Summary Cryptocurrency has become popular for transactions and investments, but it has also led to an increase in crypto scams. Scammers use illegal schemes like phishing, Ponzi schemes, and fake exchanges to steal digital assets. Recognizing red flags such as guaranteed returns, lack of transparency, and pressure to act quickly can help identify cryptocurrency scams. Common types of scams include Ponzi schemes, phishing scams, and cloud mining scams. Scammers operate through phishing attacks and pump and dump schemes, among others. Steps to take when scammed include maintaining composure, documenting the incident, and contacting the authorities. Timely reporting is crucial for protecting others and increasing the chances of recovery. Reporting the scam to the specific exchange used can help in recovery efforts.