A Complete Guide To File A Complaint Against Crypto Scams

Due to a huge spike in crypto scams last year, we thought to share all the details a beginner will need to file a complaint against crypto scams.

The US Department of Justice released it’s internet crime statistics last year. The study also concluded on different types of cybercrime practices, their effects on U.S. networks and the way these crimes were being solved.

This is infographics about Reported cryptocurrency fraud losses from 2018 to 2022.

The report further revealed that losses from cyber attacks rose from $6.7 billion in 2021 to a whopping $10.3 billion in 2022. Cryptocurrency scams accounted for almost a quarter of all investment-related fraud losses suffered by investors.

However, this is important—the scams need to be reported.


Reporting such scams in the crypto-space will not only protect oneself but will also save others from being caught up down the drain. You can save many people from losing their money by creating awareness about the situation and telling them your story.

Moreover, reporting such crimes helps in the arrest of culprits and the beginning of legal processes against them. It is how revenge is taken and justice is done. When you are alert to the occurrence of a scam, it means that you have joined hands with others to ensure that swindlers are held accountable for their actions while cryptocurrency stays put.

Thus, if you come across any crypto scam, don’t hesitate to report it. Your effort may make a difference and create a safer environment for all players in the field of cryptocurrencies.

The following are some ways that you can follow to file your complaint against a fraudulent person. This may help you get your money back if action is quickly taken.

Here is how to file complaint against a crypto scam:

Instead of guaranteeing fund recovery, it is better to report the cryptocurrency scam to your local authorities.

Usually, if you report a crypto-related scam, the government will go after these fraudsters and restore your money for you. Consequently, do not shy away from collaborating with your government.

To illustrate, let’s say that you are an American citizen. If so, you have a right to alert the U.S. Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC), and Federal Trade Commission (FTC) about any fraudulent action implicating cryptocurrency.

Check where outside the USA allows for reporting crypto scams and suing the scammer to get your cash back.

Report to local Police

Filing a complaint with the local police department can be of great help, where they will assist you in documenting the case as well as giving an official report. Bring up contacts of scammers, proofs that have been brought up by you, as well as the amounts involved.

You need to know that the police only help you file a complaint against scammers; there aren’t many success stories about fund recovery from police help. Therefore, federal agencies can assist you further because they work with experienced people who know about the crypto market.

Federal agencies:

Some agencies, like the Secret Service or the FBI, sometimes have to get involved in other matters. For instance, there are specialized units that handle financial fraud and cybercrime. Thus, notify them of this scam. They will do an investigation into it using their skills and resources. Also, they can collaborate with more serious offenders.

Reach out to online reporting platforms:

There are several online platforms where one can get assistance in reporting scams on crypto. These are platforms that concentrate on the collection of data on criminal activities relating to digital currencies, which they give to competent bodies.

For instance, the United States has the Internet Crime Complaint Centre (IC3), the Financial Conduct Authority (FCA) is for the UK, and the Australian Securities and Investment Commission (ASIC) is for Australia. On these portals, you can provide detailed reports with supporting evidence.

One should provide every possible piece of information for analysis whenever he or she wants to report crypto scam cases. Such details include conversations between yourself and the fraudster, transaction specifics, and any documents or photos that might be used as evidence.

Report to regulatory agencies:

The Securities and Exchange Commission (SEC) is a rule-making organization that sets rules for the securities industry, particularly initial coin offerings (ICOs) or tokens; these tokens act as cryptocurrencies to represent the ownership of a company.

Their main aim is to ensure an equitable and transparent market place, while protecting investors from fraudulent acts. As such, anyone who violates cryptocurrency-related regulations is subject to legal action by the SEC. Anyone can report any fraud to SEC.

Prevention of manipulative and deceptive practices related to futures markets is one of the core functions that belongs to the Commodity Futures Trading Commission (CFTC), which oversees certain virtual currency derivatives like Bitcoin futures contracts.

The CFTC can also investigate people and entities implicated in illegal activities regarding digital currencies. These are only some of the primary agencies entrusted with maintaining integrity within these markets.

Report to a lawyer:

You can also consult a lawyer if you have fallen for any of these scams, but make sure to contact the one who specializes in this area. They can tell you how to get your money back, with suggestions ranging from assisting the police with their investigation to suing the people responsible.

BitConnect, for example, proved to be a crypto investment platform that was indeed just one more Ponzi scheme. This happened two years later, when the SEC closed it down. In such cases, those behind the scam would be forced to give back the money they swindled and recoup what they invested.

Reach out to cryptocurrency exchanges:

In the event of a cryptocurrency scam, contacting or reporting the exchanges is also imperative. Collect all relevant details of the transaction, including communication records with the perpetrator who committed the fraud. Immediately contact customer service on the platform or wallet address you used for the transaction and explain what happened, along with relevant proof. Maintain communication with them while being prepared to provide any requested details. Responding quickly and cooperating fully will expedite the resolution process for this type of scam.

Pursue International Legal Options:

Cryptocurrency related fraud is dealt with in the United States by the FTC, SEC, and CFTC. For example, the FTC has a department that looks into crypto scam activities while helping victims file complaints and restore their losses.

In addition, cross-border cases involving international victims of crypto scams that happened outside of the United States may equally press charges. Although this might be a more complex procedure, it is vital to determine the correct law enforcement authority within the jurisdiction where the fraud was perpetrated and hire a lawyer knowledgeable in local legislation or customs.

Additionally, victims can also enlist the services of cross border litigators’ law firms, where they have access to experienced lawyers who help them understand other countries’ legal systems.

Hope is reinforced by real life success stories. Like one California man, he sued and was awarded about $720,000 after the crook forced him into losing approximately two million American dollar’s worth of bitcoins.

In England, a $1.2 million lawsuit in favor of UK investors who lost $3 million in Ethereum was recovered. Just like that, an Australian man was awarded $1 million in compensation for the loss of $2 million in Ripple. The highlighted examples show that there can be justice, which motivates survivors of abuses to initiate civil suits.

Hire a crypto scam recovery expert:

Once you are done with filing complaints, ideally, you should sit and wait for magical results. You might already know that crypto is decentralized and it’s pseudonymous, you can’t find and fight legally with crypto scammers.

It will take a lot of sweat.

So if the money you lost means a lot to you, and you can’t compromise on it, you should hire a crypto scam recovery expert.

Legitimate crypto recovery firms like ‘Online Investment Scams‘ can help you recover your scammed money.

You can reach out to crypto scam recovery experts at this email.

Wrapping up:

You may become frustrated when you are scammed and wonder why it happened to me, but it can happen to anyone.

The number of users has increased due to a rise in cryptocurrency scams, leading to a significant rise in the activity of these fraudsters, thereby resulting in a loss equivalent to $103 million only for April 2023. However, the money is still recoverable every time such fraudulent activities happen.

For instance, just informing the exchange platforms or relevant authorities can increase the chances of recovering funds; however, there is more to it than that. Such individuals will be traced and the stolen funds will be obtained through fighting against these fraudsters.

It’s important that you understand the risks and flaws involved before plunging into such an investment as well as any other venture within the cryptosphere.