How Not to Become a Double Victim of a Crypto Scam

A Fictional Story from the Real World

A few months ago, Peter lost €12,000 that he had invested through a fraudulent crypto platform. He tried filing a criminal report, communicated with the police, and shared his story on an online forum to warn others.

A few weeks later, he was contacted by a man who introduced himself as an “ethical hacker” working with an international organization specializing in the recovery of stolen crypto assets. The man claimed that his team had located the wallets containing Peter’s lost funds and that they could block and recover them – he just needed to pay €1,000 as a “legal and network fee” required to begin the process.

Since Peter regained hope of recovering the money he had lost, he paid the fee. From that moment, the “ethical hacker” stopped responding. Peter realized he had become a victim of a second scam.

Double Victim Scams in 5 Steps

1. Scammers actively seek out people who have already been defrauded – through public comments on forums, social media, reviews, and sometimes via data leaks or direct information from the scammers who first robbed the victim.
2. The contact begins with a compassionate tone: the scammer claims to understand the situation, says that he is “not like those scammers,” and insists he just wants to help. The victim may thus gain a false sense of trust or hope.
3. The scammer introduces himself as an ethical hacker, IT expert, or lawyer with police connections. In some cases, they even create credible-looking but fake law firms. They promise to trace blockchain transactions and identify the target wallets.
4. A fee is requested upfront for “processing the claim,” “opening the case,” or “network costs” – usually between €500 and €2,000. The scammer claims that without this payment, no recovery action can begin.
5. After receiving the payment, the scammer stops communicating or disappears from the platform. The victim is deceived again – and loses even more money.

Explanation of the Scam

This type of fraud specifically targets individuals who have already suffered a financial loss. The scammers present themselves as “problem solvers,” exploiting the victim’s emotional vulnerability – their anger, helplessness, hope, and frustration.

Their communication is carefully crafted: it begins with empathy, continues with a technical explanation, and ends with a sense of urgency – emphasizing the need for “immediate action.” They promise rapid transaction tracking, wallet identification, and “legal steps” to recover the assets.

In reality, they have neither the technical ability nor the genuine intent to do anything. The entire mechanism is designed to extract more money from the victim under the false pretense of recovery. The sense of urgency, false hope, and technical jargon are used to create an illusion of professionalism and a unique opportunity for the victim to “finally get their funds back.”

This scam is particularly insidious because it targets people who have already been harmed. From a psychological perspective, victims are highly susceptible to believing they still have a chance to recover their stolen funds – especially when approached in an empathetic and technically convincing manner. Many decide to “take one last risk,” believing that paying a few hundred or thousand euros could help them retrieve tens or even hundreds of thousands lost earlier. The result, however, is just another financial loss.

Advice from the National Bank of Slovakia

The National Bank of Slovakia urges everyone who has fallen victim to a crypto scam to be extremely cautious when contacted by individuals claiming they can help recover lost funds:

• Be especially wary if someone contacts you offering “assistance.”
• Do not trust unknown entities that demand advance payments.
• Scammers often pose as lawyers, ethical hackers, police officers, or tax authorities.
• Always verify the company or person contacting you – check their credentials and experience.

If you suspect fraud, contact the Police of the Slovak Republic.

Last updated on 20 Nov 2025