Bitcoin gives you full control of your money — but that freedom comes with responsibility.
Scammers are aggressive, creative, and often use social pressure or emotional manipulation to trick victims.
At 1Bitcoin.ca we are a non-custodial brokerage. We never touch your private keys and will never ask you to deposit funds into a “program,” “profit system,” or “investment scheme.”
All communication is through your dashboard or @1bitcoin.ca email addresses.
📌 Case 1: The Deposit-Then-Vanish Scam
Type: Fake crypto exchange
Location: Global
Losses: $500 to $100,000+
🔎 What Happened
A slick platform promised weekly “returns” if users deposited BTC. Victims saw a fake profit dashboard, but withdrawals were blocked unless they deposited more. Eventually, the site disappeared — classic advance-fee fraud.
🛡 Prevention Tips
- No legitimate platform makes you “deposit more to withdraw.”
- Always check company registration and transparency (start with the Resources Hub).
- Avoid platforms with unclear legal details or anonymous founders.
- Understand fees and withdrawal policies before sending money.
📌 Case 2: The Elon Musk Twitter Giveaway Scam
Type: Celebrity impersonation
Location: Worldwide
Losses: $2M+ in one day
🔎 What Happened
Hackers posted fake giveaway tweets from verified accounts (Elon Musk, Apple, etc.), asking people to send BTC to “receive 2× back.” Thousands fell for it.
🛡 Prevention Tips
- No one gives away free Bitcoin.
- Never send BTC expecting more in return.
- Do not trust social-media giveaways — ever.
Read the full Avoid Bitcoin Scams Guide.
📌 Case 3: Romance Scam Turned Blackmail
Type: Romance + extortion
Location: Alberta & Ontario
Losses: $1,000 to $60,000+
🔎 What Happened
Scammers built emotional relationships online. Once trust was established, they requested Bitcoin “investments” or used compromising photos as leverage for extortion.
🛡 Prevention Tips
- Don’t send money to people you haven’t met in person.
- Crypto talk early = a red flag.
- Protect your privacy and finances.
- Learn safer methods for buying Bitcoin via our How to Buy Bitcoin in Canada guide.
📌 Case 4: Ledger Data Leak & Phishing
Type: Phishing using leaked customer data
Location: Global
🔎 What Happened
After Ledger’s customer email database was leaked, phishing emails pretended to be “security updates.” Victims entered their seed phrase into fake websites.
🛡 Prevention Tips
- Never enter your seed phrase online.
- Bookmark official support pages.
- Use a dedicated email address for crypto.
- Review safe practices in our Self-Custody Guide.
📌 Case 5: “Crypto Investment Coach” on Instagram
Type: Fake advisor
Location: Canada & U.S.
Losses: $2,000 to $20,000
🔎 What Happened
Scammers pitched “guaranteed returns,” asked victims to send BTC, and displayed fake dashboards. When victims tried to withdraw, they were asked for more “fees” or ghosted.
🛡 Prevention Tips
- Do not trust unsolicited DMs or testimonials.
- Real investors don’t guarantee profits.
- If identity can’t be verified, walk away.
- Understand real fees so you can recognize fabricated ones.
📌 Case 6: Fake Tech Support (Ledger Impersonation)
Type: Tech support phishing
Location: Reddit, Telegram, Email
🔎 What Happened
Scammers posed as Ledger support, directing users to fake sites or forms that asked for their seed phrases. Wallets were drained within minutes.
🛡 Prevention Tips
- No real support will ask for your seed phrase.
- Only use verified support links.
- Do not accept unsolicited “help” via DMs.
- See our How to Secure Your Wallet tutorial.
🔐 Key Lessons from All These Cases
| Rule | Why It Matters |
|---|---|
| 🧠 Don’t act on emotion or urgency | Scammers want you panicked or excited |
| 🔑 Never share your seed phrase | It grants full wallet access |
| 📵 Don’t click sketchy links | Fake sites perfectly mimic real ones |
| ✅ Always verify platforms & people | Use the Resources Hub to check legitimacy |
| 👥 Don’t send BTC to strangers | There are no refunds or reversals in Bitcoin |
🗺 If You’ve Been Targeted or Scammed
- Report a Bitcoin Scam
- Common Bitcoin Scam Types
- How to Secure Your Wallet
- How to Verify a Bitcoin Transaction
Final Word from 1Bitcoin.ca
You are your own bank.
If you use 1Bitcoin.ca, you control your Bitcoin — and your security.
Learn the terms. Practice them. Protect your coins.
To strengthen your defenses, start with our Bitcoin Resources Hub.
Don’t trust. Verify.
