In 2025–2026, investment scams have evolved far beyond simple phishing emails or fake trading platforms. A new class of fraud is emerging — one that specifically targets startup founders, CEOs, and company executives during fundraising processes.

This is not a low-level scam. It is a highly structured simulation of a real investment deal, designed to deceive experienced professionals.

According to the Federal Bureau of Investigation, cyber-enabled fraud losses reached nearly $21 billion in 2025, with investment scams among the fastest-growing categories. At the same time, blockchain analytics reports show that investment-related crypto scams remain the dominant fraud type, accounting for a major share of illicit flows.

This article breaks down how this specific scam works — and why even experienced founders fall for it.

Why Founders Are a Prime Target

Unlike retail investors, startup founders operate in an environment where:

• large transactions are normal
• deals involve multiple intermediaries
• confidentiality and urgency are expected
• negotiation processes can be complex and opaque

Scammers exploit this context. They don’t try to “convince you to invest.” They position themselves as the investor.

This flips the psychological dynamic: you are no longer cautious — you are evaluating an opportunity.

The Setup: A Perfectly Simulated Investment Process

The scam typically begins with a seemingly legitimate outreach.

A “family office” or investment firm contacts you via:

• your company website
• email inquiry
• LinkedIn or referral-style introduction

The firm exists. That’s what makes it dangerous.

• It has a real website
• Registered corporate data
• Publicly listed executives

However, the person contacting you is not verifiable, has no credible digital footprint and may use a blank or newly created profile.

From there, the interaction escalates.

You’ll have:

• multiple calls (sometimes video)
• detailed discussions about your business
• realistic questions about growth, market, and structure

Also Read: QNET Review 2026: Business Opportunity or High-Risk Scheme?

The Deal: Where Everything Still Looks Legitimate

At this stage, the scam becomes highly convincing.

You are offered:

• a substantial investment
• realistic terms
• a commission (often 2–3%)

Importantly: the commission is framed as payable only after funds are received. This removes immediate suspicion. Contracts may even be signed. Documents may appear legitimate.

In some cases, scammers provide:

• AML-style paperwork
• structured investment agreements

Everything aligns with real-world fundraising practices.

The Critical Trap: The “Test Transaction” Mechanism

This is where the fraud actually happens.

Step 1: Wallet Requirement

You are told:

• the commission must be paid in crypto
• funds must be held in a private wallet (not an exchange)

Reason given: “Exchanges sometimes block transactions.” This sounds plausible.

Step 2: Proof of Funds

You are asked to:

• show your wallet balance
• confirm you control it

Often during a live call.

Step 3: The “Test Transaction”

You are instructed to send a small amount (e.g., $1) to yourself .

But with a twist: you are told to modify the address slightly (e.g., adding a suffix like “.test”). This exploits how some wallet interfaces display addresses.

Step 4: The Illusion of Return

Shortly after:

• you receive a transaction back
• from an address that looks like yours

But it is not. This is a spoofed address, designed to visually match yours.

Step 5: The Final Transfer

Now comes the critical moment. You are told:

• send the full commission amount to the “same address”

But you are actually sending funds to the attacker. At that point funds are gone and the transaction is irreversible.

Technical Breakdown: Why This Works

This scam does not rely on hacking. It exploits interface limitations and human perception.

Key techniques include:

• Address similarity attacks (matching first/last characters)
• UI truncation (wallets display shortened addresses)
• Transaction spoofing (attacker sends small funds from similar address)
• Automation (large-scale generation of lookalike wallets)

Research shows that crypto scam operations often use clusters of coordinated addresses to scale attacks and maximize extraction efficiency.

Structural Analysis: What Type of Scheme Is This?

This scam is a hybrid of several fraud categories:

Unlike traditional scams, this model is process-driven, not message-driven. It doesn’t trick you in one step — it walks you through a deal.

Also Read: Crypto Scams in 2026: What’s Getting People Trapped — and What to Do If It Happens

What Happens After You Send Funds

Once funds are transferred:

• they are quickly split across wallets
• routed through exchanges or mixers
• moved across chains

Recovery becomes extremely difficult. This is a fundamental limitation of blockchain systems: transactions are final by design.

Risk Assessment

Conclusion: Is This a New Type of Scam?

Yes — and it represents a shift. This is not a random fraud attempt. It is a simulation of a legitimate investment process. The system does not break blockchain technology. It exploits:

• how deals are structured
• how trust is built
• how interfaces display data

A clear conclusion:

If an investor asks you to perform any crypto transaction before sending funds — especially a “test transaction” — you are not closing a deal. You are entering a scam.

FAQ

Why target startup founders instead of retail investors?

Because founders expect large deals and are more likely to engage in complex transactions.

Is paying commission in crypto normal?

No. This is a major red flag, especially before receiving funds.

Why use a “test transaction”?

To build trust and manipulate perception of wallet control.

Can blockchain transactions be reversed?

No. Once confirmed, they are final.

How to verify a real investor?

Always confirm identity through official company channels — not just email or calls.

Can this happen in real VC deals?

No legitimate investor requires pre-payment in crypto.

Sources

• FBI — Internet Crime Report 2025 (IC3)
• FBI Press Release — Cryptocurrency & AI Scams (2026)
• Chainalysis — Annual Crypto Crime Report (overview)
• Government Technology — FBI Crypto Fraud Summary (2026)
• Academic Research — Web3 Scam Structures (2025)

Need Help?

If you interacted with a potential investor and were asked to perform a crypto transaction, you can request a transaction analysis. Specialists of the Stock View team can review wallet activity and help identify potential fraud risks.