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Scam Defense Guide

Protect yourself from Bitcoin scams, phishing, and social engineering

⚠️ Critical Reality: Bitcoin transactions are irreversible. Once you send BTC to a scammer, it's gone forever. There are no chargebacks, no customer service, no "undo" button. Your only protection is knowledge and vigilance.
What You'll Learn:

Common Bitcoin Scams

🏦
Fake Exchanges & Platforms
Imposter websites stealing deposits
How It Works:

Scammers create fake versions of popular exchanges (Coinbase, Kraken, Binance) or invent entirely fake platforms. They offer "too good to be true" rates, promotions, or "exclusive access." Once you deposit Bitcoin, the site disappears or prevents withdrawals.

🚩 Red Flags:
  • URL typos: coinbass.com instead of coinbase.com
  • Promises of guaranteed returns (10%/month, etc.)
  • "Limited time" pressure to deposit immediately
  • No company registration or regulatory licenses
  • Withdrawal delays or account "verification" loops
  • Unprofessional website design or broken links
✅ Protection:
  • Double-check URLs (bookmark official sites)
  • Use only well-known, regulated exchanges
  • Check reviews on multiple independent sources
  • Test with small amounts first
  • Enable 2FA and whitelist addresses
🎣
Phishing & Credential Theft
Fake emails/messages stealing login credentials
How It Works:

You receive an email/SMS that looks like it's from your exchange, wallet, or bank. It warns of "suspicious activity" and urges you to "verify your account" by clicking a link. The link goes to a fake login page that steals your credentials.

🚩 Red Flags:
  • Urgency: "Account will be locked in 24 hours!"
  • Generic greetings: "Dear user" instead of your name
  • Suspicious sender addresses
  • Grammar/spelling errors
  • Unexpected attachments or links
  • Requests for seed phrases or private keys
✅ Protection:
  • Never click links in crypto-related emails
  • Type URLs manually or use bookmarks
  • Enable email authentication (DKIM/SPF checks)
  • Use unique passwords for each account (password manager)
  • Legitimate companies never ask for seed phrases
Fake Giveaways & Doubling
"Send 1 BTC, get 2 BTC back!"
How It Works:

Scammers impersonate celebrities (Elon Musk, Vitalik Buterin) or companies on social media. They promise to "double" or "10x" any Bitcoin you send them. Often use hacked verified accounts for credibility.

🚩 Red Flags:
  • ANY promise to multiply your Bitcoin
  • "Limited time offer - send now!"
  • QR codes or addresses in social media posts
  • Fake verification checkmarks
  • Newly created accounts or suspicious handles
✅ Protection:
  • Rule of thumb: If it sounds too good to be true, it is
  • No legitimate person gives away free Bitcoin
  • Verify accounts through official websites
  • Report impersonation accounts immediately
Ponzi Schemes & Cloud Mining
Fake investment programs promising guaranteed returns
How It Works:

"Invest" Bitcoin into a "mining pool," "trading bot," or "yield program." Early investors get paid from later investors' deposits (not actual profits). Eventually collapses when new deposits dry up.

🚩 Red Flags:
  • Guaranteed returns (1% daily, 20% monthly, etc.)
  • Recruitment bonuses ("refer 3 friends")
  • Vague or complex "proprietary trading strategies"
  • No proof of actual mining/trading activity
  • Withdrawal delays or minimum balance requirements
  • Pressure to reinvest profits instead of withdrawing
✅ Protection:
  • Remember: Legitimate investments have risk, not guarantees
  • Bitcoin mining is unprofitable for individuals (energy costs)
  • Ask for proof (mining pool stats, trading bot code)
  • Check company registration and regulation
  • If withdrawals are restricted, it's a scam
💔
Romance & Pig Butchering Scams
Long-term relationship scams leading to investment fraud
How It Works:

Scammer builds romantic relationship over weeks/months. Eventually introduces "investment opportunity" they're using. Victim invests, sees fake profits, invests more. When victim tries to withdraw, site vanishes or demands "taxes."

🚩 Red Flags:
  • Met on dating app but quickly moves to WhatsApp/Telegram
  • Refuses video calls or always has excuses
  • Claims to be wealthy from crypto investments
  • Offers to "teach you" or "help you invest"
  • Shows fake screenshots of profits
  • Asks you to send Bitcoin to "their platform"
✅ Protection:
  • Never send money to someone you haven't met in person
  • Reverse image search profile photos
  • Be skeptical of financial advice from romantic interests
  • Discuss with trusted friends/family before investing
  • If they pressure you, it's a scam
🖥️
Fake Tech Support
Impersonators claiming to fix wallet issues
How It Works:

You post about a wallet issue on Reddit/Twitter. Someone DMs claiming to be support from that wallet. They ask for your seed phrase to "restore" or "verify" your wallet. Once they have it, your funds are gone.

🚩 Red Flags:
  • Unsolicited DMs offering help
  • Username similar to official support (extra letters/numbers)
  • Asks for seed phrase, private keys, or passwords
  • Links to "verification" or "synchronization" websites
  • Claims your wallet is "compromised" and needs "migration"
✅ Protection:
  • NEVER share seed phrases with ANYONE
  • Legitimate support never asks for seed phrases
  • Block and report unsolicited DMs
  • Contact support through official website only
  • Enable "Do Not Accept DMs" in settings

Universal Red Flags

These warning signs apply to all scam types:

What to Do If You've Been Scammed

Immediate Actions:

  1. Stop all contact with the scammer immediately
  2. Document everything: Screenshots, addresses, messages, transaction IDs
  3. Report to authorities:
  4. Report to platform: Exchange, social media, dating app where scam occurred
  5. Warn others: Post on r/Bitcoin, BitcoinTalk
  6. Change passwords: Especially if you shared credentials
⚠️ Important: Unfortunately, Bitcoin transactions are irreversible. Law enforcement may be able to track funds in some cases, but recovery is rare. The best strategy is prevention.

Long-Term Protection Strategies

Additional Resources

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