If a crypto platform says you must send money before you can withdraw your own funds, stop: that demand is the defining move of one of the most common crypto scams. Here is how it works, how to spot it early and what to do if it is happening to you.
How the scam works
- The hook. An ad, a social media message or a new online friend points you to a trading platform promising quick profits, often from "arbitrage".
- Small wins. Your dashboard shows steady gains. A small first withdrawal may even go through, to build trust.
- The freeze. When you try to take out a larger amount, the account is frozen for a supposed rule breach, suspicious activity, tax or verification.
- The fee. To unlock it, you are told to send more crypto: a penalty, a tax, an insurance deposit or a verification amount.
- The moving target. After you pay, a new fee appears. Or the amount must be exact to the cent, and the platform always says it arrived slightly short.
- The recovery scam. Once you give up, someone offers to recover your funds, for an upfront fee.
Steps 3 to 5 match what reviewers described on the platform that ran on cryptomo.net in 2024, before the domain was registered by Cryptomo. Read about the change of ownership.
Why paying never works
The balance on your screen is a number in a database the scammers control. No trading ever happened. Each fee you send is new money for them, and the balance is never released because it never existed.
Warning signs
- A withdrawal fee you must pay separately, in crypto, instead of having it deducted from the amount you withdraw.
- Profits that are guaranteed or look too steady.
- Support only through Telegram, WhatsApp or the person who recruited you.
- Pressure: deadlines, or threats to confiscate your balance.
- A new domain, or a company you cannot find on any business register.
- Terms of service that call the platform a simulator or a game. One 2024 reviewer of the old cryptomo.net platform found exactly this, after losing money.
What to do if it is happening to you
- Stop sending money. No further payment will release the balance.
- Save evidence: screenshots, the site's address, wallet addresses, transaction IDs and chat logs.
- Report it: in Australia to ReportCyber and Scamwatch; in England, Wales and Northern Ireland to Report Fraud; in the United States to the FBI at ic3.gov.
- Tell the exchange or bank you bought the crypto through. They may be able to flag the receiving wallet.
- Ignore paid recovery offers, however official they look.
Where Cryptomo stands
Cryptomo is a payment gateway for businesses, not an investment or trading platform. We never charge a fee to unlock an account or release a withdrawal. Our only fees are listed on our pricing page: 1% per payment on the free Starter plan, less on paid plans.
Like any payment service, we may pause a payout to review it under our AML/CTF policy. A genuine review never asks you to send money to complete it. If anyone claiming to be Cryptomo asks you to, it is not us: please tell us through our contact page.
