Australians lose large sums to crypto scams every year, and the scams keep getting more convincing: fake trading platforms with real-looking dashboards, deepfake videos of celebrities, and callers who know your name and your bank. Most of them end the same way, with money sent as crypto that the victim can't get back on their own.

This guide covers the scams I see most often, the warning signs, and the steps to take straight away if it's happened to you.

The Most Common Crypto Scams in Australia

Investment platform scams ("pig butchering")

Someone builds a friendship or relationship over weeks, often after a "wrong number" message or on a dating app, then introduces a trading platform. The platform shows big profits. Withdrawals are blocked by "taxes" or "fees" until the victim runs out of money. Payments are usually in USDT.

Romance scams

A long online relationship that eventually turns to money: an emergency, a business problem, or a chance to "invest together".

Fake celebrity and news ads

Ads and fake news articles, increasingly with deepfake video, showing well-known Australians endorsing a crypto platform. Sign up and a "broker" calls to push larger deposits.

Impersonation scams

A call or message claiming to be from your bank, an exchange, the police or a government agency, saying your account is compromised and you need to move your money into crypto "for safety".

Crypto ATM scams

Victims are talked into depositing cash at a Bitcoin ATM and sending it to an address the scammer provides, often while the scammer stays on the phone. AUSTRAC has tightened the rules on crypto ATMs because of how often they're used in scams.

Job and task scams

Paid "work" rating products or apps, where the job requires you to top up your account with crypto to unlock earnings that never arrive.

Wallet drainers and address poisoning

Fake airdrops and websites that trick you into approving a transaction that empties your wallet, or lookalike addresses planted in your history so you copy the wrong one.

Red Flags

  • Guaranteed or unusually high returns
  • Someone you've never met in person guiding your investments
  • Pressure to act fast or keep it secret from family or your bank
  • Being told to pay fees or taxes before you can withdraw
  • Being asked to pay by crypto, crypto ATM, or gift cards
  • Requests for your recovery phrase or remote access to your computer
  • A platform that isn't registered or licensed in Australia

What to Do If You've Been Scammed

  1. Stop sending money. No fee, tax or "release payment" will unlock your funds.
  2. Call your bank and the exchange you paid from immediately. Speed gives the best chance of stopping or freezing a payment.
  3. Report it to ReportCyber at cyber.gov.au. Reports go to the relevant police.
  4. Report it to Scamwatch at scamwatch.gov.au, which helps warn others.
  5. Get support from IDCARE, a free service for people affected by scams and identity crime, if your personal details were shared.
  6. Keep everything: transaction IDs, wallet addresses, amounts, dates, screenshots of the platform and every message.
  7. Consider a trace if the amount is significant. See how to trace stolen crypto in Australia.

Watch for recovery scamsAfter a scam, victims are often contacted by "recovery agents" or fake lawyers offering to get the money back for an upfront fee. They're scammers too. Nobody can hack funds back.

Checking a Platform Before You Invest

Search for the business on ASIC's Professional Register to see whether it holds an Australian financial services licence, and check ASIC Moneysmart's investor alert list. Exchanges operating in Australia must be registered with AUSTRAC. A platform that only exists as an app link sent by a new friend is not an investment.

Can Scammed Crypto Be Recovered?

Sometimes. Crypto moves on public blockchains, so it can be traced to the exchanges where scammers cash out. Exchanges can freeze accounts when police ask, and Tether can freeze USDT. The sooner a trace is done, the better the chance anything is still there. Tracing doesn't return money by itself, and anyone who guarantees recovery should be treated as a red flag.

Common Questions

Where do I report a crypto scam in Australia?

Report it to ReportCyber at cyber.gov.au, which passes reports to police, and to Scamwatch at scamwatch.gov.au. Contact your bank and the exchange you paid from straight away.

Will my bank refund a crypto scam?

Sometimes, particularly if you contact them quickly. Ask your bank directly, and if you're unhappy with the outcome you can complain to the Australian Financial Complaints Authority.

Can police get my crypto back?

Police can ask exchanges to freeze funds and identify account holders, and some scam funds are recovered this way. A clear trace report showing where the money went makes that much easier.

Is it a scam if someone offers to recover my crypto?

Almost always. Unsolicited recovery offers, guaranteed results and upfront fees are the signs of a recovery scam.

About the Author

I'm Nicolas Turnbull, a blockchain forensics specialist and cryptocurrency expert witness. I've given expert evidence on crypto in the NZ High Court, the ACT Supreme Court, and Family Courts in Australia and New Zealand, and I trace crypto for scam victims, lawyers and courts. See my case work or how to instruct me as an expert.

This guide is general information, not legal or financial advice. For advice on your situation, speak to a lawyer.