Unlike bank accounts for federally regulated currency, there's no such thing as fraud protection or FDIC insurance on the blockchain. When your money gets stolen on blockchain, the only way to get it back is for the recipient to pay you back directly.
What do you do if you get scammed with crypto?
Make sure to report fraud and other suspicious activity to whatever crypto exchange you used to complete the crypto transaction and to the following bureaus using these links:
- The FTC: ReportFraud.ftc.gov.
- The Commodity Futures Trading Commission (CFTC) at
Can cryptocurrency be refunded?
A Bitcoin transaction cannot be reversed, it can only be refunded by the person receiving the funds. This means you should take care to do business with people and organizations you know and trust, or who have an established reputation.
