Hit by a Crypto Scam? Ohio Offers 6 Steps to Take Before It Gets Worse
Kevin Helms
Featured
Hit by a Crypto Scam? Ohio Offers 6 Steps to Take Before It Gets Worse
Ohio’s six-step crypto fraud rescue plan puts victims in control, arming them with powerful tools to freeze wallets, preserve evidence, protect identities, and fight back.
Ohio’s 6-Step Blueprint for Crypto Scam Victims: From Wallet Freeze to Reporting
The Ohio Attorney General’s Office published a detailed consumer advisory on June 11 addressing the rise in cryptocurrency-related fraud and offering a six-step response framework for victims. The guidance reflects growing concern over the vulnerability of digital asset investors as economic instability and public interest in crypto continue to increase. Highlighting the appeal of crypto to bad actors, the office stated:
Common types of crypto include bitcoin, ethereum, binance and ripple. Scammers like to request crypto because it lacks many of the same protections that other payment forms provide and is hard to trace once the money is sent.
The first step outlined in the advisory is to stop sending any further cryptocurrency. Scammers often follow up initial contact with fraudulent offers to recover stolen funds, posing as government officials, recovery agents, or attorneys. These second-wave scams are designed to extract even more money from already victimized individuals. The second step calls for compiling a full record of the scam, including any chat transcripts, emails, website URLs, phone numbers, and transaction receipts. Preserving evidence is critical for potential law enforcement investigations and future recovery efforts.
Third, the Attorney General’s Office advises victims to safeguard their financial accounts and personal identity. If sensitive data or payment information was shared, consumers should request a fraud alert or credit freeze from the three major credit bureaus—Equifax, Experian, and Transunion. These actions are free and won’t impact credit scores.
Fourth, victims should promptly report the scam to relevant local, state, and federal authorities, including the Ohio Department of Commerce’s Division of Securities, the U.S. Commodity Futures Trading Commission (CFTC), and the U.S. Department of Justice (DOJ).
Fifth, the guidance recommends seeking professional help by reviewing homeowner’s insurance for identity theft coverage, consulting a tax expert about potential deductions, or working with a nonprofit credit counselor or financial adviser. Finally, the sixth step encourages individuals to evaluate how the scam happened, noting that common online behaviors—such as interacting in investor groups, responding to giveaways, or subscribing to promotional content—often put consumers at risk. While regulators emphasize the dangers, crypto proponents argue that education and proper security practices can help users benefit from the underlying technology without falling victim to fraud.
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