What is the most common crypto scam?

The classic is the doubling scam: 'send me crypto and I will send back double.' No one can reliably double your money. If you send, it is gone.

Should I ever share my seed phrase or private key?

Never. Real support will never ask for it. Anyone asking for your seed phrase or private key is trying to steal your crypto.

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How to spot a crypto scam

Most people who lose money in crypto don't lose it to the technology — they lose it to scams. The good news: the scams follow a few patterns, and once you know them, they're easy to spot.

Scammers rely on excitement and fear. They want you to act fast before you think. Here are the seven warning signs that should make you stop.

1. "Send money, we'll double it"

Any version of "send 0.1 and get 0.2 back" is a scam, 100% of the time. No one can reliably double your money. If you send, it's gone.

Not the same as a real signup bonus. Some legitimate apps add a one-time bonus on a first deposit — but notice the difference: your own deposit stays yours and you can withdraw it, the bonus is the company's money (clearly disclosed and capped), and no one claims your money "grows on its own." The scam is when you send your money to a stranger who promises to send back more — and it never comes.

2. Guaranteed or "risk-free" profits

Real investments carry risk. "Guaranteed 5% a day," "no risk," and "can't lose" are lies designed to bypass your common sense.

3. Pressure to act fast

"Only 10 minutes left," "limited spots," "act now." Urgency is a manipulation tactic. A real opportunity is still there tomorrow. Slow down.

4. Anyone asking for your seed phrase or private key

This is the big one. Your recovery phrase and private key are the keys to everything. Real support never asks for them. Anyone who does is a thief.

Rule of thumb: if a message asks for your seed phrase, password, or "wallet validation," it's a scam — close it.

5. Unsolicited messages and "support" DMs

Scammers slide into DMs pretending to be support, a celebrity, or a friend. Legitimate companies don't DM you first asking for money or keys.

6. Fake apps and look-alike websites

Double-check the exact web address and download apps only from official stores. A single changed letter in a URL can send your money to a thief.

7. "Investment managers" who trade for you

If someone offers to grow your crypto if you just deposit with them, walk away. You hand over control, and the "profits" you see on a dashboard are often fake — until you try to withdraw and can't.

Practice spotting scams — risk-free

FirstBlock has a free guide and a "Spot the Scam" game so you can train your instincts before real money is ever involved.

Get the free guide →

If it sounds too good to be true…

…it is. That one instinct will protect you from the vast majority of crypto scams. Take your time, never share your keys, and only use well-known, regulated apps. When in doubt, do nothing — that's a perfectly good move.

Frequently asked questions

What's the most common crypto scam?

The doubling scam: "send me crypto and I'll send back double." No one can reliably double your money. If you send, it's gone.

Should I ever share my seed phrase?

Never. Real support will never ask for it. Anyone asking is trying to steal your crypto.

How do I check if an offer is legit?

Slow down. Be suspicious of guaranteed profits, urgency, and unsolicited messages. Use only well-known regulated apps — if it sounds too good to be true, it is.