What to Do If You Sent Cryptocurrency to a Scammer

Cryptocurrency feels final once you press send, but it isn’t always. The FBI’s Recovery Asset Team and US-regulated crypto exchanges have frozen assets in many senior cases — when victims act in the first 72 hours. This guide walks you, your spouse, or your adult children through the exact steps.

Do these three things in the next hour: (1) Take screenshots of every transaction and wallet address. (2) File at ic3.gov — the FBI Recovery Asset Team requires it. (3) Contact the exchange where you bought the crypto (Coinbase, Kraken, etc.) and report the receiving address. If you’d rather talk to a person first, the National Elder Fraud Hotline at 1-833-FRAUD-11 will walk you through it.

Step 1 — Document the receiving wallet addresses

Every cryptocurrency transaction is recorded on a public blockchain. Investigators need the exact receiving wallet address — a string of letters and numbers starting with 1, 3, bc1, 0x, or T. Find it in your transaction history on the exchange or in the email confirmation. Take screenshots of:

  • Your transaction history showing each transfer
  • The wallet addresses you sent to
  • The amount in cryptocurrency and the USD value at the time
  • Any chat messages, emails, or pictures the scammer sent
  • The fake “trading platform” or website if there was one — full URL

Step 2 — File an FBI IC3 report — same day

Go to ic3.gov and file a complaint immediately. The FBI Recovery Asset Team (RAT) can sometimes freeze funds at exchanges or mixers within 24-72 hours. Mark the complaint as cryptocurrency-related and include every wallet address. Note your IC3 complaint number — the exchange and your bank will ask for it.

Step 3 — Contact your crypto exchange

If you bought the crypto at a US-regulated exchange (Coinbase, Kraken, Gemini, Binance.US), call their fraud team — they have working relationships with law enforcement and can sometimes flag the receiving address to other exchanges:

  • Coinbase — submit a security report through the Coinbase Help Center
  • Kraken — support.kraken.com (live chat)
  • Gemini — gemini.com Help Center (in-app or via support portal)
  • Binance.US — support.binance.us
  • Cash App / PayPal Crypto — through the in-app support

Step 4 — File with FTC and your state AG

Step 5 — Beware the recovery scam

Within days or weeks of your loss, you will likely be contacted by someone claiming to be a “crypto recovery expert,” “blockchain forensics firm,” or even a “federal agent who can help recover your funds for a fee.” This is a second scam targeting people who just lost money. Real federal investigators do not charge fees. Real blockchain forensics firms work for law enforcement, not victims. See our guide to AI recovery scams.

Common crypto scams that target seniors

  • Pig butchering — online relationship steers you into a fake crypto trading platform; the dashboard shows fake gains.
  • Crypto kiosk / Bitcoin ATM scam — a caller (fake IRS, FBI, tech support) sends you to a Bitcoin ATM to “protect” your money.
  • Investment / yield scam — guaranteed 20%+ monthly returns; “institutional access” pitches; fake celebrity endorsements.
  • Romance + crypto — dating-site partner introduces a “once-in-a-lifetime” crypto opportunity.
  • Government impersonation — caller says your SSN is “compromised” and you must move money to a “safe digital wallet.”

Why crypto recovery is hard but not impossible

Cryptocurrency is now the largest single category of senior fraud losses by dollar — $2.19 billion taken from Americans aged 60+ in 2024 (FBI IC3). Bitcoin and most major cryptocurrencies are transparent — every transaction is on a public ledger. Blockchain analytics firms (Chainalysis, TRM Labs) work with the FBI to trace funds to exchanges, where they can be frozen. The FBI has returned millions of dollars to senior victims in pig-butchering and crypto-investment cases. Recovery depends on: (a) speed of your report, (b) whether the scammer moves the funds to a US-regulated exchange or a foreign one, and (c) whether the funds are still identifiable when traced.

How to prevent this happening again

  • Never send cryptocurrency to anyone who pressures you to act quickly.
  • No federal agency will ever ask you to pay or “protect” money using Bitcoin or any cryptocurrency.
  • Never deposit money at a Bitcoin ATM (“crypto kiosk”) to resolve any kind of legal, tax, or security issue.
  • Be deeply skeptical of online relationships that introduce trading platforms or “investment opportunities.”
  • If you must use crypto, only use major US-regulated exchanges and never send to a wallet address someone gave you over phone or text.

When to call for help

National Elder Fraud Hotline: 1-833-FRAUD-11 (1-833-372-8311). Free, confidential, DOJ-staffed. Open Monday–Friday, 10 a.m.–6 p.m. Eastern Time. English, Spanish, and other languages available. They will help you identify what type of fraud occurred, document the incident, and connect you to the right reporting agencies.

Two rules that prevent most scams

Rule 1. If they called you, emailed you, or messaged you — hang up. Call back at a number you find yourself.

Rule 2. Never pay anyone in gift cards, wire transfers, cryptocurrency, or by mail. Real bills are not paid these ways.