Scams in the name of Coinbase, Kraken or Binance: how to spot a fake employee

How does a crypto exchange impersonation scam work?

Scammers pose as staff of a well-known platform and put you under pressure. The National Cyber Security Centre sees the same pattern in phishing in the name of banks and other companies (NCSC, phishing scams). The contact comes through a phone call, an email or text with a login link, a “help desk” that replies to you on social media, or a request to “verify” your account.

The exchange itself usually has nothing to do with it: only its name is being misused. The FCA also warns that fraudsters often claim to work for genuine, authorised firms (FCA, clone firms). At the same time, real platforms do sometimes get in touch. That is exactly what makes it hard to judge for yourself what is going on.

Which signs can point to a fake employee?

None of these signs proves on its own that it is fraud. The more of them you recognise, the more reason there is to have someone look at it with you.

• You have to act now, or you will supposedly lose everything.
• You are given a “safe wallet” that your crypto has to be moved to for the time being.
• You are asked for your recovery phrase, password or a code from a text message.
• You have to install a program so the “employee” can see your screen.

I’ve already sent something or given a code. Is it all gone?

Not necessarily. Feeling anxious, or a bit embarrassed? You’re not the only one; plenty of people in your situation have been here before you, including people who have worked with crypto for years. These scammers are good at what they do.

What is still possible depends on exactly what happened. Sometimes a transaction didn’t go through, or there is still a balance in your own account or wallet that you can technically still reach. Sometimes the caller really was from the platform after all. And sometimes the crypto has been moved and the question is where it went.

It’s sensible to end contact with the caller, not send anything else and keep all messages. Then it’s sensible to have someone look at it who does this every day. Get in touch with Paucitas: you’ll quickly know where you stand.

Can Paucitas help me get to my crypto?

In some situations, yes. If you still have access to your own wallet or account, or if balances are still available, Paucitas helps you reach them carefully and safely. If the crypto has already been moved, Paucitas maps out where the money went: from your account, through the scammers’ addresses, to the point where it was exchanged or is still held.

Nobody can honestly promise in advance what will come back. What is possible: clarity about your position in a short time, and facts a bank, an exchange or a solicitor can work with. Also read how stolen crypto can be traced to an exchange.

What can you do with the Paucitas report?

The report shows whether there is still money available, or where it has gone, and what the next steps are. If it was a scam, that might be a report to Report Fraud in England, Wales and Northern Ireland, or to Police Scotland on 101. The Paucitas report is a strong attachment to that, because it sets everything out fully and clearly, including the details of each transaction, such as the receiving wallet and the transaction hash.

If you have also shared bank details, it is sensible to let your bank know. If you later want to check whether a firm is authorised, you can do so in the FCA Financial Services Register.

What Paucitas does for you

Paucitas looks into everything, not just the transactions. Paucitas also reads through all the conversations, messages, documents, emails and other communication. That gives a complete picture: the route of the money, the parties and platforms, a timeline of what happened and where all the money went, step by step. It all comes together in a report that anyone can follow and understand step by step.

You don’t need to have everything in order. What you have is enough to start: screenshots, phone numbers, emails, your transaction history. Every investigation is tailored; you get a tailored quote in advance that we go through together, with no surprises. An investigation takes from the same day to around two weeks.

Sources: Report Fraud; Police Scotland, scams and frauds; NCSC, phishing scams; FCA, clone firms and individuals; FCA Financial Services Register.