I fell for a crypto scam, now what?

It’s not uncommon for a beginner in the cryptocurrency space to get scammed by greedy con artists. In fact, I fell for one a couple years ago. But what do you do if it happens to you? How do you cope with the loss of funds, or being hacked and having your crypto stolen?

Many new crypto users are curious and impulsive and the more technically sophisticated ones fall victim easily. Due to the unregulated nature of cryptos and pseudo anonymity that is available, you will have almost no recourse to get your money back. There is no way to reverse transactions. If you get scammed, there is no way to get your money back. You’ve lost it for good.

If you have fallen for a scam don’t feel embarrassed as it’s a normal human trait to take risks or act irrationally when presented with large sums of money in fast manner.

In many ways, crypto scams are not much different than their more traditional “email spam” counterparts. And if you’ve been on the internet for awhile, you have probably seen a few of each. Most start with a “Nigerian prince” email that appears to be asking you to do something simple, go out of your way, or give them money. The same is true with crypto scams. Most often the scammers will try to get you to send a little bit of money or some type of sensitive information in hopes that you will follow through and eventually send them some more money or an even bigger piece of sensitive information like a password.

We all have been through this before and know that most of the people that do get stung by these are good people innocently trying to get involved in a decentralized community. It’s upsetting but such is the nature of crypto at the moment — don’t put more money than you can afford to lose into it, things move fast and it seems that almost every day new scams are discovered and old ones shut down due to public pressure and exposure.

Crypto scams have been all over the news lately. They don’t even try to hide anymore. Every day I see a new crypto giveaway posting or twitter profile pop up on my social media. Truth is, crypto scams are rampant, can affect anyone, and the losses incurred from a well-crafted scam will make you want to curl up in fetal position and cry. But know that it is possible to recover from your crypto scam induced headaches!

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