Is bitcoin a scam?

When it comes to Bitcoin fraud, the strengths of cryptocurrency are turned against the victims. “Bitcoin-related scams track with other criminal exploits online until you try to recover your assets,” said cybersecurity expert Adam Levin. “Cryptocurrency is designed to be hard to track and even more difficult to recapture.

How do you know if a crypto exchange is a scam?

Look for HTTPS. HTTPS—as opposed to just HTTP—in a crypto exchange or wallet URL indicates the site has secured and encrypted traffic, Leinweber says. Getting your money back from crypto scams is tricky. “As transactions on a blockchain are immutable, the likelihood of getting your coins back is pretty low,” Leinweber says.

What is a crypto phishing scam?

Impersonators claiming to be from the cryptocurrency exchange 's support or security teams also contact crypto owners to trick them out of funds. Within the cryptocurrency industry, phishing scams target information about some of the best crypto software wallets.