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The Scams

Leestijd: 5 min.

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In the crypto world we still live in the wild west, so it should come as no surprise that many people are being scammed with the Bitcoin story. The scammers are also getting more and more aggressive and creative and they lure people with a lack of crypto knowledge into the trap, usually with nice stories that are too good to be true. That's why we have this blog, in the hope that people who read it will never fall into the trap of these scammers. We list some of them.

Fake advertising

Always be careful when you go to a website via google. It is possible that an advertisement promotes a fake page and you end up on a scammer's website thinking you are clicking on the real deal. They will try anything to get to your 24 words. What can you do to prevent this, very simple. Always enter the desired website in the url bar yourself and arrive at the website you intended without running this risk.

Recovery words

It is also possible that due to the hustle and bustle it is difficult to get to a hardware wallet such as ledger. You might end up at an unknown shop where you can order your ledger, the scam here might be that your ledger is delivered with the 24 words already filled in. This means they can get access to the coins you have on your ledger. This ledger is completely worthless and ready for the trash, do not use this ledger under any circumstances or you run an extremely high risk of losing your funds.

Fake software

Always be careful when you update your ledger. It is possible that you install fake software which will fish for your 24 words again. The golden rule here is always to go to the website of the ledger itself via the url bar and download your software there, for updates of the ledger you need to be in the program itself. This is the only way that you can update safely, for the ledger itself you will find this under manager and then you will see at the top your possible update. Never give up your 24 words, nobody will ask you to, the only way you can use your words is when recovering from the ledger itself.


It happens that your email address becomes known to people who have no good intentions. They will send you emails saying that they have a certain amount of money outstanding and that you should react quickly or your account will be closed. Never respond to this. It could be that they are fishing for your private keys or asking you to deposit more money to compensate for certain actions. If you see such an email in your inbox, don't click it open and delete it.

The doubles

A popular way to cheat people are the messages on social media stating that if you deposit a certain amount of money to their address you will get double the amount back. These are 100% scam. Definitely do not fall for this. Always think of nothing is for free.


It could be that you receive a text message saying that a withdrawal has been requested from a false IP address, followed by a link that you have to click on to view it. This is also a hardcore scam. If you click on the link you follow a process where they want to get at your data or private keys. Like everything else above, don't click on it and delete it immediately.

Cloud mining

These scammers claim to have warehouses full of miners. You can then buy or rent hashpower for a certain amount which then gives you the reward. 9 out of 10 are scams and promise you a high return, however, if you transfer money to these so-called companies you will lose everything and the reward will always be there waiting for you.

Fake news

Another very well known scam is the one with the fake news of famous people who have become so called stinking rich with Bitcoin. Dare you click on that further you will end up on a platform where they claim to offer high returns. So you send your money there and they promise to trade with it. Do not fall for this scam because 9 out of 10 you will lose your money.

Pyramid schemes

These also exist of course. So-called people who promise you a big return. In a ponzi scheme the old investors are reimbursed by the new ones. A vicious circle that inflates like a balloon until it explodes.


Suppose that you have fallen into a scam, it is possible that you later receive an email from a so-called lawyer who represents the victims. Of course, that includes a fee. Long story short, you lose your money.


Moral of the story, be very careful and take the time to do your own research, this will ensure that you will be less inclined to run into these scams.

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