21 July 2025

Cryptocurrency recovery scams – Scammers hit previous victims with claims of recovered funds

The FMA is warning about cryptocurrency recovery scams targeting New Zealand investors. These recovery scams target people who have already lost money to previous scams.

These scammers falsely claim that lost funds have been recovered, but this is an attempt to extract even more money from scam victims.

How the scam works

Scammers contact victims claiming to have recovered funds lost in a previous scam.
They often provide a cryptocurrency wallet address to their victims, saying the funds inside this wallet belong to the victim and are ready to be transferred.
These wallets are controlled by the scammers, and the funds will never be released.
The scammers claim the victim needs to transfer money or cryptocurrency before their funds can be released. Scammers provide a variety of reasons for this – they may claim the money is needed to cover taxes or transaction fees, or that it is required by a government agency as proof that the victim owns the account. While these details change, the common factor is the need to make a payment or transfer cryptocurrency.
If the victim makes this deposit, the scammer takes the funds, then says yet another payment is needed. Scammers will repeat this process for as long as the victim keeps making payments.
Once the scammers have extracted as much money as they can, they cut contact. Funds promised to the victim are never released.

What to do if you think you have been scammed

Stop all contact with the scammer and do not send any money.
Contact your bank or cryptocurrency exchange immediately, if they assisted you to transfer funds. Ask whether a transaction reversal is possible. If you sent money using another payment service provider or cryptocurrency exchange, ask them to trace the funds.
Tell a trusted relative or friend what has happened. They may help you see the situation more clearly, help you deal with the scammers, and suggest what to do next.
Contact the FMA if the trading platform you encountered is not listed in this warning so we can update the warning. By reporting, you help protect others from falling for the same scam.
If you are getting spam emails and text messages, report them to the Department of Internal Affairs.
Contact Victim Support on 0800 842 846. They can provide free emotional and practical support and information.
Contact ID Care on 0800 121 068. ID Care is a not-for-profit organisation that can provide advice and support on keeping your identity protected.
Contact Netsafe NZ – toll-free on 0508 NETSAFE (0508 638723) if you have given scammers remote access to your device.
Before you invest your money or contact a trading services provider, read FMA’s Scam basics page about what you are investing in and with whom.

Tips for avoiding recovery scams

Treat any organisation that claims they can help recover your scam losses with suspicion. Stay vigilant and consider whether it might be trying to target you with another scam.
If you’re unsure about a recovery agency, share the details with a trusted friend or relative, or seek professional advice. A view from someone independent can help highlight red flags.
Be careful about posting your scam story online – you may be making yourself more visible to recovery scammers. These scammers will search for social media comments or posts from people who have lost money, and sometimes use fake or hijacked social media profiles to make contact, saying they too have been a victim but were able to get their money back. They will recommend a company that can help – directing the victim to the recovery scammers.

We have confirmed that the organisations and websites below are associated with cryptocurrency recovery scams. We recommend extreme caution when dealing with any of the websites in this list.

This list will be updated as new information comes in.

ENTITY NAME	WEBSITE	EMAIL ADDRESS	PHONE	DATE ADDED TO WARNING
SolvaGlobal	solvaglobal.co.uk	[email protected]	-	21 July 2025