Why holidays attract crypto scammers
While the holiday season is a time for relaxation, family, and festivities, it also becomes a peak period for cybercriminals.
Scammers exploit the surge in online shopping, holiday promotions, and emotional spending, tricking individuals into giving up their money.
For those involved in cryptocurrency, these scams can have devastating effects due to the irreversible nature of crypto transactions. Scammers are aware of this and capitalize on the fact that many users are still learning to manage their assets securely.
So, how do these scammers target crypto users during the holiday season, and what methods do they employ?
Let’s explore.
During this festive time, several factors make scams more prevalent and less detectable.
Firstly, people tend to spend more time online. With online shopping, travel arrangements, and holiday social media engagement, users are bombarded with ads and messages. Scammers leverage this chaos to insert fraudulent links or fake offers.
Secondly, emotions run high during this season. Increased generosity, optimism, and stress can cloud judgment. Scammers manipulate these emotions by presenting “holiday bonuses,” “Christmas giveaways,” or “exclusive year-end investment opportunities” that seem urgent and enticing.
Thirdly, distraction is prevalent. With packed schedules and celebrations, fewer people take the time to verify links, apps, or wallet addresses. A moment of inattention 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 amplify their schemes during the holidays, luring users with offers of bonuses, investments, and affection, all to steal crypto.
Phishing emails and fake wallet websites
Phishing scams continue to be a primary method by which criminals steal cryptocurrencies. During the holiday season, they often disguise these attempts as promotional messages or account notifications.
For instance, an email may look like it’s from a reputable exchange such as Coinbase or Binance, claiming you’ve received a “holiday bonus.” The message typically includes a link to a fraudulent login portal. Once you input your credentials, the attacker drains your account.
Additionally, scammers have created counterfeit wallet apps that closely resemble legitimate ones. In previous holiday seasons, security teams have identified fraudulent apps on platforms like Google Play and the Apple App Store masquerading as popular wallets. Once installed, these apps request private keys or seed phrases, which are then sent directly to the scammers.
Fake investments and token presales
Fraudsters frequently set up bogus investment platforms or “holiday token presales.” They promise guaranteed returns or exclusive access to new cryptocurrency or non-fungible token (NFT) collections. Victims are usually asked to deposit crypto into the platform. Once enough people invest, the site vanishes, and the scammers abscond with the funds.
In late 2025, authorities in London apprehended five men suspected of orchestrating crypto scams that may have cost victims over 1 million British pounds. These schemes reportedly involved websites purporting to offer presale investment opportunities in new cryptocurrencies. This is a typical pattern seen in fake presale scams promising high returns.
Romance and “pig butchering” scams
The holiday season can be isolating for some, making them more susceptible to emotional manipulation. In these scams, often referred to as “pig butchering,” criminals create false identities on dating or social platforms, gradually building trust over weeks or months. Eventually, they present cryptocurrency as a mutual “investment opportunity.”
In one highly publicized romance crypto scam, Shreya Datta, a tech professional 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 seemed to be a legitimate cryptocurrency trading platform. The scam only unraveled when the app requested a 10% “income tax” fee before permitting withdrawals, prompting Datta’s brother to investigate and uncover the fraud.
Many of these scams escalate around Christmas and New Year when victims are more emotionally vulnerable and online interactions increase.
Did you know? A new campaign dubbed “SparkCat” has reportedly infected Android and iOS applications on official stores with a malicious SDK that utilizes 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 compromised.
Impersonation and recovery scams spike during the holidays
Fraudsters impersonate regulators, exchange personnel, or even charity organizers to mislead victims into transferring funds. Others assume the role of tech support or recovery agents to exploit individuals who have already fallen victim to scams.
Impersonation and fake authority messages
Scammers frequently pose as representatives from official agencies or customer support. They may claim allegiance to financial regulators, exchanges, or even law enforcement. The communication often warns that your wallet has been breached or that new regulations necessitate immediate action. Victims are then instructed to transfer funds to a “secure wallet” for verification.
Reports indicate that phishing campaigns can surge significantly during major shopping events. Attacks related to Black Friday increased by over six times compared to early November, and Christmas-themed scams escalated by more than 300% during the peak shopping week.
Even more concerning is the advancement of technology. With AI assistance, scammers can now replicate a person’s voice using as little as three seconds of audio. This capability enables them to deceive relatives or friends into believing they are conversing with you.
Fake holiday tokens and pump-and-dump projects
Another emerging trend during the festive months involves fraudulent “holiday-themed” cryptocurrencies. One example is a project that appeared under the name Xmas Coin (XMAS). The promoters of this coin have been reported to have ties to previous “name-change” scams that rebrand and relaunch under new names to ensnare unsuspecting investors.
Analysts at Devsnightmare warned that early investors acquired nearly 40% of the coin’s total supply at launch and continued to hold around 27%, indicating classic pump-and-dump behavior. With such concentrated ownership and recycled branding tactics, experts advise caution as Xmas Coin exhibits signs consistent with a coordinated exit scam.
Investors should stay away from any token offering that displays similar traits or lacks clarity regarding ownership and liquidity.
Fake tech support and recovery offers
After an individual has been scammed, another group of fraudsters may approach them and offer assistance in recovering lost assets. They often masquerade as blockchain investigators or legal service providers.
Victims, desperate to regain their lost funds, are tricked into paying additional fees or disclosing sensitive information. These follow-up scams typically emerge soon after the holiday scam waves, as victims begin seeking help online.
Did you know? In a UK-based incident reported in 2025, a couple lost over 250,000 pounds from their crypto wallet after being contacted by someone claiming to be from a cybercrime unit. The caller asserted that their personal information had been compromised. This was a “scare and impersonation” scam that used trust manipulation alongside pressure tactics.
How to stay protected from crypto scams during holidays
This holiday season, remain vigilant: Verify every offer, use only official applications, safeguard your keys, bolster account security, think carefully before reacting to emotions, confirm charities and giveaways, and stay informed to protect your crypto from scams.
Here are some strategies to enhance your protection:
Be cautious of unsolicited offers: If an unknown individual presents an investment opportunity, claims you’ve won a prize, or pressures you to act quickly, pause and verify the source before proceeding.
Utilize only official links and apps: Always download wallet or exchange applications directly from the verified website or official app stores. Avoid clicking on links from emails or social media.
Never disclose private keys or recovery phrases: No legitimate organization will ever require them. Store them offline and secure.
Enable robust security: Use two-factor authentication (2FA), unique passwords, and steer clear of public WiFi for crypto transactions.
Be wary of emotional manipulation: Scammers often build trust or utilize fear to coerce you into decisions. Take the time to verify before transferring any funds.
Double-check charities and giveaways: Donate only to verified organizations, and be cautious of anyone promising to double your crypto.
Stay informed: Follow updates from trusted financial authorities and cybersecurity agencies. Awareness is one of your strongest defenses.
The festive season should be about happiness, not regret. By slowing down, verifying sources, and identifying red flags, you can enjoy your holidays without falling prey to scams.
This article is intended for educational purposes and does not constitute financial or legal advice. If you suspect fraud, reach out to your exchange’s official support, report the scam to local authorities, and keep records of screenshots, addresses, and transaction hashes.
