Why holidays attract crypto scammers
The holiday season is meant for relaxation, family time, and celebration. Regrettably, it simultaneously becomes one of the peak periods for cybercriminals.
Scammers exploit the surge in online shopping, festive promotions, and emotional spending to deceive individuals into revealing their money.
For cryptocurrency users, these scams can be particularly harmful due to the irreversible nature of crypto transactions. Scammers are aware of this, and many users are still navigating the safe management of their assets.
So, in what ways do scammers target crypto users during the holiday season, and which strategies do they employ?
Let’s explore.
During the holiday period, various factors facilitate scams and make detection more challenging.
First, people spend increasing amounts of time online. Amid online shopping, travel arrangements, and festive social interactions, users encounter more advertisements and messages than usual. Scammers leverage this additional noise to sneak in fraudulent links or deceptive offers.
Second, the emotional state of people is heightened. Generosity, optimism, and stress are more prevalent. Scammers understand that emotions can cloud judgment and exploit this by promoting “holiday bonuses,” “Christmas giveaways,” or “year-end investment opportunities” that appear urgent and enticing.
Third, distractions are abundant. With packed schedules and celebrations, fewer individuals take time to verify links, applications, or wallet addresses. A minor oversight can lead to substantial cryptocurrency losses.
Which crypto scams surge as fraudsters exploit the festive season?
From phishing emails and counterfeit wallet apps to scam token sales and romance schemes, criminals significantly increase their efforts during holiday periods, preying on users with promises of bonuses, investments, and affection, all aimed at stealing crypto.
Phishing emails and fake wallet websites
Phishing scams remain a primary method for criminals to steal cryptocurrency. During the holiday season, they frequently disguise phishing attempts as promotions or account notifications.
For instance, an email may appear to originate from a trusted exchange like Coinbase or Binance, notifying you of a “holiday bonus.” The message contains a link to a fraudulent login page. When you input your credentials, the attacker drains your account.
Scammers have also developed fake wallet apps that resemble legitimate ones. In previous holiday seasons, security teams have identified fraudulent applications on Google Play and the Apple App Store masquerading as popular wallets. Once installed, they ask for private keys or seed phrases, which are then transmitted to scammers.
Fake investments and token presales
Fraudsters frequently establish fake investment platforms or “holiday token presales.” They promise assured returns or exclusive early access to a new coin or non-fungible token (NFT) collection. Victims are invited to deposit cryptocurrency onto the platform. Once enough individuals invest, the website vanishes and the scammers disappear with the funds.
In late 2025, authorities in London apprehended five men suspected of orchestrating crypto scams that may have led to losses exceeding 1 million British pounds for victims. The schemes reportedly involved websites that claimed to offer presale investment options in new cryptocurrencies. This is a prevalent pattern in fake presale scams that guarantee high returns.
Romance and “pig butchering” scams
The holiday season can foster loneliness for some individuals, rendering them more susceptible to emotional exploitation. In these scams, commonly referred to as “pig butchering,” crooks fabricate false identities on dating or social platforms and cultivate trust over weeks or months. Eventually, they present crypto as a shared “investment opportunity.”
In one of the most publicized romance crypto scams, 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 the course of several weeks, he gained her trust and persuaded her to invest in what seemed to be a legitimate cryptocurrency trading platform. The illusion fell apart only when the app required a 10% “income tax” fee to process withdrawals. This prompted Datta’s brother to investigate, uncovering the fraud.
Many of these scams intensify during Christmas and New Year, when victims are more emotionally vulnerable and online communication increases.
Did you know? A new campaign named “SparkCat” has reportedly infected Android and iOS apps in 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 their applications had been breached.
Impersonation and recovery scams spike during the holidays
Fraudsters impersonate officials, exchange personnel, or even charity organizers to trick victims into transferring funds. Others pose as tech support or recovery agents to exploit those who have already fallen for scams.
Impersonation and fake authority messages
Scammers frequently pose as representatives from official bodies or customer support. They might claim to represent financial regulators, exchanges, or even law enforcement. The correspondence may warn that your wallet has been compromised or that new regulations necessitate immediate action. Victims are then urged to transfer funds to a “safe wallet” for verification.
Reports indicate that phishing campaigns can escalate significantly during major shopping events. Attacks associated with Black Friday surged by more than sixfold compared to early November, and Christmastime scams surged by over 300% during the busiest shopping week of the year.
Even more concerning is the evolution of technology. With AI, scammers can now replicate a person’s voice using as little as three seconds of audio, enabling them to deceive relatives or friends into believing they are communicating with you.
Fake holiday tokens and pump-and-dump projects
A rising trend during festive seasons involves fraudulent “holiday-themed” cryptocurrencies. For instance, a project appeared under the name Xmas Coin (XMAS), with promoters reportedly linked to previous “name-change” scams that rebrand and relaunch under new titles to mislead investors.
Analysts at Devsnightmare cautioned that early investors acquired nearly 40% of the total token supply at launch, maintaining around 27%, indicating classic pump-and-dump activity. Given concentrated ownership and recycled branding strategies, experts warn that Xmas Coin exhibits characteristics typical of a coordinated exit scam.
Investors should avoid any token offering that exhibits similar patterns or lacks transparency regarding ownership and liquidity.
Fake tech support and recovery offers
After someone has been scammed, another faction of fraudsters may reach out, claiming to assist in recovering lost funds. They often masquerade as blockchain investigators or legal service agents.
Desperate victims eager to recover their funds are misled into paying further fees or disclosing sensitive details. These follow-up scams typically arise right after holiday scam outbreaks, when victims seek help online.
Did you know? In a UK case reported in 2025, a couple lost over 250,000 pounds from their crypto wallet after being contacted by an individual posing as a member of a cybercrime unit. The caller alleged their personal information had been compromised. It was a “scare and impersonation” scam that combined trust exploitation with pressure tactics.
How to stay protected from crypto scams during holidays
Stay vigilant this holiday season: Verify every offer, utilize only official applications, safeguard your keys, enhance account security, reflect before acting on emotional impulses, authenticate charities and giveaways, and remain informed to keep your crypto secure from scams.
Here’s how you can protect yourself:
Be cautious of unsolicited offers: If someone unknown presents an investment opportunity, claims you’ve won a reward, or pressures you to act swiftly, pause and verify the source before proceeding.
Use only official links and apps: Download wallet or exchange apps exclusively from the company’s verified website or official app stores. Steer clear of links in emails or social media messages.
Never disclose private keys or recovery phrases: No legitimate organization or individual will ever request these. Keep them offline and safeguarded.
Implement strong security measures: Utilize two-factor authentication (2FA), unique passwords, and avoid public WiFi when conducting crypto transactions.
Be alert to emotional manipulation: Scammers often foster trust or instill fear to coerce you into decisions. Take time to verify before transferring any funds.
Verify charities and giveaways: Only donate to authenticated organizations, and be wary of claims promising to double your crypto.
Stay informed: Monitor alerts from trusted financial authorities and cybersecurity agencies. Awareness is one of the best safeguards.
The holiday season should be a time for joy, not regret. By taking your time, verifying sources, and recognizing warning signs, you can enjoy your holidays without falling prey to scams.
This article serves educational purposes and is not intended as financial or legal advice. If you suspect fraud, reach out to your exchange’s official support, report the scam to local authorities, and retain screenshots, addresses, and transaction hashes.
