Why holidays attract crypto scammers
The holiday season symbolizes rest, family, and joy. Regrettably, it also marks a peak time for cybercriminal activities.
Scammers exploit the surge in online shopping, holiday promotions, and emotional spending to deceive individuals into parting with their funds.
For those in the cryptocurrency sphere, these scams can be particularly harmful since crypto transactions are usually irreversible. Scammers are aware of this fact, and many users are still in the process of learning how to secure their assets.
So, how do these criminals target crypto users during the holiday season, and what strategies do they employ?
Let’s explore.
During the holidays, multiple factors facilitate the execution of scams and hinder detection.
First, increased online activity prevails. With heightened online shopping, travel arrangements, and festive social media engagement, users encounter more ads and messages than normal. Scammers leverage this influx to insert fraudulent links or enticing offers.
Second, heightened emotions play a role. Individuals exhibit more generosity, optimism, and stress. Scammers utilize this emotional state to exploit poor judgment. They promote “holiday bonuses,” “Christmas giveaways,” or “year-end investment opportunities” that evoke urgency and excitement.
Third, distractions are rampant. Busy schedules and celebrations lead fewer users to verify links, applications, or wallet addresses. A moment of inattention can result in significant losses in crypto.
Which crypto scams surge as fraudsters exploit the festive season?
From phishing schemes and counterfeit wallet applications to fake token sales and romance scams, criminals amplify their activities during the holidays, luring users with promises of bonuses, investments, and affection—all with the aim of stealing crypto.
Phishing emails and fake wallet websites
Phishing scams continue to be a prevalent method for criminals stealing crypto. During the holidays, these attempts often masquerade as promotions or account notifications.
For instance, a communication may seem to originate from a reputable exchange like Coinbase or Binance, proclaiming a “holiday bonus.” The message includes a link to a counterfeit login page. After entering your credentials, the attacker siphons off your funds.
Scammers have also launched fake wallet applications that resemble legitimate ones. In previous holiday seasons, security experts have identified fraudulent apps on Google Play and the Apple App Store posing as recognizable wallets. Once downloaded, they prompt users for private keys or seed phrases, which are sent to the criminals.
Fake investments and token presales
Fraudsters frequently establish phony investment platforms or “holiday token presales.” They promise guaranteed profits or exclusive early access to a new coin or non-fungible token (NFT) collection. Victims are encouraged to deposit crypto on the platform. Once sufficient investments accumulate, the site vanishes, leaving the scammers with the funds.
In late 2025, law enforcement in London apprehended five individuals suspected of running crypto scams that might have cost victims over 1 million British pounds. Reports indicated these schemes involved websites promising presale investment opportunities for new cryptocurrencies—a common pattern in fake presale scams that guarantee substantial returns.
Romance and “pig butchering” scams
The holidays can be isolating for many, which increases vulnerability to emotional exploitation. In these scams, often referred to as “pig butchering,” criminals create fictitious identities on dating or social platforms and cultivate trust over several weeks or months. Eventually, they introduce crypto as a shared “investment opportunity.”
In one of the most notorious romance crypto scams, Shreya Datta, a tech specialist from Philadelphia, lost $450,000 after connecting with a man on the dating platform Hinge who claimed to be a French wine trader.
Over several weeks, he built her trust and convinced her to invest in what seemed to be a legitimate cryptocurrency trading platform. The ruse unraveled only when the app demanded a 10% “income tax” fee before permitting withdrawals. This prompted Datta’s brother to investigate and reveal the fraud.
Many of these scams escalate around Christmas and New Year, when victims find themselves more emotionally susceptible, and online interactions surge.
Did you know? A new initiative named “SparkCat” has been revealed to have compromised Android and iOS applications in official stores with a malicious SDK that utilizes optical character recognition (OCR) to capture crypto wallet recovery phrases. According to Kaspersky, the tainted apps were downloaded over 242,000 times from Google Play, and many developers were likely unaware that their apps had been breached.
Impersonation and recovery scams spike during the holidays
Fraudsters masquerade as regulators, exchange staff, or even charity organizers to deceive victims into transferring funds. Others impersonate tech support or recovery agents to take advantage of 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 assert they represent financial regulators, exchanges, or even law enforcement. The communication might advise that your wallet has been compromised or that new regulations necessitate immediate measures. Victims are then instructed to transfer funds to a “secure wallet” for verification.
Reports indicate that phishing campaigns can surge sharply around major retail periods. Attacks associated with Black Friday escalated more than six times compared to early November, and holiday-themed scams surged over 300% during the busiest shopping week.
More worryingly, scams have advanced with technology. Scammers can now replicate an individual’s voice using just three seconds of audio. This capability makes it possible to mislead family and friends into thinking they’re conversing with you.
Fake holiday tokens and pump-and-dump projects
Another emerging trend during festive times includes fraudulent “holiday-themed” cryptocurrencies. One such instance is a project known as Xmas Coin (XMAS). Reports have connected the coin’s promoters to prior “name-change” scam projects that rebrand and relaunch under new identities to attract unsuspecting investors.
Analysts at Devsnightmare cautioned that initial buyers secured nearly 40% of the total token supply at launch and maintained around 27%, hinting at classic pump-and-dump activity. Given this concentrated ownership and recycled branding tactics, experts warn that Xmas Coin displays signs consistent with a coordinated exit scam.
Investors should avoid any token offerings that exhibit similar patterns or lack transparency regarding ownership and liquidity.
Fake tech support and recovery offers
After a scam incident, another group of fraudsters may reach out, offering assistance in recovering lost assets. They often impersonate blockchain investigators or legal services.
Victims eager to recover their funds are often deceived into paying extra fees or disclosing sensitive information. These follow-up scams typically emerge right after holiday scam waves when victims begin seeking assistance online.
Did you know? In a UK-based case reported in 2025, a couple had over 250,000 pounds siphoned from their crypto wallet after being contacted by someone posing as a member of a cybercrime unit. The caller claimed that their personal information had been compromised. This was a “scare and impersonation” scam that combined trust exploitation with pressure tactics.
How to stay protected from crypto scams during holidays
Remain vigilant this holiday season: Verify all offers, utilize only official applications, safeguard your keys, enhance account security, think before acting on emotions, confirm charities and giveaways, and stay informed to keep your crypto secure against scams.
Here are steps to safeguard yourself:
Be cautious of unsolicited offers: If someone unknown to you presents an investment opportunity, claims you’ve won a prize, or pushes you to act quickly, pause and verify the source before proceeding.
Use only official links and applications: Always download wallet or exchange apps directly from the company’s verified website or the official app stores. Avoid links found in emails or social media communications.
Never disclose private keys or recovery phrases: No legitimate entity will ever ask for such information. Keep them safe and offline.
Implement strong security measures: Employ two-factor authentication (2FA), unique passwords, and refrain from using public WiFi for crypto transactions.
Be wary of emotional exploitation: Scammers frequently nurture trust or employ fear to push you into making hasty decisions. Take the time to validate before transferring any funds.
Double-check charities and giveaways: Only donate to validated organizations, and be cautious of anyone promising to double your crypto donations.
Stay updated: Follow alerts from trusted financial institutions and cybersecurity agencies. Awareness is one of the most effective defenses.
The festive season should symbolize joy rather than remorse. By taking your time, verifying sources, and recognizing warning signs, you can celebrate without falling prey to scammers.
This article serves educational purposes and is not financial or legal guidance. If you suspect fraud, reach out to your exchange’s official support, report the scam to local authorities, and preserve screenshots, addresses, and transaction hashes.
