Фото: Cryptocurrency Scam

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Artem Kovalev

Head of criminal law practice

Expert in the field of criminal, administrative and civil law. Specializes in military crimes and crimes in the financial sector

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Cryptocurrency Scam

Reading time: 4 min.

Cryptocurrency has become an important part of the modern financial system, offering new opportunities for investment and transactions. However, like any innovation, it attracted the attention of not only legitimate users, but also fraudsters. Cryptocurrency scams are becoming more sophisticated and increasing in number every year. If you have become a victim of fraud, do not delay and contact the company "Prіkhodko and Partners" for help. Our experienced lawyers will provide comprehensive legal support, help restore justice and protect your interests.

Cryptocurrency scams are common

  • Fraudulent mobile applications

One method of fraud is the distribution of fake applications. It is often difficult to distinguish them from the real ones, because they are disguised as popular programs. At first glance, the app may look perfectly fine, but it is designed to breach security and steal cryptocurrency. There are known cases when users downloaded malicious programs disguised as well-known brands. Verifying the authenticity of applications will help avoid such threats.

  • Pump&Dump

In the first stage of "Pump", fraudsters on Telegram and other platforms spread "exclusive" information about the rapid increase in the value of a certain coin, often involving bloggers to create the illusion of an increase in its price. They also invest in cryptocurrency to raise its value. Many people believe this information and start buying the coin, which really increases its price.

In the "Dump" phase, scammers suddenly sell all their coins, causing the price to drop sharply, often below the level of the initial bulk purchase. Many victims are aware of the risk of the Pump&Dump scheme, but they hope to sell their coins in time, which is rarely possible, because the scammers never warn in advance.

  • Phishing

Phishing is when fraudsters pretend to be other people or companies and try to get victims' personal data through e-mails, phone calls, fake websites or instant messages. This is especially common in the field of cryptocurrencies. For example, scammers may send you an email about problems with your account on a cryptocurrency exchange, prompting you to click on a link to resolve them.

  • "Broker" services

Another common type of fraud is a scheme where the attacker pretends to be a registered broker. A fake broker uses the credentials of a real broker to convince investors to transfer funds to his accounts. By the time the victims realize that they have been deceived, the fraudster has already disappeared. A real broker does not even suspect that his name is being used for fraud.

  • The promise of "easy" money

This type of fraud is based on the victim's desire to make quick money without investment. The attacker may offer to invest in a high-yielding hedge fund or new platform, and then disappear with the money.

Another method is the rug-pull strategy, where the fake project is closed immediately after receiving funds from investors.

What to do to avoid fraud?

To avoid crypto scams, it is important to follow a few basic rules:

  • Thoroughly research the cryptocurrency market, understand its features and risks. Do not invest money you are not prepared to lose.
  • Check the credibility of sources and information about projects or brokers before investing.
  • Be wary of promises of high returns with no risk or minimal investment.
  • Check ratings, user reviews and other sources of information before trusting your funds.
  • Never share your personal data or confidential information with unknown people or on untrusted sites.
  • Do not answer calls or emails from unknown numbers or email addresses.
  • Do not link crypto broker accounts to traditional bank accounts to avoid security breaches.
  • Block suspicious transactions immediately. Choose the services of well-known companies for maximum protection of personal information.

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Assistance of a criminal lawyer in case of crypto fraud

In the case of crypto fraud, the criminal lawyer of Prіkhodko and Partners can provide legal support, represent interests before the court, help with the collection of evidence and defend against wrongful accusations. Choosing an experienced attorney with an understanding of cryptocurrency law and cybersecurity can help ensure the best protection of investors' rights in such cases.

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Head of criminal law practice

Expert in the field of criminal, administrative and civil law. Specializes in military crimes and crimes in the financial sector

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