Protecting Against Bitcoin Scams: A Global Guide for Holders | The Bitcoin Adviser
Scam Awareness

Protecting Against Bitcoin Scams: A Global Guide for Holders

Even the most secure technical setup cannot fully protect you from emotional manipulation. This guide exists because education is your strongest defence against social engineering attacks that target Bitcoin holders—especially during vulnerable transition periods when moving from exchanges to self-custody or collaborative security.

Bitcoin scams affect people in every country. The patterns we cover here apply globally, regardless of where you live or where your Bitcoin is stored.

TL;DR

The Three Rules That Prevent Most Scams

1. Never Share Your Keys

Never share your seed phrase or private keys with anyone—ever. No legitimate service, adviser, or support team needs them. If someone asks, it is a scam.

2. Never Act Under Time Pressure

If someone creates urgency—“move funds now or lose everything”—stop. Time pressure is a primary tool of scammers. Legitimate services give you time to think.

3. Never Decide in Isolation

Scammers work by isolating you. Always verify with a trusted human—a family member, adviser, or security partner—before sending significant Bitcoin.

The following real story from one of our advisers illustrates why this matters:

This story went viral because it shows a reality many people do not want to think about: smart, careful people can still be socially engineered into sending their Bitcoin away. Our goal is to make sure you understand how these scams work—so you can recognise and stop them before they cause devastating losses.

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Important: Falling victim to a scam is not about intelligence or education. Scammers attack emotions—trust, loneliness, urgency, fear. Awareness and structure, not “being smart,” are what protect you.

Why Scam Awareness Matters

In 2025, Bitcoin scams have reached a significant and growing global scale. Pig-butchering operations alone have driven billions in losses. Law enforcement agencies worldwide are investigating large, organised networks that systematically target individuals across borders.

Bitcoin holders are a prime target. Bitcoin is global, irreversible, and can be moved instantly. Once you send Bitcoin to a scammer, there is usually no way to reverse the transaction. This makes you more attractive to fraudsters than someone with only a bank account.

Transition periods are especially dangerous: When you're moving from an exchange to self-custody or collaborative security, you're learning new tools, making important decisions, and potentially feeling uncertain. Scammers exploit this vulnerability. They know you are focused on “security setup” and may be more receptive to “helpful” advice or urgent-sounding warnings.

How Collaborative Security Helps During Vulnerable Moments

Our 2-of-3 collaborative security model adds human review and thoughtful delays for unusual activity. This provides time for reflection and guidance—exactly when you need it most. When you're not sure, you don't have to decide alone. The collaborative review process can catch scams before they happen, as we've seen in real cases.

Learn more about collaborative security and how it protects against both technical mistakes and emotional, rushed decisions.

Immediate Protection

Red Flags Checklist: Stop Here First

Before we look at specific scam types, it helps to recognise the patterns they all share. If you encounter any of these warning signs, stop immediately and verify independently:

🚨 Warning Signs

  • Unsolicited romantic, social, or professional interest that quickly pivots into investment talk
  • Promises of guaranteed or unusually high returns
  • Pressure to act fast or bypass advisers, family, or colleagues
  • Requests for seed phrases, private keys, or remote access to your device
  • Avoidance of video calls or in-person verification
  • Urgent-sounding messages creating artificial time pressure
  • Requests to send Bitcoin to unknown or “temporary” addresses
  • Offers that sound too good to be true, or opportunities you “must keep secret”
  • Complex schemes you do not fully understand but are told to “trust the process”
  • Instructions not to speak with your adviser or family about the opportunity

✅ Safe Practices

  • Verify identities through multiple channels and, where possible, video calls
  • Take time to research before sending Bitcoin—no exceptions
  • Consult trusted advisers, family members, or security partners
  • Never share seed phrases or private keys under any circumstances
  • Double-check addresses before sending and start with small test transactions
  • Use collaborative security so no single person can move funds alone
  • Question anything that feels rushed, secretive, or emotionally charged
  • Trust your instincts—if it feels wrong, it probably is
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Remember: No legitimate Bitcoin service will ever ask for your seed phrase or private keys. No legitimate service can recover self-custodied Bitcoin without your keys. If something feels off, stop, take a breath, and verify through a trusted channel.

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Scammers succeed when they control your attention and emotions. Your best defence is to slow down, involve another trusted person, and use structures like collaborative custody that make it hard to act impulsively.

How Scammers Think

The Scammer Playbook: Psychology, Not Technology

Most Bitcoin scams do not start with malware or technical exploits. They start with conversations. Scammers run scripts designed to manipulate your emotions and decision-making, often over weeks or months.

How Scammers Operate

  • Emotional hooks: Loneliness, trust, fear, greed, or a desire to “catch up” financially.
  • Information overload: Fake dashboards, fake profits, complex jargon to make you feel out of your depth.
  • Urgency creation: “Your funds are at risk, you must move them now” or “this opportunity closes today.”
  • Isolation: Encouraging you not to talk to family, colleagues, or advisers.
  • Authority impersonation: Fake support staff, exchange representatives, law enforcement, or well-known Bitcoiners.
  • Deepfakes & AI: Increasingly, scammers use AI-generated photos, voices, or videos to appear more convincing.

Biases They Exploit

  • Reciprocity: They praise and “support” you so you feel compelled to trust and reciprocate.
  • Commitment: Once you send a small amount, you feel pressure to follow through on the bigger ask.
  • Authority bias: Badges, logos, or professional language make them feel legitimate.
  • Social proof: Fake testimonials, screenshots, or group chats showing “others” making money.
  • Urgency & scarcity: The fear of missing out on a unique, time-limited opportunity.
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Smart people get scammed. Intelligence does not protect you from well-crafted emotional scripts. What protects you is structure: hard rules, second opinions, and systems that slow you down when it matters.

Know Your Enemy

Most Common Bitcoin Scams in 2025

Now that you know the patterns, here are the main scam types targeting Bitcoin holders globally today:

🐷 Pig-Butchering / Romance + Investment Scams

Long-term grooming that combines emotional connection with fake investment opportunities.

One of the top global threats in 2025. Long-term grooming via dating apps, social media, or messaging platforms. Scammers build trust over weeks or months, then introduce fake trading platforms showing “profits.” They pressure victims to send Bitcoin, often starting small and escalating.

Red flags: Unsolicited romantic interest pushing investments, promises of guaranteed returns, pressure to act fast, secrecy, avoidance of video calls or in-person meetings.

🎁 Giveaway / Airdrop Scams

“Send 0.1 BTC and receive 0.2 BTC back” style frauds, often branded with celebrities or exchanges.

Fake celebrity promotions or deepfake videos promising to “double” your Bitcoin if you send a small amount first. Often uses fake or compromised social media accounts or impersonates well-known Bitcoiners and companies.

Red flags: Promises to multiply your Bitcoin, requests to send Bitcoin to “verify” your address, time-limited offers, celebrity or brand impersonation.

🎣 Phishing & Impersonation

Fake support messages and websites designed to steal your credentials or seed phrase.

Fake support messages, emails, or websites designed to steal seed phrases, 2FA codes, or direct you to wallet “drainer” sites. Often targets users of popular wallets or exchanges.

Red flags: Urgent support messages, links asking you to “reconnect” your wallet, slight misspellings in URLs or email addresses, requests for seed phrases or 2FA codes.

🔧 Fake Wallet / Recovery Scams

Targeting people who already lost funds, promising impossible “recovery.”

Offers to “help recover” lost funds, often targeting prior victims. Scammers claim they can access your Bitcoin without your keys—this is impossible for self-custodied Bitcoin.

Red flags: Guarantees of recovery without your seed phrase, upfront fees for “recovery services,” pressure to act quickly, requests for remote access to your device.

💰 Rug Pulls / High-Yield Fraud

Fake platforms, funds, or mining schemes promising “risk-free” yield.

Bogus DeFi platforms, mining schemes, offshore funds, or “yield farming” opportunities promising unrealistic returns. Often uses fake testimonials, high-pressure sales calls, and professional-looking websites.

Red flags: Guaranteed high returns, complex structures you don’t really understand, pressure to invest quickly, requests to send Bitcoin to external wallets rather than custody you control.

How Collaborative Security Protects You

Our 2-of-3 collaborative security model is not just a technical architecture—it is a behavioural safeguard. It is designed for the exact conditions that scammers exploit: stress, urgency, isolation, and emotional manipulation.

Human Review & Thoughtful Delays

When you initiate a transaction, our collaborative security model requires review from multiple parties. This creates natural delays that give you time to reconsider impulsive decisions. This is especially valuable during vulnerable transition periods when you might be more susceptible to social engineering.

In real cases, this review process has caught suspicious transactions before funds were lost. The collaborative team can ask questions, verify details, and provide guidance when something does not feel right.

No Single Point of Failure

Even if your key is compromised through a scam, attackers cannot move funds without The Bitcoin Adviser key and your vault provider's key. This gives you time to recover and secure your Bitcoin before any unauthorised transaction can be completed.

Learn more about how collaborative security works and why it is designed to protect against both technical and social engineering attacks.

Real-World Example: Scam Stopped in Review

In one case, a client initiated a large withdrawal under pressure from a supposed “support representative.” During the collaborative signing process, details did not add up. Our review flagged inconsistencies, triggered additional verification, and delayed signing. After a brief call with the client, it became clear this was an impersonation scam.

No Bitcoin was lost. The client updated their security posture and the attempt was documented for future reference.

What to Do If You Are Targeted

If you suspect you are being targeted by a scam, act quickly but deliberately. The most important thing is to stop the interaction and bring another trusted person into the loop.

  1. Stop all contact immediately: Cease communication with the potential scammer. Do not send any further funds. Block phone numbers, emails, and social media accounts.
  2. Do not rush: Take a breath. Scammers rely on you feeling panicked or rushed. Slowing down reduces their power.
  3. Assess what information was shared:
    • If you shared your seed phrase or private keys, your Bitcoin is at immediate risk. See the Bitcoin Emergency Kit for immediate steps.
    • If you sent Bitcoin to a scammer, the transaction is likely irreversible. Document everything for reporting and forensics.
    • If you only gave personal information, change passwords and enable 2FA on all accounts that may be impacted.
  4. Document everything: Take screenshots of chats, transaction IDs, wallet addresses, emails, and messages. Save links and usernames. The more evidence you have, the better your chances of useful reporting and, in some cases, recovery assistance.
  5. Report to authorities in your jurisdiction:

    Scams operate across borders. Use the reporting channels relevant to where you live and, where applicable, where the platform is based.

  6. Warn others: Report scammer accounts on platforms, inform friends or family if you were targeted through social media or messaging apps, and share your experience in appropriate forums (without doxxing yourself).

For TBA Clients: Immediate Global Support

If you're a client of The Bitcoin Adviser and suspect you've been targeted, contact us immediately. We support clients worldwide, and our security processes are designed to work across time zones and jurisdictions.

We can help assess the situation, coordinate emergency recovery actions where possible, and provide guidance on how to secure your Bitcoin and broader digital footprint.

Contact support or reach out to your adviser directly.

For comprehensive emergency procedures, see our Bitcoin Emergency Kit, which includes detailed scam response protocols and practical steps you can follow immediately.

Additional Resources

These resources can help you stay informed and protected. Everything here is designed to be practical, actionable, and free to access.

The Bitcoin Adviser Resources

External Resources & Reports

  • FBI IC3: Internet Crime Complaint Center — Report Bitcoin scams and fraud
  • FTC: Report Fraud — File complaints about cryptocurrency scams
  • Chain analysis & research firms: Annual reports on crypto crime trends and scam patterns
  • DFPI Crypto Scam Tracker: California Department of Financial Protection and Innovation's public scam database

Need Expert Help?

If you're navigating Bitcoin security transitions or have concerns about potential scams, you don't need to figure it out alone. Our advisers have helped clients around the world through these challenges firsthand.

Connect with Terence Michael

Terence Michael is an adviser who has seen firsthand how scams target Bitcoin holders during vulnerable transition periods. If you're moving from an exchange to self-custody or collaborative security, or if you have concerns about a potential scam, connect with Terence to discuss your situation.

Connect with Terence Michael Find Your Adviser

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This guide is part of our comprehensive Security Centre, which includes guides, assessments, quizzes, and emergency procedures—all free and accessible immediately.

The Bitcoin Adviser serves clients in more than 30 countries, and our security education is designed to apply universally, wherever you are in the world.

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