Why holidays attract crypto scammers
The holiday season is meant for relaxation, family gatherings, and festivities. Sadly, it’s also a peak time for cybercriminal activity.
Scammers exploit the surge in online shopping, festive deals, and emotional spending to deceive individuals into losing their money.
For users of cryptocurrency, such scams can be particularly harmful, as crypto transfers are usually non-reversible. Scammers are aware of this fact, and many people are still figuring out how to manage their assets securely.
So, in what ways do scammers target crypto users during this festive time, and what methods do they deploy?
Let’s explore.
The holiday season brings various conditions that facilitate scams and make them harder to detect.
Firstly, individuals are online more than usual. Whether it’s for shopping, travel planning, or social media interactions, users encounter more ads and messages. Scammers capitalize on this excess noise to introduce deceitful links or fraudulent offers.
Secondly, emotions run high. The holiday spirit can make people more generous, optimistic, or stressed. Scammers understand that emotions can impair judgment. They take advantage of this by presenting “holiday bonuses,” “Christmas giveaways,” or “year-end investment opportunities” that feel urgent and enticing.
Thirdly, people become distracted. With packed schedules and celebrations, fewer users take the necessary time to verify links, apps, or wallet addresses. A minor lapse in attention can result in substantial crypto losses.
Which crypto scams surge as fraudsters exploit the festive season?
From phishing emails and counterfeit wallet apps to fake token sales and romance scams, criminals escalate their schemes during the holidays, luring users with promises of bonuses, investments, and love, all to steal crypto.
Phishing emails and fake wallet websites
Phishing scams are one of the primary methods criminals use to snatch crypto. During the holiday season, they often conceal phishing attempts as promotions or account alerts.
For instance, an email might seem to originate from a reputable exchange like Coinbase or Binance, claiming you’ve received a “holiday bonus.” The message contains a link to a counterfeit login page. Once you enter your credentials, the attacker empties your account.
Additionally, scammers have created bogus wallet apps that imitate legitimate ones. In past holiday seasons, security teams have identified fraudulent apps on Google Play and the Apple App Store masquerading as popular wallets. Upon installation, these apps request private keys or seed phrases, which scammers then collect.
Fake investments and token presales
Fraudsters frequently establish false investment platforms or “holiday token presales.” They promise assured returns or exclusive early access to a new coin or non-fungible token (NFT) series. Victims are prompted to deposit crypto on the platform. After a sufficient number of individuals invest, the website vanishes, and the scammers abscond with the funds.
In late 2025, authorities in London apprehended five individuals suspected of orchestrating crypto scams that may have cost victims over 1 million British pounds. These schemes reportedly involved websites that claimed to provide presale investment opportunities in new cryptocurrencies. Such a pattern is common in fraudulent presale scams that promise substantial returns.
Romance and “pig butchering” scams
The holiday season can be isolating for some individuals, making them more susceptible to emotional exploitation. In these scams, commonly termed “pig butchering,” criminals create fictitious identities on dating or social platforms and cultivate trust over an extended period. Ultimately, they present crypto as a shared “investment opportunity.”
In a widely reported romance crypto scam, Shreya Datta, a tech expert from Philadelphia, lost $450,000 after meeting a man on the dating app Hinge who claimed to be a French wine trader.
Over several weeks, he earned her trust and encouraged her to invest in what appeared to be a legitimate cryptocurrency trading platform. The ruse only unraveled when the app requested a 10% “income tax” fee before allowing withdrawals. This prompted Datta’s brother to investigate and reveal the fraud.
Many of these cons escalate around Christmas and New Year when victims are more emotionally vulnerable and online interactions increase.
Did you know? A new campaign called “SparkCat” has been reported to have infiltrated Android and iOS apps on official stores with a malicious SDK that employs optical character recognition (OCR) to steal crypto wallet recovery phrases. According to Kaspersky, the compromised apps were downloaded over 242,000 times on Google Play, with many developers likely unaware that their apps had been breached.
Impersonation and recovery scams spike during the holidays
Fraudsters masquerade as regulators, exchange personnel, or even charity organizers to trick victims into transferring funds. Others impersonate tech support or recovery agents to exploit those who have already fallen prey to scams.
Impersonation and fake authority messages
Scammers frequently pose as representatives from official agencies or customer service. They might claim to be from financial regulators, exchanges, or even law enforcement. The message could warn that your wallet has been hacked or that new regulations necessitate immediate action. Victims are subsequently asked to transfer funds to a “safe wallet” for verification.
Reports indicate that phishing campaigns can surge notably around major shopping seasons. Attacks related to Black Friday increased over sixfold compared to early November, and Christmas-themed scams rose by more than 300% during the busiest shopping week of the year.
Alarmingly, the technology involved has advanced. With AI assistance, scammers can now replicate an individual’s voice using just three seconds of audio. This capability allows them to deceive friends or family into believing they are talking to you.
Fake holiday tokens and pump-and-dump projects
Another rising trend during festive seasons involves fraudulent “holiday-themed” cryptocurrencies. One example is a project named Xmas Coin (XMAS). The promoters of this coin have been reported to have connections to previous “name-change” scam projects that rebrand and relaunch under different names to attract unsuspecting investors.
Analysts at Devsnightmare warned that early buyers acquired nearly 40% of the total token supply at launch and maintained around 27%, which suggests typical pump-and-dump conduct. Given such concentrated ownership and recycled branding methods, experts caution that Xmas Coin exhibits characteristics typical of a coordinated exit scam.
Investors should avoid any token offering that displays similar patterns or lacks transparency regarding ownership and liquidity.
Fake tech support and recovery offers
After an individual falls victim to a scam, another set of fraudsters may reach out, offering assistance in recovering lost funds. They typically impersonate blockchain investigators or legal service providers.
Desperate victims seeking to regain their funds are often deceived into paying additional fees or disclosing sensitive information. These follow-up scams frequently emerge shortly after holiday scam waves, when victims begin searching for help online.
Did you know? In one UK-based incident reported in 2025, a couple lost over 250,000 pounds from their crypto wallet after being approached by someone claiming to be from a cybercrime unit. The caller asserted that their personal information had been compromised. It was a “scare and impersonation” scam that merged trust exploitation with pressure tactics.
How to stay protected from crypto scams during holidays
Be vigilant this holiday season: Verify every offer, utilize only official apps, safeguard your keys, enhance account security, think before reacting emotionally, confirm charities and giveaways, and stay informed to protect your crypto from scams.
Here’s how to keep safe:
Be skeptical of unsolicited offers: If an unfamiliar person offers an investment opportunity, asserts you’ve won a prize, or pressures you to take swift action, pause and validate the source before proceeding.
Use only official links and apps: Always download wallet or exchange apps directly from the company’s verified website or official app stores. Steer clear of links found in emails or social media messages.
Never disclose private keys or recovery phrases: No reputable organization or employee will request them. Keep them secure and offline.
Enable robust security: Implement two-factor authentication (2FA), create unique passwords, and avoid using public WiFi for crypto transactions.
Be wary of emotional manipulation: Scammers often build rapport or use fear to coerce you into hasty decisions. Take time to validate before sending any funds.
Double-check charities and giveaways: Donate only to verified organizations, and be suspicious of anyone claiming to double your crypto.
Stay informed: Follow alerts from trusted financial authorities and cybersecurity institutions. Awareness is among the best defenses.
The festive season should be about happiness, not regret. By taking your time, verifying sources, and recognizing warning signs, you can enjoy your holidays without falling prey to a scammer’s trap.
This article is intended for educational purposes and does not constitute financial or legal advice. If you suspect fraud, contact your exchange’s official support, report the scam to local authorities, and keep records of screenshots, addresses, and transaction hashes.
