Unfortunately, there is an increase in the number of crimes related to cryptocurrency. Cryptocurrency scams can take one of the following forms.

Fake websites. Scam sites with fake reviews and crypto jargon, promising huge guaranteed returns with continued investment.

Virtual financial pyramids. Cryptocurrency scammers advertise non-existent investment opportunities in digital currencies, creating the illusion of huge profits, while paying off earlier investors with new investors' money. The BitClub Network fraud scheme raised more than $700 million before its participants were charged in December 2019.

Support for cryptocurrency by pseudo-billionaires. Posing on the Internet as billionaires and famous personalities, scammers promise to increase investments in virtual currency, but in reality they steal the funds sent by users. Fraudsters may also use messaging apps or chat rooms to spread the word that a well-known businessman supports a certain cryptocurrency. As a result, investors begin to buy cryptocurrency, the price rises, and then scammers sell their share, and the price of the currency falls.

Online dating scams. The FBI reports an emerging trend of online dating scams in which users of dating apps or social media are persuaded to start investing or trading virtual currencies. In the first seven months of 2021, the FBI's Internet Fraud Complaint Center received more than 1,800 reports of cryptocurrency-related online dating scams; while losses reached $133 million.

Fraudsters may also impersonate real virtual currency traders or create fake exchanges to trick users into giving them money. Another type of cryptocurrency scam is fraudulent offers to sell individual retirement accounts in cryptocurrencies. Then cryptocurrency wallets are hacked and virtual currency is stolen.