Crypto scams via social media and WhatsApp groups
Date: | Week: 30 | Reading time: 8 minutes | Updated: Author: Simcha Schrijver
In short
Crypto scams via social media often start with a tip in a chat group, an advert or a helpful message, and end on a platform where withdrawing suddenly does not work. Not every group or tip is a scam. But there are signs that can point to one, and then it helps to have someone take a look.
Paucitas is an independent expert firm in the Netherlands that investigates investment fraud and crypto fraud, in hundreds of cases a year. Paucitas follows the route of your deposits on the blockchain and records it.
Get in touch with Paucitas or ring +31 20 244 5774. In a free intake you will hear what can be established in your situation.
In a nutshell
The profits in a group say very little. What counts is where your money actually went. Paucitas maps that out, so you know where you stand and what you can do next.
You were approached through a group, an advert or a message, and you invested. Now you are having doubts. Is this right? That is a horrible feeling, and it can bring shame too. We understand that well. You are certainly not the only one, and this set-up is made to be very convincing.
Did it start with personal contact that went on for months? Then also read pig butchering explained. This article is about the route through social media and chat groups.
How do you spot crypto scams via social media?
Some signs come up again and again. One sign on its own need not mean anything. Several together are a reason to have someone take a look.
- You end up in a group on Telegram or another chat app where profits are shared every day.
- A helpful stranger messages you privately and sends a link to a platform.
- The returns are high and barely move.
- There is pressure to deposit quickly and more and more.
- A small withdrawal works, a large one does not, or first costs tax, a deposit or fees. Also read paying tax or a deposit before a withdrawal.
Is someone asking for your seed phrase, private key or access to your screen? Never do it. A trustworthy party will never ask for that.
An example from practice
A man around fifty joined an investment group on Telegram through an advert. Every day, members shared screenshots of their profits. A "coach" helped him get started and sent a link to a platform. Over two months he deposited around £30,000 in stages.
When he wanted to withdraw a larger amount, he first had to pay "tax". He had doubts and contacted Paucitas. Paucitas followed his deposits across the blockchain. After a few intermediate addresses, the money had gone to an exchange. With that overview he reported the crime, and he paid nothing more.
Paucitas takes privacy very seriously and never shares clients' personal details. This is a composite example: names, amounts and details have been changed. The situation is one we see in practice.
Which forms appear on social media?
The packaging varies, but the pattern is often similar: build trust and steer you to a platform.
- Signal and tip groups, full of accounts that seem to be making money.
- Adverts featuring well-known people, often faked with image and voice. See deepfake crypto fraud.
- Personal contact through a dating app or private message that goes on for a long time. See romance scams with crypto.
- Fake support staff who respond to your question or complaint and ask for your details.
Do you recognise one or more of these signs? Let Paucitas take a look with you. You can ring at any time, 24/7, on +31 20 244 5774.
Why is a tip from a group no proof of reliability?
Because the group itself may be part of the set-up. Many members and tipsters can be fake accounts, and screenshots of profits are easy to make. A dashboard showing profit is also just a web page. It says nothing about what is really in an account.
You can check whether a firm is on the FCA Warning List. If it is not, that still says nothing: new platforms are often not on it yet. More checks are in is my crypto investment a scam and recognising a fake crypto platform.
What should you do if you have already invested?
- It is best not to deposit anything more, even if you are promised you can withdraw afterwards.
- Keep everything: the group, private messages, links, screenshots of the platform and your transaction details.
- Report the payments to your bank or exchange.
Then let Paucitas take a look with you. That way you know what happened to your money. Watch out for parties who approach you afterwards and promise to get your money back for a fee. The FCA warns about these recovery room scams. Read more in scammed twice with crypto.
How does Paucitas map the money trail?
Paucitas does all tracing itself, without tracing tools. We follow your transactions from your own wallet or exchange to the platform's addresses and beyond. That shows where your deposits ended up and whether the trail ends at a service provider with a customer relationship. We also go through all conversations, messages from the group, documents, emails and other communication, so that you get a complete picture, with a timeline and an overview of where all the money went.
You receive a report anyone can follow and understand step by step. It shows whether money is still available, or where it went, and what the next steps are. If it is a scam, one of those steps is reporting it to Report Fraud, or in Scotland to Police Scotland, and the Paucitas report is then a strong attachment that sets everything out fully and clearly. Paucitas does not promise that the money will come back. Sometimes money turns out to still be in a recognisable place. Sometimes the platform turns out to be genuine after all. Either way, you know where you stand.
What an investigation can and cannot do
- An investigation establishes which service provider the money went to. An address on the blockchain is not a name.
- With a mixer, the route cannot always be followed in full. Then the report states how far the route is established.
- Paucitas does not give legal advice.
Who investigates crypto scams via social media?
Paucitas. We map out the route of your money, even when it has been passed through many addresses or networks.
- Costs: every investigation is tailored. You receive a tailored quote in advance that we go through together, with no surprises.
- Turnaround: from the same day to around two weeks.
- Availability: you can ring at any time, we answer the form within 1 to 3 hours, and email within 24 hours, usually the same day.
Unsure about a group or platform? Get in touch for a no-obligation introduction, or ring +31 20 244 5774. Read more about our approach under crypto fraud investigation.
Sources: FCA, Warning List of unauthorised firms; FCA, recovery room scams; Report Fraud; Police Scotland, scams and frauds; Europol, online fraud schemes.
Do you have questions about this blog?
Feel free to get in touch with Paucitas. Paucitas can be reached by phone 24/7, including evenings and weekends. Through the contact form we usually reply within 1 to 3 hours, and we answer e-mail within 24 hours.
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Frequently asked questions about crypto scams via social media
Is a closed investment group always a scam?
Paucitas finds that this is not always the case. But a group that pushes you towards one particular platform, with steady high profits, is a clear risk. Do not judge by the atmosphere, but by what you can check.
Why do the profits in the group look so real?
Paucitas sees that messages and screenshots are easy to fake, and a group can be full of fake accounts. Only the blockchain shows what really happened to your money.
Can Paucitas get back the money I invested?
Paucitas: that depends on your situation. If you still have access to your own wallet or account holding funds, there may still be options. If everything has been sent to the fraudsters, the picture is different. That cannot be judged from a distance. Paucitas first looks at your situation and tells you honestly what is and is not possible. Be careful with anyone who promises in advance that your money will come back. In doubt? Contact Paucitas and you will know where you stand.
What does an investigation cost?
Paucitas tailors every investigation. You receive a tailored quote in advance that we go through together, with no surprises. The intake is free and without obligation.
What can I do with the Paucitas report?
Paucitas shows in the report whether money is still available or where it went, and which next steps make sense. If you report it to the police, the report is a strong attachment that sets everything out fully and clearly.
From Amsterdam, for the whole of the UK
Everything can be done fully online. Prefer to meet in person? You are very welcome at our office in Amsterdam, by appointment.
Paucitas is an independent expert firm based in the Netherlands that, for clients across the UK, investigates investment fraud and crypto fraud, establishes the origin and legitimacy of crypto assets and prepares expert reports for legal proceedings and compliance.
Your own situation
If you are reading this, you probably have a question about your own situation. That is exactly what Paucitas does.
The first step is contact by phone. You can book that call by phone or through the contact form, so you do not have to wait. In the call we look together at what can factually be established in your case and what Paucitas can examine for you.