Cryptocurrency scam | CC Recovery Ltd

How the scam works

Crypto is used in many scams because transfers are fast and hard to reverse. Victims are often guided to buy crypto on a real exchange and then send it to a wallet or platform the scammer controls. The payment from your bank to the exchange may still be part of a claim.

1
An expert appears

Someone presenting as a broker, trader or knowledgeable friend offers to help you profit from cryptocurrency.
2
Opening accounts

You are guided to open an account on a real exchange, buy crypto, and then send it to a wallet or trading platform they recommend.
3
Fake gains

Your “portfolio” appears to grow on a platform they control. You are encouraged to add more, sometimes with remote-access help.
4
Gone for good

Withdrawals are blocked or come with new fees. Once crypto leaves your wallet, it is very hard to trace or reverse.

An example of how it happens

A software tester was introduced to a “trading mentor” in an online community. He bought crypto on a well-known exchange and sent it to a platform recommended by the mentor. The platform showed a 40% gain, but his withdrawal request was never processed.

Illustrative example based on common cases, not a real client.

Warning signs

Someone guiding you step by step to buy and send crypto
A trading platform that is not registered or has no real company behind it
Being asked for your wallet seed phrase or to connect your wallet to a site
Balances you can see but never withdraw
Offers to "recover" lost crypto for an upfront fee

How to protect yourself

Never share your wallet seed phrase or recovery words
Don’t send crypto to platforms or wallets someone else chose for you
Check whether a crypto firm is registered in your country
Ignore anyone offering to “recover” crypto for an upfront fee

Can you get your money back?

Often, yes. It depends mainly on how you paid. These are the routes that usually apply to this type of scam.

Crypto bought and sent on

Transfers out of a crypto exchange are rarely reversible, and payments to an account in your own name aren’t covered by the reimbursement rules. You may still be able to complain that your bank should have spotted and stopped the payments.
Bank transfer (Faster Payments or CHAPS)

Since 7 October 2024, UK banks must reimburse most victims of authorised push payment fraud, up to £85,000 per claim, if it is reported within 13 months. Earlier payments may fall under the voluntary CRM Code or the bank’s duty of care.
How the money-back rules work
Debit or credit card

You may be able to ask your card provider for a chargeback, or claim under Section 75 for credit card purchases between £100 and £30,000. Chargebacks have strict time limits, so act quickly.

A general guide to UK rules. Every case depends on its facts, and nobody can guarantee an outcome. Check your bank.

If it has just happened

Speed matters. These steps protect you and give your bank the best chance to act.

Call your bank first, using the number on your card or its official website. Do not use numbers given to you by the caller or in a message.

A woman on the phone to her bank, holding her card and looking at her laptop.

Contact your bank now
Call the number on the back of your card or on your bank's official website. Tell them it is fraud. The sooner they know, the better the chance of stopping or tracing payments.
Stop further payments
Do not send any more money, even if you are promised a refund, a release fee or a withdrawal. Stop contact with the scammer.
Secure your accounts
Change passwords for your email and banking, remove any remote-access apps, and turn on two-step verification.
Report it
Report the crime to the police or your national fraud reporting service and keep the reference number.
Keep the evidence
Save messages, emails, screenshots, website addresses, wallet addresses and statements showing every payment.

A case handler wearing a headset, listening to a caller and taking notes.

How we can help

We build the case, you follow every step

We review what happened for free, help you gather the evidence, and pursue a complaint with your bank, escalating to the ombudsman if needed. You can also claim for free yourself.

Start your case See our process

Questions about this type of scam

Can crypto be traced?

Transactions are recorded on the blockchain, but tracing rarely leads to recovery. Claims usually focus on the payments from your bank instead.

Someone has offered to recover my crypto. Should I pay them?

No. Upfront-fee “recovery” offers are a common second scam aimed at people who have already lost money.

My bank says I paid my own exchange account. Is that the end?

Not always. The question is whether your bank should have spotted the risk and stepped in before the payments were made.

Can you guarantee I will get my money back?

No. Nobody can honestly guarantee a recovery. Outcomes depend on how the payments were made, what your bank did, the rules that apply and the evidence available. Be wary of anyone who promises a guaranteed result.

Do I have to use a company to make a claim?

No. You can complain to your bank yourself for free and, if needed, escalate to the ombudsman yourself. Our Claim it yourself guide explains how. Some people prefer help with the evidence and the process, and that is what we offer.

What does it cost?

Our fees are set out in full on the Our fees page before you sign anything. You will never be asked to pay a "release fee", a "tax" or anything in cryptocurrency to receive recovered money.

How long does it take?

It varies. Banks usually respond to a complaint within a few weeks. If a case goes to the ombudsman, it can take several months. Your portal shows each step as it happens.

All questions