Why holidays draw in crypto scammers
The holiday season is meant for relaxation, family, and joy. Sadly, it also becomes one of the peak periods for cybercriminals.
Scammers capitalize on the surge in online shopping, seasonal promotions, and emotional spending to deceive people into giving away their money.
For those in the cryptocurrency space, these scams can be particularly harmful since crypto transactions are usually irreversible. Scammers are aware that crypto transfers cannot be reversed, and many individuals are still in the process of learning how to manage their assets securely.
So, how do scammers target crypto users during the holiday season, and what strategies do they employ?
Let’s explore.
During the holidays, certain factors facilitate scams and make them harder to detect.
Firstly, people are online more. With online shopping, travel arrangements, and festive social media interactions, users encounter more advertisements and messages than usual. Scammers leverage this increased noise to insert fraudulent links or fake offers.
Secondly, emotions are heightened. People tend to be more generous, optimistic, and sometimes stressed. Scammers exploit these emotions to cloud judgment, using terms like “holiday bonuses,” “Christmas giveaways,” or “year-end investment opportunities” that appear urgent and exciting.
Thirdly, people are easily distracted. With packed schedules and celebrations, fewer individuals take the time to verify links, apps, or wallet addresses. A momentary lapse in attention can result in significant crypto losses.
What crypto scams intensify as fraudsters exploit the holiday season?
From phishing emails and fraudulent wallet applications to fake token sales and romance deceptions, criminals significantly escalate their schemes during the holidays, luring users with promises of bonuses, investments, and affection, all to steal crypto.
Phishing emails and counterfeit wallet sites
Phishing scams continue to be a leading method by which criminals steal crypto. During the festive season, they frequently disguise these attempts as promotional offers or account alerts.
For instance, a message might come from a supposed reputable exchange, like Coinbase or Binance, stating you have received a “holiday bonus.” The email would contain a link to a fake login page. Once your credentials are entered, the criminal can deplete your account.
Scammers have also developed counterfeit wallet apps that imitate legitimate ones. Past holiday seasons have seen fraudulent applications show up on Google Play and the Apple App Store pretending to be popular wallets. Once these apps are installed, they request private keys or seed phrases, sending that information directly to the scammers.
Counterfeit investments and token presales
Criminals frequently create fake investment platforms or “holiday token presales.” They promise guaranteed returns or exclusive early access to new coins or non-fungible token (NFT) collections. Victims are encouraged to deposit crypto on these platforms. After attracting sufficient investment, the website vanishes, and the scammers abscond with the funds.
In late 2025, law enforcement in London arrested five individuals suspected of orchestrating crypto scams that might have cost victims over 1 million British pounds. The scams allegedly involved websites touting presale investment opportunities in new cryptocurrencies, a well-known pattern in fraudulent presales promising substantial returns.
Romance and “pig butchering” scams
The holiday season can be a lonely time for many, making individuals more susceptible to emotional manipulation. In these scams, often termed “pig butchering,” perpetrators create false identities on dating or social platforms, building trust over weeks or months. Ultimately, they introduce crypto as a shared “investment opportunity.”
A widely reported case involved Shreya Datta, a tech worker in Philadelphia, who lost $450,000 after meeting a man on Hinge claiming to be a French wine trader.
Over several weeks, he earned her trust and convinced her to invest in what was presented as a legitimate cryptocurrency trading platform. The ruse collapsed when the app demanded a 10% “income tax” fee prior to permitting withdrawals, leading Datta’s brother to investigate and expose the fraud.
Many of these schemes intensify around Christmas and New Year, as victims become more emotionally vulnerable and online communication increases.
Did you know? A recent campaign dubbed “SparkCat” has reportedly infected Android and iOS applications on official platforms with a malicious SDK that uses optical character recognition (OCR) to capture crypto wallet recovery phrases. According to Kaspersky, the compromised apps were downloaded over 242,000 times from Google Play, and many developers were likely unaware that their applications had been compromised.
Impersonation and recovery scams surge during the holiday season
Fraudsters impersonate regulators, exchange personnel, or even charity representatives to trick victims into transferring funds. Others pretend to be tech support or recovery agents to exploit individuals who have already fallen victim to scams.
Impersonation and fake authority communications
Scammers commonly present themselves as representatives from official entities or customer support. They may claim to be affiliated with financial regulators, exchanges, or law enforcement agencies. The message may imply that your wallet has been compromised or that new regulations need immediate compliance. Victims are then asked to transfer funds to a “safe wallet” for verification.
Reports indicate phishing attempts can drastically increase in major shopping periods. Incidents related to Black Friday surged more than six times compared to early November, and scams themed around Christmas rose over 300% during the peak shopping week of the year.
Even more concerning is how technology has advanced; scammers can now replicate a person’s voice using just three seconds of audio, deceiving relatives or friends into thinking they are conversing with you.
Counterfeit holiday tokens and pump-and-dump schemes
Another rising trend during festive seasons involves fraudulent “holiday-themed” cryptocurrencies. One case involved a project named Xmas Coin (XMAS). The promoters of this coin have been linked to previous “name-change” scams, where projects rebrand and relaunch under new names to deceive unsuspecting investors.
Analysts at Devsnightmare have cautioned that early purchasers obtained nearly 40% of the total token supply at launch, holding around 27% thereafter, indicating classic pump-and-dump activity. Given this concentrated ownership and the use of recycled branding methods, experts warn that Xmas Coin displays characteristics typical of a coordinated exit scam.
Investors should avoid any token offerings that exhibit similar behaviors or lack transparency regarding ownership and liquidity.
Counterfeit tech support and recovery schemes
After a scam victimizes someone, another set of fraudsters may reach out to offer recovery of lost funds, often impersonating blockchain investigators or legal professionals.
Victims desperate to reclaim their money fall prey to paying extra fees or divulging sensitive information. These follow-up scams typically emerge immediately after holiday scam surges, when victims start searching for assistance online.
Did you know? In a UK case reported in 2025, a man and his wife lost over 250,000 pounds from their crypto wallet after being contacted by an individual claiming to be from a cybercrime unit, asserting that their personal information had been compromised. This was a “scare and impersonation” scam leveraging trust and pressure tactics.
How to protect yourself from crypto scams during the holidays
Stay vigilant this holiday season: Verify every offer, use only official applications, safeguard your keys, enhance account security, think before being swayed by emotion, confirm charities and giveaways, and remain informed to ensure your crypto is shielded from scams.
Here’s how to stay secure:
Be cautious of unsolicited offers: If someone you don’t know presents an investment opportunity, claims you’ve won a prize, or pressures you to act quickly, pause and validate the source before proceeding.
Utilize only official links and applications: Always download wallet or exchange apps straight from the company’s verified website or the official app stores. Refrain from using links in emails or social media messages.
Never disclose private keys or recovery phrases: No legitimate company or representative will ever request them. Keep them secure and offline.
Implement strong security measures: Utilize two-factor authentication (2FA), distinctive passwords, and avoid using public WiFi for crypto transactions.
Be wary of emotional appeals: Scammers often build trust or exploit fear to coerce you into decisions. Take time to validate before transferring any funds.
Verify charities and giveaways: Only donate to recognized organizations and be cautious of anyone claiming they will double your crypto.
Stay knowledgeable: Keep an eye on alerts from trusted financial authorities and cybersecurity organizations. Being informed is one of the best defenses.
The holiday season should be filled with joy, not remorse. By slowing down, validating sources, and recognizing warning signs, you can enjoy your holidays without falling victim to scams.
This article is intended for educational purposes and should not be considered financial or legal advice. If you suspect fraud, contact your exchange’s official support, report the scam to local authorities, and retain screenshots, addresses, and transaction hashes.
