Cryptocurrency Scams
Crypto Giveaway Scam
Fake cryptocurrency giveaways promising to double your crypto if you send some first — often using fake celebrity accounts or deepfake videos.
Reported Losses
Part of $2.5 billion in crypto fraud (2024)
Primary Targets
Crypto users, social media users
Last Updated
2026-01-06
Also Known As
Double Your Bitcoin Scam
How Scammers Contact You
How This Scam Works
The scam is simple but effective:
"Send 0.1 BTC to this address, get 0.2 BTC back!"
**How it's promoted:** - Fake celebrity accounts (Elon Musk, Michael Saylor, Vitalik Buterin) - Hacked verified accounts - Deepfake video livestreams on YouTube - Comments on legitimate crypto content - Fake news articles about celebrity crypto giveaways
**Why people fall for it:** - Celebrities have done legitimate giveaways before - FOMO (Fear Of Missing Out) - Small test amounts encourage larger sends - Professional-looking websites add legitimacy
Red Flags to Watch For
- ⚠️"Send to receive" — legitimate giveaways never require this
- ⚠️Celebrity promoting crypto giveaway
- ⚠️Urgency — "Giveaway ends soon!"
- ⚠️YouTube livestream of Elon Musk or other celebrity talking crypto
- ⚠️Account looks real but was recently hacked
- ⚠️Links to unfamiliar websites
- ⚠️Too good to be true multiplier (2x, 5x, 10x)
📝 Real Victim Account
"I saw a YouTube live of Elon Musk talking about a SpaceX crypto giveaway — send 0.5 Bitcoin, get 1 Bitcoin back. The video looked completely real. I sent 0.5 BTC ($15,000). Nothing came back. The video was AI-generated deepfake."
— Chainalysis 2024 Crypto Crime Report
How to Protect Yourself
- 1Never send crypto to "receive" more back — this is always a scam
- 2Verify giveaways through official channels only
- 3Be skeptical of celebrity crypto promotions
- 4Legitimate airdrops don't require you to send crypto first
- 5Check account history — was it recently hacked?
- 6Report fake livestreams to YouTube
- 7Remember: You can't multiply crypto by sending it to strangers
🆘 What to Do If You're a Victim
- 1Crypto transactions are irreversible — recovery is unlikely
- 2Report the scam account to the social media platform
- 3Report to FBI IC3 at ic3.gov
- 4Report to FTC at ReportFraud.ftc.gov
- 5Warn others in crypto communities
- 6Be cautious of recovery scams targeting you
🔗 Related Scams
📚 Sources & References
Think You've Encountered This Scam?
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