Common crypto scams and how to recognise them
| Scam type | How it works | How to recognise it |
|---|---|---|
| Guaranteed return scam | Promises a guaranteed, unrealistic return (e.g. "10% a week") | No legal investment (not even crypto) ever guarantees a return |
| Romance scam | A new acquaintance on social media or a dating app steers you to invest in a fake platform | Pressure to invest quickly through someone you have never met in person |
| Fake exchange or wallet | Copies the look of a well-known service and steals login details or funds | Always check the URL carefully; don't click links in emails |
| "Give your private key to customer support" | A fake support person asks for your private key or recovery phrase | No genuine support ever asks for a private key |
| Impersonating a known site or media | An ad or message uses the name of a real website, media outlet or celebrity to promote an "investment" | We never promote investments through ads, calls or private messages in our name |
Three basic rules
1) A reliable crypto service never asks for your private key or recovery phrase. 2) If a return sounds too good to be true, it is a scam. 3) Only use supervised, well-known exchanges. Don't transfer money to a platform you have not researched yourself in advance.
Real examples: crypto scams are not just theoretical
These crypto scams are not cautionary tales but real events that were widely reported:
- OneCoin (exposed 2016–2017): tens of thousands of Finns invested a total of about €40 million in a "cryptocurrency" called OneCoin. It turned out to be a global pyramid scheme and was never a genuine, decentralised cryptocurrency. According to Yle (in Finnish), the offence became time-barred in Finland before it was properly investigated.
- The $LIBRA scandal (2025): Argentine President Javier Milei promoted a new cryptocurrency called $LIBRA on X. It turned out to be a scam: according to Yle (in Finnish), its value collapsed quickly after briefly multiplying, and more than 100,000 people lost money. Even a well-known public figure doesn't guarantee that a crypto project is genuine.
What both crypto scams had in common: an attractive story, a well-known or influential promoter and the chance to invest quickly without the usual time to think. The Finnish Financial Supervisory Authority has noted that crypto investment scams have increased and that victims often have few ways to get their money back. Prevention is in practice the only effective remedy. Read more in crypto scams in Finland.
If you suspect you have been the victim of a crypto scam, contact the police (poliisi.fi) as soon as possible.
