Bitcoin fraud: What to do in case of loss? Retrieve Bitcoins and get money back (instructions)

Fraudsters and rip-off artists lurk around every corner on the Internet these days. To find their victims, they use emails, fake websites or advertisements. With our Bitcoin scam guide you are prepared against the worst.

If you are already a victim, you can also find help on this page: How can I block my credit card?

How can I recover unwanted transactions? Our guide will help you out.

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Victim of a Bitcoin scam? Step by step guide on how to proceed:

We look at what you can do if it's too late for preventative measures. Have you recently been a victim of a Bitcoin scam and are looking for help? Here's what you should do now.

1. cancel and charge back a credit card payment

Do you regularly check your credit card statements? You definitely should. You can still have an unauthorised charge reversed within the legal time limit. If you are charged back, you can do the following:

2. observe the legal deadline

If you discover a credit card payment in your statement that you cannot allocate or trace, you must act quickly. The legal deadline for a cancellation is eight weeks.

3. ask for goodwill

If the deadline for a cancellation has already expired, a chargeback is only possible if your credit card provider shows goodwill. You then no longer have a legal claim. If necessary, contact your provider and ask for goodwill. 4.

4. contact the provider

If you want to cancel a charge, contact your credit card provider. Contact your provider by phone or by e-mail. The phone is the quickest way.

5. fill out the form

For charge cancellations, the credit card providers have forms that you have to fill out. Your service centre will help you with any problems. Don't be afraid to make a phone call.

6. cancel your booking online

If your credit card provider has online access to credit card banking, you can also cancel unwanted bookings online.

7. if in doubt: block your credit card

If you think your credit card details have been compromised, you should consider blocking your credit card. Of course, this is also appropriate if your card is stolen or you lose your card. Here is how you should proceed:

8. account or credit card number

To block your credit card, you need your account or card number. You can find it, for example, on your statements or in other documents.

9. contact the service hotline

If you cannot find your data, call your credit card provider. In most cases, you will be able to get further with your personal data. The service hotline of your provider will help you.

Call the blocking hotline of your credit card provider. They will help you quickly and without complications. In our box you will find the right emergency number for you. Calls here are usually free of charge.

10. disclaimer

Some banks have a liability that is usually limited to 150 euros. Other providers waive liability completely. If you have your card blocked in time, it won't come to that.

11. file a complaint

After your card has been blocked, you should immediately contact the police. Go to the nearest local office and file a complaint against an unknown person, even if you think it won't help you.

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  • Incl. wallet
  • Buy and sell cryptocurrencies directly in the wallet
  • Paypal, credit card and instant bank transfer
  • Regulated provider
  • Real cryptos or CFD trades
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Can bitcoins be retrieved or transactions reversed?

No, generally Bitcoin transactions cannot be reversed. Any transactions are non-reversible and that is the intention. Once the transaction is confirmed, there is no way to reverse it because they are irrevocable. Bitcoin payments can therefore only be refunded by the recipient, which is unfortunately not the case in a fraud case. If you have become a victim of fraud, you can use our step-by-step instructions to possibly get the money back from your own bank or credit institution.

That is why it is all the more important to rely on trustworthy people and platforms.

Bitcoin Mining Taxes

Have your credit card blocked: The most important numbers

  • Blocking emergency call: You can have most credit cards blocked via the blocking emergency call. Other banks: Not all banks use the blocking emergency call.
  • Visa: Visa accepts requests for credit card blocking on 0800 811 8440. For calls from abroad, visit the Visa website to find the correct number.
  • Mastercard: The Mastercard blocking hotline can be reached on the free number 0800 819 1040. You can find more information on the Mastercard website.

Bitcoin blackmail: What you can do now

The scam is well known: Victims find an email in their inbox. In it, they are addressed by name. The senders claim to be in possession of embarrassing film footage showing the recipient masturbating in front of a porn video, for example.

If you don't pay, the video will be put online - according to the mails. Payment is to be made in Bitcoin. Usually, a wallet address is mentioned in the email.

The direct personal address is supposed to make these emails seem credible. The senders usually claim that they have hacked your computer and webcam to get the images.

Another popular method of Bitcoin extortion is with so-called ransomware. It is much more serious than the simple extortion e-mail. Ransomware is malware that infects computer systems.

The software encrypts data and asks those affected to pay a ransom. Afterwards, the data would be released again. In recent years, hackers have caused terrible damage with ransomware, and the international press has reported on spectacular cases.

E-mail blackmail: Do not react under any circumstances!

If you have received such an email or your computer has been infected with ransomware, the most important thing is to stay calm! Under no circumstances should you react hastily. The senders deliberately create the impression that they have something on you.

But that is not necessarily the case. Extortion e-mails in particular are sent to recipients indiscriminately and thousands of times a day. They speculate that you will react rashly in panic. If only one in ten thousand recipients pays, the scam is already worthwhile.

If your data has been encrypted by malware, this is a much bigger problem. This is what you should do if you have received an extortion e-mail:


Do not transfer a ransom under any circumstances. Even if you do, there is no guarantee that the blackmail will end. You also don't know whether your data will be unlocked again afterwards.


You should thoroughly document everything you have at your disposal. Take screenshots or take photos of your monitor. Save every message you receive from the blackmailers.

File a complaint

Contact the police. Make sure you file a complaint. It is best to go to the nearest police station in person. However, it is also possible to file a complaint on the internet. Provide the officers with all the material you collected in the previous step.

Do not click on suspicious links

Never respond to an extortion e-mail. Do not click on any links or open any attachments. You could infect your system with Trojans.

Ignore blackmail emails

Ignore emails claiming that the blackmailers have video footage of you masturbating. This claim is false. Do not fall for the scam.

Use backups

If your computer has been infected by ransomware, your data may be lost. Contact an expert to see if your data can be recovered. Restore your system with backups. In the best case, your data will be back. It is wise to make regular backups to an external hard drive.

Our recommendation: Buy cryptos with eToro

  • Incl. wallet
  • Buy and sell cryptocurrencies directly in the wallet
  • Paypal, credit card and instant bank transfer
  • Regulated provider
  • Real cryptos or CFD trades
etoro logo

Prevent Bitcoin fraud: To prevent it from happening in the first place

If you become a victim of a Bitcoin scam, it is often too late to prevent damage. To avoid becoming a victim in the first place, you should familiarise yourself with the scammers' tricks - if you recognise a scam in time, you won't fall for it.

In our piece Achtung Betrug: Krypto-Hacks und Bitcoin Scams you will find the most common scams described in detail.

We've also prepared a checklist for you to keep yourself safer on the internet. Scammers lurk everywhere on the internet. Our list can help you avoid greater damage.

Beware of data requests

Never click on a link in an email that seems suspicious to you. And never open any attachments. Phishing emails often ask you to change your password: "Click here to change your password". Such emails are usually scams.

Pay attention to the sender's address and avoid suspicious links. Never give out your passwords or personal details unless you are absolutely sure who the recipient is.

Security backups

To be safe from so-called ransomware and not lose your not-yet-typed doctoral thesis or your family photos, make regular backups of all your important data and save them on an external hard drive.

If ransomware infects your computer and encrypts your data, the damage is then manageable.

Dubious exchanges

If you buy cryptocurrencies, use established, reputable providers such as eToro and Libertex. Some pretend exchanges are not exchanges at all. They lure their victims with bonuses and other attractive promises. Do not fall for them.

Crypto transfers

If you send cryptocurrencies via your browser, always make sure that the recipient's address is correct. It is possible that your system is infected with malware that changes the recipient's address without you noticing. Double and triple check every step.

Personal meetings

When trading cryptocurrencies, never get involved in face-to-face meetings unless you know the person very well. Often, robberies occur during such meetings.

Scam Coins

Scam Coins are Altcoins that do not have a business objective, but are only used to steal investors' money. Before you invest in an Altcoin, you should inform yourself in detail about it.

Fake accounts

On Telegram, Twitter or Facebook, you are contacted by someone who pretends to be the admin of an ICO, for example. They claim that you will get a bonus if you send your investment to a certain address. Beware of the trap: Admins never write to you unsolicited!

Ponzi scheme

In a pyramid scheme, you are supposed to buy into an investor group and then recruit further members. You supposedly receive a reward for each member you recruit. You also receive a reward for the new members recruited by you into the group.

Ponzi schemes have been used for decades to cheat people out of their money. Don't get involved in them.

In this scam, you are promised guaranteed returns if you invest in a fund. Again, if it sounds too good to be true, it's probably a scam. Hands off!


A group or person claims to be able to predict price trends. The scam: They try to convince as many people as possible to invest. As a result, the price actually rises - and then falls as soon as the scammers collect their profits. Here, too, the rule is: Hands off!


You should distrust intransparent and incomprehensible business models about which you are supposed to receive more information only after contacting or registering.

Our recommendation: Buy cryptos with eToro

Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades

etoro logo


Bitcoin Fraud Conclusion - How to get your money or Bitcoin back

Bitcoin scam! There are many different methods how scammers want to get your money! We have summarised the most notorious scam methods 2021 in a separate article. If you inform yourself beforehand, you will recognise the scam later in time!

In any case, we recommend that if you want to trade cryptocurrencies, you do so through a reputable provider that is both regulated and licensed. For this, we recommend our test winner broker eToro, here you can trade cryptocurrencies with the best conditions.

However, if it is too late and you have already been scammed, then you should follow the steps from our guide.

Our recommendation: Buy cryptos with eToro

Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades


What types of Bitcoin fraud are there?

The scammers have developed various schemes. You should beware of Bitcoin extortion, fake Bitcoin exchanges, crypto giveaways, identity theft, malware, phishing emails and phishing websites, the Ponzi scheme, pump n dump, pyramid schemes, ransomware, scam coins and scam wallets.

How can I protect myself?

The article explains some helpful defence strategies. But the most important thing remains that you never disregard the necessary caution. Does an offer sound too good to be true? Then it might be a scam. Nobody on the internet wants to give you money, so when you come across a dubious offer, you should first ask yourself: What does the other person get out of it?

I think I've been caught in a Bitcoin scam! What can I do now?

The article describes some defence mechanisms. Depending on the type of scam, different behaviour patterns may be necessary. The way to the police should be made in any case if one has suffered financial losses due to fraud.

Why are cryptocurrencies in particular so often abused for scams?

The blockchain grants a high degree of anonymity. Therefore, it is obvious that black sheep realise their fraud schemes with the help of the coins because prosecution is made more difficult.

About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

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