Someone offered to grow my money

Early investors may make money. People who invest later usually lose theirs.

A Ponzi scheme is named after Charles Ponzi. Most of the money he took was used to pay earlier investors. It collapsed when he could not bring in enough new money to keep paying. What the source says he offered them is not repeated here.

A pyramid scheme works in a similar way, except that people are paid a commission to recruit others. It is also called franchise fraud, multi-level marketing, or a chain referral scheme. It can look profitable at the start, which brings in more people and more money. It collapses when new joiners stop. Most or all of the money is usually gone, and the people who set it up took most of it.

Be wary of a contact out of the blue, of pressure to invest quickly, or of a promise that sounds too good to be true. If a financial business contacts you unexpectedly, reply only using the details on the Firm Checker.

Most crypto activity in the UK is not regulated. If the risk warning is missing and you are offered an incentive to join, the firm is not following the FCA's rules. The FCA says that could be illegal, or even a scam. Be prepared to lose all the money.

If you are worried about a possible fraud, or think someone has contacted you to defraud you, report it to the FCA on 0800 111 6768 or through its contact form.

If the matter is outside what the FCA regulates, or you have lost money, contact Report Fraud on 0300 123 2040, or on the website the FCA links.

Check the firm on the Firm Checker. The firm reference number and the contact details you were given should match. If the Checker has no contact details, or the firm says they are out of date, call 0800 111 6768. Use the address on the Checker, not a link in an email or on a company website.