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First steps · 6 min read

Lost money to a fake investment platform: what to do

Many people only realise something is wrong when they try to withdraw. The dashboard shows growing profits, but every withdrawal request leads to a new fee, a 'verification' step or silence. Many of these platforms take payment in cryptocurrency, even when the victim never thought of it as a crypto investment.

Written and reviewed by the Wallsec investigations team · Last updated

Common signs of a fake platform

  • You were introduced by someone you met online, on social media or through an advert using a famous name.
  • An 'account manager' guided you to install an app or remote-access software, or to buy cryptocurrency and send it on.
  • Returns look unusually steady and high, and you were encouraged to add more money.
  • Withdrawals are blocked until you pay a fee, tax, insurance or 'unlock' charge.
  • The firm does not appear on the FCA register, or uses a name copied from a real firm.

What to do now

  • Stop sending money, including any fee requested to release your balance.
  • Contact your bank immediately and tell them it is a suspected investment scam.
  • Report to Action Fraud (0300 123 2040) or Police Scotland on 101.
  • Check the firm on the FCA register and warning list, and report it to the FCA.
  • Save screenshots of the platform, messages, emails, bank statements and any wallet addresses or transaction references.

Following the money

If money went through cryptocurrency, each transfer is recorded publicly. An investigation can follow those payments, identify exchanges or services that received them, and set out the findings in a report that your bank, the police, a solicitor or the receiving exchange can act on. What can be done next depends on where the funds went and how quickly people act.

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

I never bought crypto myself — could it still be involved?
Yes. Many platforms ask victims to pay via an exchange or a 'partner' account that converts money into cryptocurrency behind the scenes. Bank statements and payment references often show this.
Should I pay the withdrawal fee to get my balance?
No. Repeated fees to release funds are one of the clearest signs of a fake platform. Paying usually leads to another request.

Sources

This guide is general information, not legal or financial advice. We provide investigation, reporting and support with practical next steps; no outcome is guaranteed.

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