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Cryptocurrency investing can expose you to several risks at once: prices can fall quickly, a trading platform may restrict withdrawals or fail, scammers may steal funds, and lost wallet credentials can make assets permanently inaccessible. Depending on the asset and service, you may also have limited legal protections. You can lose some or all of the money you put at risk.
What are the risks of investing in cryptocurrency?
The risks are not limited to price swings. Market, platform, fraud, and access problems can overlap—for example, a sharp downturn may coincide with withdrawal restrictions or a service failure. The SEC’s March 2023 investor alert addresses crypto asset securities, not every crypto asset or service. It describes those investments as speculative and often volatile, and warns investors about illiquidity, platform failure or bankruptcy, assets becoming untradable, technical glitches, hacking, malware, and possible restrictions from government action. Customers may be unable to withdraw when they want, and recovery after a company’s financial failure can be uncertain.
- Volatility and illiquidity: A market price can change rapidly, and an asset may be difficult to sell at the price or time you want.
- Platform and service risks: A provider can experience technical problems, hacking, withdrawal limits, shutdown, or bankruptcy. Holding assets through a provider adds dependence on that provider’s systems and finances.
- Fraud and manipulation: A convincing website, endorsement, or promise does not establish that an investment is legitimate.
- Loss of access: If you control your own wallet, losing the key or recovery phrase can prevent access. If a provider controls access, its failure can disrupt your ability to reach assets.
The SEC’s Office of Investor Education and Advocacy puts the downside plainly: “The only money you should put at risk with any speculative investment is money you can afford to lose entirely.” Read the SEC’s March 23, 2023 alert on crypto asset securities for its full scope and caveats.
Can you lose all your money in crypto?
Yes. You could lose some or all of the money you invest if an asset loses value, becomes difficult or impossible to trade, a platform fails or blocks withdrawals, or fraud or a security incident causes a loss. With self-custody, loss of the private key or seed phrase can also mean permanent loss of access, even if the asset still exists on a blockchain.
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These risks do not mean every crypto asset or platform will fail, and they do not establish a uniform level of legal protection. The SEC’s warnings about crypto asset securities should not be read as a claim that every crypto asset has the same regulatory status or investor protections.
How do cryptocurrency scams work?
Scams often rely on urgency, trust, or the appearance of authority. A person or website may claim to be a government agency, a known expert, an investment adviser, or a legitimate trading business. Treat extraordinary or guaranteed returns as a warning sign: the SEC and CFTC’s 2019 alert cites promised returns of “20-50%” as an example of claims made in cases they observed then. That figure is neither a current return estimate nor a measure of how common such claims are.
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- Proven security at scale: Over 9 years and millions of cards issued with no known remote hacks, while military‑grade EAL6+ security keeps your private keys locked inside the chip. Your cryptocurrencies stay strongly protected from online attackers.
- Tap once to manage your entire crypto wallet across 90 blockchains - no USB cables or Bluetooth, no batteries, no setup. Access 14,100+ coins & tokens, DeFi, NFTs, and staking instantly from your phone
- Smart backup: Use your second Tangem Wallet as your Backup keys with end‑to‑end encryption; no more papers, pictures. If one card is lost, the remaining can still restore full access, with an optional seed phrase available for advanced users.
- Engineered to last up to 25 years: Waterproof (IP69K), shockproof and tested for extreme temperatures from −25°C to 50°C. A durable cold wallet with long‑term protection and independently audited security.
- Trusted by 6 million users worldwide (4.9 App Store, 4.8 Google Play) - buy, sell, swap, stake, and spend cryptocurrency directly. The secure offline storage wallet designed for how people actually use crypto wallets
Common warning signs
- Guaranteed high returns with little or no risk: The SEC and CFTC warn that purported digital-asset trading and advisory businesses have used this pitch. A promise of high returns without meaningful risk is a fraud warning sign, not proof of a safe opportunity.
- Upfront fees to unlock funds: A supposed platform or helper may say your account is frozen and demand payment before releasing assets. The SEC’s May 2024 alert describes this advance-fee tactic.
- Recovery offers after a previous loss: Someone may claim they can recover money lost to a scam or bankruptcy, then ask for a private key, recovery phrase, or more funds. The SEC says recovery can be difficult because funds may be hard to trace and can be quickly sent abroad.
- Impersonation or false approval claims: A scammer may pose as an agency or known person, or imply that an investment has SEC approval. A Form D filing is not evidence of SEC approval or registration.
- Requests for wallet secrets: Anyone asking for your private key or seed phrase can potentially gain control of your wallet. Do not share them with a purported custodian, support agent, recovery service, or agency.
For details on advance-fee and recovery tactics, see the SEC’s May 29, 2024 crypto scam alert. Investor.gov also describes relationship-investment scams, impersonation, and misleading claims of SEC approval on its crypto-assets resource page. The joint SEC/CFTC warning about purported trading websites is dated April 24, 2019.
What happens if you lose access to a crypto wallet?
A wallet does not hold the crypto assets themselves. It stores or manages the keys and passcodes used to access assets and authorize transactions. A private key authorizes transactions; a public key can be used to receive assets but does not authorize spending. A seed phrase can restore a wallet if a device or software is lost or damaged, which is why it must be kept secure and never shared.
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- Suitable size: the cold wallet backups are compatible with BIP39 wallets, can work with most hardware wallets, supports up to 24 mnemonics seed phrases, convenient for you to use in coordination with other crypto seed storage devices and wallets
- Multiple ways of locking: you can use the matching screws to lock up the steel bitcoin wallets; You can also lock them up and hide them in other places if you still feel unsafe; The hole on the bitcoin wallet measures 6 mm/ 0.24 inch in diameter, suitable for hanging
If you lose the private key or seed phrase needed to restore a self-custody wallet, you may be unable to access the assets permanently. The SEC’s December 12, 2025 custody bulletin states: “If you lose your private key, you permanently lose access to the crypto assets in your wallet.” Losing a device does not necessarily mean losing access if you still have a usable recovery phrase; losing both the credentials and recovery method can leave no way to restore access.
If an exchange or other provider manages access, losing an account password may be handled through that provider’s account-recovery process. But recovery depends on the provider, and hacking, shutdown, or bankruptcy can disrupt access or leave recovery uncertain. Do not assume a provider can restore assets in every circumstance.
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Self-custody and third-party custody: what changes?
Custody describes how and where you store and access crypto assets. The SEC staff’s December 2025 bulletin distinguishes self-custody, where you control the keys, from third-party custody, where a service provider manages access. Neither arrangement removes risk; they place control and responsibility in different hands.
| Consideration | Self-custody | Third-party custody |
|---|---|---|
| Control and responsibility | You control the private keys and must protect them and the recovery phrase. | The provider manages access; you depend on its account and custody systems. |
| Access recovery | A seed phrase may restore a wallet after a device or software problem. Losing the key and recovery phrase can mean permanent loss of access. | Account recovery depends on the provider. A provider incident or failure can interrupt access. |
| Provider failure | No custodian is managing access, but you remain responsible for your own key security and backups. | Hacking, shutdown, or bankruptcy can disrupt access; recovery after financial failure may be uncertain. |
| Technical burden and cost | You handle key management and wallet setup. Physical devices for cold wallets typically cost money; transactions can also involve fees. | The provider handles key management, but fees and specific service terms vary; the bulletin does not state a universal cost. |
| Security practices | Protect keys and seed phrases, guard against phishing, and secure associated accounts. | Research the custodian, use a strong password and multifactor authentication where available, and watch for phishing. |
The SEC bulletin notes that both self-custody and third-party custody can use hot or cold options. Hot wallets are connected to the internet; cold wallets are kept offline. A physical cold wallet is one device option, not a guarantee against loss, theft, mistakes, or scams. The bulletin represents SEC staff views and is not a Commission rule, regulation, or statement, and it does not create legal obligations. See Crypto Asset Custody Basics for Retail Investors, published December 12, 2025.
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How to reduce avoidable risks
- Research a custodian or trading platform before depositing funds; understand who controls access and what happens if withdrawals are restricted or the provider fails.
- Never share a private key or seed phrase. Store recovery information securely and separately from routine login details.
- Be suspicious of guaranteed returns, urgent payment demands, unexpected recovery offers, and people claiming official approval.
- Use strong, unique passwords and multifactor authentication for accounts that support them, and verify messages and websites before signing in.
- Decide in advance how much you can afford to lose entirely; do not treat the possibility of recovery as protection against loss.
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
