Crypto Fraud: Nothing Is What It Seems – and Often More Complex Than People Realize

Crypto Fraud Is Not Simple Deception

Those who think it always involves romantic scam scenarios, like the well-known “romance scams,” are mistaken. These certainly exist, but the reality is much broader. At Paucitas, we encounter countless other variants — the examples below are just a few from real-life cases:

• Professional fake platforms that are nearly indistinguishable from legitimate ones
• Telegram groups sharing investment tips, with thousands of ‘members’ (often bots)
• Friendly or business relationships built through WhatsApp, Telegram, LinkedIn, or other social media
  
• Technically complex wallets or tokens that appear legitimate but are fake

It’s important to understand that these scammers rarely act quickly. Most fraud schemes develop gradually. They build trust, present themselves as acquaintances, coaches, or business partners, and cleverly tap into existing success stories in the market.

Why It Seems So Believable

The appeal of crypto partly stems from the enormous profits people have genuinely made in the past. In 2016–2017, many made significant returns with so-called ICOs. New waves followed: in 2020–2021 with DeFi projects, and more recently with fortunes made on meme coins. These stories are legitimate: friends, acquaintances, or influencers who multiplied their investments tenfold in a short time.

Fraudsters know this. And they use the exact same language and promises: “This is the next big opportunity.” By leveraging hype coins, fake tokens, or even imitating real platforms, they create a believable narrative. Sometimes crypto is even “held” by a platform — which initially looks like fraud but turns out to be a standard client verification process. This happens too.

This illustrates that even when people believe they’ve been scammed, it’s not always the case. The world of crypto is technically, legally, and emotionally complex. And it’s precisely in these grey areas that scammers thrive.

The Danger of Shame

What we see time and time again is that victims remain silent. Not because they don’t want to talk — but because they feel ashamed. They’re afraid to tell their loved ones. Fearful of judgment, misunderstanding, or being laughed at. Some wait months, or even years, before seeking help — by which time the money is often long gone, and the emotional damage can be immense.

This shame is unjustified. The techniques fraudsters use are sophisticated. They are organized, international, and often operate in teams with clearly defined roles. They have playbooks, scripts, even fake customer service desks and false company information.

The fact that someone falls for this says nothing about their intelligence — but everything about how far these criminal networks have evolved.

Why We Share This

At Paucitas, we see it as our responsibility to bring clarity to a world that is overwhelming and technically complex for many. Not to spread fear — but to provide structure, insight, and realism in situations dominated by confusion and uncertainty.

There are also cases where it turns out not to be crypto fraud at all, but where confusion arises due to unclear communication or complex processes. Consider platforms with legitimate but difficult-to-understand (legal) requirements such as KYC, AML, or source-of-funds verification. In such situations, in-depth knowledge and experience are essential to reach the right conclusion.

Our insights are based on hundreds of cases we have carefully investigated, and on conversations with people who often had nowhere else to turn.

That’s why we will now begin publishing blogs. This is the first of many — not only about crypto fraud, but also about the many other situations we encounter within the broad world of blockchain and cryptocurrency — including insights, examples, and lessons from real-life practice.

Don’t Hesitate to Ask for Help

You may be reading this because you’ve experienced something similar — or perhaps you’re in the middle of it right now. If so, know this: you are not alone. At Paucitas, we are available 24/7 by phone at +31 (0)20 244 5774. You can also reach us by email at paucitas@paucitas.com or through the contact form below.

Whether you need immediate help, have questions, or are simply done with the uncertainty and want clarity — please feel free to reach out. Don’t wait, and above all, don’t carry this burden alone.