How the scam unfolds
- Contact: a match, or a "wrong number" text that turns friendly.
- Trust: weeks of daily chat. Little or no talk of money at first.
- The lifestyle: photos of travel, cars and trading screens. An uncle or mentor who is "an expert".
- The tip: they show you a platform and suggest a small investment.
- Fake gains: the site shows big profits. A small withdrawal may even work, to build trust.
- The squeeze: you are encouraged to invest more, borrow, or use retirement savings.
- The trap: when you try to withdraw, you are told to pay taxes, fees or a "verification deposit" first. That money is lost too.
Check who is coaching you
Private search. They are never notified.
Warning signs
- Someone you met online brings up investing or crypto at all.
- The platform is a website or app they sent you a link to, not one you found yourself.
- Customer support only works through chat or Telegram.
- You must pay to withdraw your own money.
- "Recovery services" contact you later offering to get the money back for a fee. That is a second scam.
The FTC is clear: only scammers demand payment in cryptocurrency, and anyone who promises guaranteed returns is lying (FTC).
If you already invested
- Stop sending money, including any "fee" to withdraw.
- Save the platform URL, wallet addresses, transaction IDs and chats.
- Report to IC3.gov and ReportFraud.ftc.gov. Include wallet addresses and transaction IDs.
- Contact the exchange you used to buy the crypto and report the destination wallet.
- Ignore anyone offering to recover funds for an upfront fee.