Official Wallsec emails only ever come from an @wallsec.co.uk address.
WALLSECOnchain Forensics
ENFR

First steps · 7 min read

Crypto investment scam in the UK: what to do

Short answer

Stop paying any withdrawal fee or tax, call your bank the same day, contact the exchange you bought from with the transaction hashes, report to Action Fraud (Police Scotland in Scotland), and save every screenshot, message and wallet address. A documented trace can then show where the funds went.

Fake investment platforms are the most common type of cryptocurrency fraud reported in the UK. They often show convincing balances and growing profits until a withdrawal is requested. This guide sets out the order in which to act.

Written and reviewed by the Wallsec investigations team · Last updated

Stop further payments

Do not pay any fee, tax, unlock charge or deposit requested before a withdrawal. These requests are part of the same fraud and losses grow fastest at this stage.

Contact your bank and the exchange

Call your bank on the number printed on your card and explain that you were deceived into a payment. Under UK reimbursement rules for authorised push payment fraud, many bank transfers to a scammer are eligible for review. Then contact the exchange you used to buy the cryptocurrency and give them the transaction hashes.

Report to Action Fraud

Report online or by phone to Action Fraud (Police Scotland if you live in Scotland). Keep the crime reference number; your bank and any investigator will ask for it.

Preserve the evidence

  • The website address and screenshots of your account dashboard.
  • Every message, email and call log with the people involved.
  • Bank statements and exchange withdrawal records.
  • Each transaction hash and receiving wallet address.

Consider a trace

A documented onchain trace shows where the funds went and whether they reached a service that can act. It does not guarantee an outcome, but it gives your bank, the police or a solicitor something concrete to work from.

If you are looking at your own case rather than reading generally, our cryptocurrency investigation service explains how a case is scoped and worked, the asset tracing hub covers the network-specific work, and our overview of cryptocurrency scam recovery in the UK sets out what is realistic. Asset pages: USDT tracing, Bitcoin tracing and Ethereum tracing. You can also contact the investigations team directly.

Common questions

The platform says I must pay tax before withdrawing. Should I?
No. Legitimate platforms do not require payment before releasing funds; tax is settled with HMRC, not with the platform.
Will my bank refund me?
It depends on how you paid and the circumstances. Report quickly and ask the bank to review the payments under its fraud reimbursement process.
This guide is general information, not legal or financial advice. We provide investigative and reporting services only, and no report can guarantee an outcome.

Have a case you want reviewed?

We scope at intake and tell you honestly whether the onchain data supports a traceable case.

Request a case review

Related guides

What to do in the first 24 hours after a cryptocurrency scam

Read

A platform is asking me to pay tax or a fee before I can withdraw

Read

Can my bank refund money I lost to a cryptocurrency scam?

Read