Scammed in crypto? What to do in the first hour in India

Step 1: Report it now

Call 1930, the national cyber-crime helpline, or file a complaint at cybercrime.gov.in. Money that has just moved, especially through a bank or UPI, can sometimes be frozen if reported fast. Note your complaint number.

Step 2: Alert your exchange

If the funds went through an Indian exchange, contact its support through the official app. Give them the transaction hash and the scammer's address. Exchanges can sometimes freeze funds that arrive on their platform.

Step 3: Alert your bank

If you paid by UPI or bank transfer, call your bank's fraud line and ask them to raise a dispute and flag the receiving account.

Step 4: Secure what's left

• If you shared a seed phrase, move remaining funds to a new wallet with a new seed phrase right away.
• If you approved a malicious contract, revoke the approvals.
• Change your exchange password and turn on an authenticator app.

Step 5: Save the evidence

Keep chats, usernames, phone numbers, websites, screenshots, wallet addresses and transaction hashes. Find your transaction on a block explorer and save the page. How to read a block explorer.

Step 6: Watch for recovery scams

After a loss, you may be contacted by "recovery experts", "hackers" or fake police who promise to get your money back for a fee. Real police and courts don't charge you to investigate.

Can I claim the loss in my taxes?

India's crypto tax rules don't allow losses to be set off, and there is no clear relief for scam losses. Talk to a CA if the amount is large. Why crypto losses can't be set off.

Sources

• National Cyber Crime Reporting Portal (helpline 1930)

• scams
• security