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Scammed in crypto: what to do in the first 24 hours

A crypto transfer cannot be reversed. But exchanges and Tether, the issuer of USDT, can freeze funds, and the sooner you know where the money went, the better the chance it is still there.

  1. Stop and pay nothing more. Scammers often ask for a “fee” to release a withdrawal or to “verify” the account. Every extra payment disappears the same way.
  2. Save the transaction ID of every payment. It is a long code of letters and digits (TxID or hash), found in your exchange’s withdrawal history or your wallet’s transaction list. Anyone can use it to check the payment publicly.
  3. Write down every address the scammer gave you, and the address of the platform’s website. Take screenshots of the chats, profiles, the website and your “account” there before they are deleted.
  4. Find out quickly where the money went. Exchanges and Tether can freeze funds, usually at the request of the police. The sooner it is known which exchange or address holds the money, the better the chance it has not moved on.
  5. File a police report with the transaction IDs and addresses. Keep the report number: exchanges will ask for it.
  6. Tell the exchange you sent from. It can flag the scam addresses and pass the information on to other exchanges.
  7. Beware of “recovery” offers. As soon as you post about the scam publicly, “hackers”, “lawyers” and “agents” will appear, promising to get everything back for a fee. How to recognise them.
  8. Never share your recovery phrase and never install remote access apps, even if someone says they are helping.

What to expect

Nobody can reverse a crypto transfer. Only whoever holds the money can freeze or return it: an exchange, a token issuer, the police or a court. Tracing shows where the money is and who can act on it, but tracing alone does not bring it back.

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