What to do after using a cloned crypto broker
If you transferred funds through a cloned broker, stop sending money immediately and report the firm to your bank and the authorities. Legitimate regulated firms never request top-up payments to release your capital, and onchain tracing can identify the genuine destination of your assets.
- Cloned broker scams occur when fraudsters copy the name, branding, and regulatory registration details of a genuine investment firm, directing you to fraudulent payment rails and fake trading dashboards rather than the real business.
- Key warning signs include communications originating from generic email domains or messaging apps, pressure to deposit funds into personal or unrelated commercial bank accounts, and payment instructions directing transfers to unverified onchain addresses.
- Cease all communication with the broker, do not send any additional funds to unlock your balance, and contact your bank immediately if you made deposits by bank transfer or debit card so they can attempt payment recalls.
- Preserve copies of all written conversations, transaction receipts, bank statements, contract notes, website URLs, and the full outgoing transaction hashes showing the exact destination addresses to which your digital assets were transferred.
- File a detailed report with Action Fraud to secure a police crime reference number, notify the Financial Conduct Authority so they can update their warning list, and alert the compliance team of the genuine firm that was cloned.
- An onchain trace can map where your funds moved through intermediary wallets and identify if they reached a centralised exchange with customer identity records, but it cannot automatically freeze balances or compel an exchange to return assets.
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Written by the Wallsec investigations team. General information only, not legal or financial advice.
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