerging technologies and forms of money, and where money is involved, thieves and scammers are undoubtedly lurking.


Transactions that occur on the blockchain are irreversible, which is a feature that protects many businesses from the risks of chargebacks, but also acts as a benefit to scammers as once the bitcoin hits their wallet, they are in complete control and there is no way to recover your lost funds.

That’s why every time you are purchasing bitcoin or cryptocurrencies it is VERY important that you do not send bitcoin to a person you have never met in person.

If you believe you have been the victim of a scam please contact the RCMP anti-fraud center at 1-888-495-8501.

There are many types of scams and they usually follow a similar formula. The best way to avoid becoming a victim is to assume anyone instructing you to send money, especially using bitcoin or other cryptocurrency is probably trying to manipulate you. Some of their tricks come in the form of:

  • Investment scams – companies promising returns on your investment through a variety of methods (trading bots, ai, etc)
  • Romance scams – online boyfriends or girlfriends you haven’t met in person needing money
  • Employment scams – requiring a payment for your “new job”
  • Authority scams – phone calls pretending to be the CRA or other government entity requiring payment for fines, taxes, or penalties
  • Loan scams – companies promising to send a loan once you send a deposit
  • Other deposit scams – people requiring a deposit to be paid on an AirBnb or other product/service

Let’s get familiar with the oldest and most popular trick in the trade: Investment Scams. 

In investment schemes, scammers contact individuals claiming to be investment managers. They will contact you through social media, online dating apps, WhatsApp, Signal, or Line. If someone is contacting you for investment opportunities on these platforms, BLOCK AND REPORT! It is 100% ALWAYS a scam.

The hook: Lucrative returns equivalent to always winning on the slot machine. Simply invest in “a mining pool” or “trading program” or a “easy loan”. If it sounds too good to be true, it probably isn’t true!

If you must request for your funds to be withdrawn and they come back requesting for more money (due to “taxes”, “commission fees”, “penalty fees”, etc), these are red flags. It’s nearly impossible to get out once you’re “investing” with them, so the best thing you can do is to do your research before buying into anything.

 What can you do if someone approaches you?

  1. Ask lots of questions. Ask for a video conference call. Request for business documents.
  2. Get educated on bitcoin and how it works. Knowledge is power.
  3. Look up their website on Google the company and see if they have been reported.
  4. Look closely at their website. Are there spelling or grammar errors? Does the phone number match the business address? Google the address. Does the business show up when you google the address? Is the customer support line directing you to a Whatsapp number? Inconsistencies, errors, and cheaply made websites are huge red flags for scams.
  5. Is the business name something generic like Market Trading, Cryptotrading, Realivestment, Freshforex, etc? If so, it is 99% likely a scam.
  6. Does the website require you to log in to see any information? Members-only websites make it hard for others to verify the legitimacy of a company.
  7. Here at Bitcoin Well, we can sniff out scams on an expert PhD level. If you are unsure about an opportunity, ASK US!. It’s free and could save you from lost money!

You really don’t need anyone else to set yourself up for financial sovereignty and success. Simply buy and hold bitcoin, or dollar cost average into bitcoin with our Bitcoin Savings Plan, as history has shown this to be the most powerful savings and investment plan.


I’m sure that was a lot to swallow, so here’s your bullet point takeaway:

  1. Do not send bitcoin to anyone you have not met in real life, in the flesh. (No handshakes or hugs, no money!)
  2. Do not send bitcoin to any government agency
  3. Do not send bitcoin to anyone offering you investment opportunities
  4. Do not send bitcoin to anyone offering you employment or a loan
  5. Buy and hold bitcoin for yourself, and don’t give it to anyone else!
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