In short
- Any offer to send back more than you send is a scam, whoever appears to be making it.
- Hijacked accounts, fake livestreams and bot comments are used to make giveaways look real.
- Unexpected "gift" tokens and pages asking you to connect a wallet and approve something can empty the wallet.
The doubling trick
The message is always a variation on the same idea: "To celebrate, we are giving back. Send any amount to this address and receive double back." It may appear to come from a famous entrepreneur, a well-known company, a sports club or a crypto project. There is often a countdown, a limited number of places and a list of people who have supposedly received their reward already.
The rule is simple and has no exceptions: nobody gives away money by asking you to send money first. Whatever you send goes straight to the fraudster and does not come back.
How fake giveaways are made convincing
Hijacked and look-alike accounts
Fraudsters break into real accounts with many followers, including verified ones, and use them to post the offer. Others create look-alike profiles with almost the same name and picture. Verification badges on some networks can be bought, so they are no longer proof of identity.
Fake livestreams
A video channel shows an old interview with a famous person, edited or generated with AI so that they appear to talk about the giveaway, with a QR code or an address on screen. The channel may have been stolen from someone else and renamed. The video looks live, but it is a recording on a loop.
Bot replies and fake proof
Underneath the post, dozens of accounts reply "It works! Just got mine back!" Screenshots of transactions appear. These are made by the same people running the scam. Some fraudsters even send funds from one of their own addresses to another so that the giveaway address seems to be paying out.
Fake event pages
A professional-looking website announces a giveaway linked to a real event, a product launch or an anniversary. The page often copies the design of a real company's site. As with every phishing page, the address is what gives it away.
The "gift" token and the wallet approval trick
A newer variation does not ask you to send anything at all. Instead, unexpected tokens appear in your wallet, often with a name that includes a web address, or you see an advert saying that tokens are waiting for you. When you visit the site and "connect" your wallet, it asks you to approve a transaction or sign a message to receive your gift.
What you are really signing may be a permission that allows the site to move assets out of your wallet later. Some wallet software shows a warning, but the text can be technical and easy to click past. The safe approach:
- Ignore tokens you did not expect. Do not try to move or "claim" them.
- Do not visit web addresses written inside token names or messages.
- Never approve a transaction or sign a message you do not fully understand, especially on a site you reached through an advert or a link.
Why people still fall for it
Giveaway scams work on a small percentage of people, but they reach millions, so they pay off for the fraudster even with a very low success rate. They use excitement, the fear of missing out and the borrowed reputation of famous names. The amount people send is often small at first, which makes the decision feel harmless. The fake proof in the comments does the rest.
A quick test
Ask one question: am I being asked to send something, or to approve something, before I receive anything? If the answer is yes, it is not a giveaway. Close the page and report the post to the platform.
Reporting a fake giveaway
Every social network and video platform has a way to report impersonation and scams, usually from the menu next to the post, profile or video. Reporting helps the platform remove the content faster and protects the people who would have seen it after you. If the account belongs to a real person or company whose account was hijacked, you can also let them know through their official website. Do not reply to the post or argue in the comments: replies can push it higher in other people's feeds. If you already sent funds, follow the steps below and include the address of the post and the receiving wallet address in your report.
Red flags of a fake giveaway
| Red flag | What it usually means |
|---|---|
| "Send any amount and get double back" | A doubling scam. Nothing comes back. |
| A famous person "announces" it in a livestream or a reply | The account or video has been hijacked, faked or edited. |
| Many replies saying "it worked for me" | Bot accounts run by the same fraudsters. |
| Tokens appear in your wallet that you did not expect | Bait to lure you to a draining site. |
| A site asks you to connect a wallet and approve to receive a gift | You may be signing away permission to move your assets. |
If it already happened
Stop sending anything and end contact with the person or platform, whatever they promise or threaten. If you paid from a bank account or card, call your bank straight away using the number on your card. Change the password of your e-mail account first, then of any other account you may have exposed. Keep every message, website address, wallet address and transaction reference. Then report it: our reporting page lists official channels in the EU, UK and US, and the first-hour checklist puts the steps in order.
Printable checklist
Is this message a scam? — If you tick even one box below, stop and check through a channel you choose yourself.
Sources
This guide is general safety education. It is not financial, legal or security advice for your individual situation, and it does not recommend acquiring, holding or disposing of any crypto-asset. If you think you are dealing with fraud, contact your bank and the police.