Cryptocurrency Transactions

Unlike some traditional finance transactions (such as credit card purchases), cryptocurrency transactions are irreversible by nature.

When you execute a cryptocurrency transaction with a third party, the transaction cannot be stopped. There is no way to cancel, reverse or refund the transaction against the recipient’s wishes.

Before sending cryptocurrencies you should verify the third party that you are sending to and all transaction information prior to submitting instructions for a digital asset transfer. Only send transactions to a trusted third party. will never:

  • Send you a link to install software on your device

  • Remotely access your account or device

If you are contacted for any of the above, contactour Customer Support at [email protected] or via the in-app chat.

Common Scams and Tips to Avoid Them

Investment Scams

These scammers ask you to send them digital assets to invest in order to earn higher returns with little to no financial risk. They may request you to provide additional people to invest in as well. They want a constant flow of new people investing in order to make money. Ponzi and pyramid schemes are examples of this type of scam.

Tips for avoiding investment scams:

  • Only send digital assets to third parties you trust.

  • Research the third party for information that you can use to verify them.

  • Look for grammatical errors in communications or websites provided by third parties.

  • Investigate the organization to verify authenticity. Check legitimate websites and make calls and send emails to verify the entity.

  • Make sure the website you are visiting is legitimate and the URL is not manipulated in a way to look like the legitimate one.

  • Never send money, trade, or invest based on the advice of someone you have only met online.

Romance Scam

These scammers develop fake online profiles on dating apps and other social media sites. They reach out to people on the apps and attempt to develop a relationship. They may suggest moving the conversation to a private channel like email or chat apps. They will typically live in another country or far enough away to not be accessible, but they are interested in meeting and taking the relationship to another level.

They will at some point request money for an urgent matter and ask for you to send it via gift cards, prepaid debit cards, or use cryptocurrency. If the person agrees to send money to the scammer, the scammer may have them download a fake crypto app and instruct the victim to use the fake app to send money, or, in some cases, ask them to sign up for a legitimate, reputable platform to gain their confidence, then ask them to use that platform to buy a cryptocurrency and send it to them.

Tips for avoiding Romance Scams:

  • Check the profile picture on a reverse image search to see if it has been used previously.

  • Be cautious of anyone asking you to send money in gift cards, crypto assets or through wire transfers.

  • Be cautious of anyone trying to move the relationship too quickly.

  • Not having seen the person (even on a video call) throughout the relationship is a major red flag.

  • Only download apps from legitimate app stores.

  • Investigate the people that you meet online and make sure they are who they say they are.

Pig Butchering Scam

This is a hybrid scam involving the use of both romance and investment scam techniques in tandem. This type of scam is likely run by a fraud ring of scammers who mine dating apps and other social media to search for victims. The victims have very similar stories. They meet someone on a dating app or other social media apps. Then, the scammer gains the confidence and trust of the victim and claims to have knowledge of cryptocurrency investment or trading opportunities that will result in substantial profits.

The victim is then directed to transfer large amounts of the cryptocurrency (sometimes gradually, beginning with small amounts, and sometimes even allowing them to withdraw some of the initial “profits”) from the exchange account to cryptocurrency wallets controlled by fraudsters, ultimately losing it all.

Tips for avoiding Pig Butchering Scams:

  • Never send money, trade, or invest based on the advice of someone you have only met online.

  • Don’t talk about your current financial status to unknown and untrusted people.

  • Don’t provide your banking information, personally identifying information, copies of your identification or passport, or any other sensitive personal information to anyone online or to a site you do not know is legitimate.

  • If an online investment or trading site is promoting unbelievable profits, it is most likely that—unbelievable.

  • Be cautious of individuals who claim to have exclusive investment opportunities and urge you to act fast.

If you ever identify a potential scam then you should contact law enforcement and report it. We will work with any law enforcement agency that contacts us.

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