Donating with crypto? Watch out for scams.

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You may have heard that the government of Ukraine is receiving donations by cryptocurrency. Unfortunately, scammers have heard this too and they’ve been posting on social media, as well as sending direct messages, to trick people into sending them money.

We’ve heard reports of dishonest people setting up accounts on cryptocurrency exchange platforms. They’re lying and saying that any donations they collect will help people in Ukraine. But instead of using the official government of Ukraine’s wallet address, they’re using their own — and the money is going straight to scammers. Especially in these hard times, people want to know the money to help people in Ukraine is going where it’s needed, and not getting wasted on scammers.

So, if you want to donate to help Ukraine by using cryptocurrency or any other payment method, and you want to be sure your money goes where it will do the most good, slow down.

• Check out the charity organization or individual requesting donations. Search online for the name of the group, plus words like “review,” “scam,” or “complaint.” And see what groups like the BBB Wise Giving Alliance, Charity Navigator, and CharityWatch are saying about the charity you’re considering. For more information on how to research organizations, visit ftc.gov/charity.
• Before donating money by using cryptocurrency, do an online search of the wallet address. Confirm that you’re sending money to the real address. Anyone can create websites and social media posts requesting that you donate with cryptocurrency. If someone got in touch out of the blue to ask for money, even a donation, it might be a scam. Remember that you can’t typically reverse cryptocurrency payments and you can’t get the money back unless someone sends it back to you. Visit ftc.gov/cryptocurrency for more information on avoiding crypto scams.

If you spot a scam, report it to ReportFraud.ftc.gov and to your state attorney general. Be sure to include the scammer’s cryptocurrency wallet address in the report.

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