The "Unclaimed Crypto Fortune" Scam: How Fraudsters Trick Victims Out of Real Money With Fake Promises

Imagine the phone rings. The caller ID might even look official. On the other end, a confident, professional-sounding person tells you they’re from a government agency, a law firm, or a cryptocurrency exchange. They have astonishing news: a substantial amount of cryptocurrency - Bitcoin, Ethereum, or another digital currency - has been discovered under your name.
Perhaps it's from an old account you forgot, an inheritance from a distant relative, or the result of a class-action settlement. The story is designed to sound plausible and incredibly enticing. But this isn't a lucky break; it's the beginning of an elaborate and devastating scam designed to steal your real money.


How the Scam Works: A Step-by-Step Breakdown

This "unclaimed money" scam, modernized for the digital age, follows a carefully crafted playbook of psychological manipulation.

Step 1: The Unsolicited "Official" Contact

The scam begins out of the blue. You receive a call, email, or even a text message. The caller will often use sophisticated spoofing technology to make their number appear to be from a legitimate organization, such as:

• The "Internal Revenue Service (IRS)" or another tax body
• A fictitious "Bureau of Unclaimed Cryptocurrency Assets"
• A well-known crypto exchange like Coinbase or Binance
• A law firm handling a "estate" or "settlement"

This initial contact establishes a false sense of authority and legitimacy.

Step 2: The Too-Good-To-Be-True Story

The fraudster weaves a compelling narrative to explain why you have this forgotten fortune. Common stories include:

• "A distant relative you never met passed away and left a crypto wallet with no beneficiary. As their next of kin, you are entitled to it."
• "You opened a cryptocurrency account during the [year] boom and forgot about it. It's now worth a significant amount."
• "There has been a major settlement against a fraudulent crypto company, and you are owed a payout."

They will use technical jargon and official-sounding language to overwhelm your skepticism and make the story seem real.

Step 3: The Hook – The Required "Fee" or "Tax"

Here’s the catch: before you can access your millions, you must pay an upfront fee. By doing this, they try to mimic the real process where you receive legitimate payment or expense requests from official financial or governmental institutions while your funds are being recovered. They might call it:

• A "release fee" or "processing fee" to unlock the funds
• A "tax payment" or "government transfer fee" that must be settled first
• A "wallet activation cost"
• A "security deposit" to verify your identity

They will emphasize the urgency of the payment, pressuring you to act quickly before the "opportunity expires" or the "funds are returned to the state."

Step 4: The Payment Demand

The scammer will instruct you to send the money in a way that is irreversible and untraceable, making it nearly impossible to get your money back. They will insist on:

• WesternUnion transfers directly to a "trust account"
• Cryptocurrency payments through crypto ATM (e.g., sending Bitcoin to their personal wallet)
• Gift cards (iTunes, Google Play, Amazon) – where you read the codes over the phone
• Prepaid debit cards (like Vanilla or MoneyPak)

They may even provide fake documents, invoices, and official-looking websites to back up their claims.

Step 5: The Disappearing Act

Once you send the money, one of two things will happen:

1. They vanish immediately. The phone number is disconnected, the email bounces back, and your "unclaimed crypto fortune" never materializes.
2. They double-dip. They might call back with another problem—another fee is required, or the transfer was "held up at customs." They will continue to milk you for as much money as they can until you have nothing left to give or you realize it's a scam.

Why This Scam is So Effective

• Preys on Greed and Hope: The promise of life-changing money clouds judgment and overrides natural caution.
• Creates False Authority: Spoofed numbers and official-sounding titles make the scam seem legitimate.
• Uses Urgency and Secrecy: Scammers pressure you to act quickly and may tell you not to tell anyone (like your bank or family) because it's a "confidential government matter."
• Exploits Lack of Knowledge: Many people don't fully understand how cryptocurrency works, making them more vulnerable to technical-sounding lies.

How to Protect Yourself: The Golden Rules

1. Be Deeply Skeptical of Unsolicited Contact. If you didn't initiate the contact, assume it's a scam until proven otherwise. Hang up and independently find the official contact number for the organization they claim to represent. Call them directly to verify the story.
2. Never Pay with Irreversible Methods. Any demand for payment via WesternUnion transfer, gift cards, or crypto ATN is a massive red flag. These methods are favored by scammers because they are like sending cash—once it's gone, it's gone.
3. Verify "Unclaimed Property" Officially. In the real world, unclaimed property (from old bank accounts, utility deposits, etc.) is handled by your state's official Unclaimed Property Office. You can search for your name for free on the official websites. Cryptocurrency is almost never handled this way.

What to Do If You've Been Targeted or Scammed

• Stop All Contact. Cease all communication with the scammer immediately.
• Report It. Report the scam to your local law enforcement and the ECFIU.
• Contact Your Bank. If you sent money via wire transfer or debit card, call your bank or wire transfer company immediately and explain you were a victim of fraud. They may be able to stop the transaction if you act quickly.
• Warning: If you sent cryptocurrency and the amount exceeds €25,000.00, you should immediately report it to the ECFIU for further assistance. The sooner you report it, the higher the chances of a successful refund.

Remember, if a stranger calls with news of an unexpected fortune, your response should be one of extreme skepticism, not excitement. In the world of scams, if it sounds too good to be true, it absolutely is. Protect yourself by hanging up and walking away from this modern-day trap.

If you are a victim of an unclaimed funds fraud, you should immediately report the incident to ECFIU.