With billions invested crypto, the space has become a stomping ground for scammers, and every year these scams become more and more complex. We’ll be going through some of the most unique, devious and unassuming ways people are losing their funds, to hopefully save you from losing yours. And stay tuned for #4, it fools 90% of investors...
#1 - The Fake Airdrop Scam
Airdrops are a popular way for crypto projects to distribute tokens to a large number of people. Scammers have taken advantage of this new meta and are creating fake airdrops to trick people into giving away their private keys. Be careful before participating in any airdrops, and always verify the legitimacy of the project before sending any tokens.
Also, Twitter accounts get hacked all the time (like Azuki’s a few weeks back) , so be very VERY careful what links you click even if they’re from legitimate pages.
#2 - The Fake Wallet Scam
Crypto wallets are essential tools for storing and managing your cryptocurrency, but scammers have found a way to create fake wallets that look just like the real thing. They usually offer these wallets for free, but in reality, they now have access to your funds.
Always download your wallets from the official website of a project, and triple check where your funds are stored.
#3 - The Crypto Bots Scam
Crypto trading can be very lucrative, which is why scammers have found a way to exploit the market by creating fake trading bots and software. They promise high returns and use fake testimonials to lure people into investing in these schemes.
Once they have your money, they disappear into thin air, leaving you with nothing but regrets. This is why it’s imperative that you always do your research before investing in any trading software or bots, and never invest more than you can afford to lose.
#4 - The ICO Scam
This one fools a lot of people, because of the large amount of upside that ICOs promise. Initial Coin Offerings (ICOs) are a popular way for crypto projects to raise funds before fully launching to the public. Sadly, scammers have also adopted this as a method to steal customer funds, by creating fake brands & ICO websites to trick people into investing.
The massive return potential is the carrot on the stick, while they use fake team members and advisors to gain credibility. They’ll keep the whole charade going as they raise the funds, but as soon as the milestone is hit, they disappear.
Once again, always verify the legitimacy of the project before investing, and never make snap decisions with large amounts of money.
#5 - The Crypto Giveaway Scam
Apart from accounts that create fake giveaways to engagement farm, there are also scammers who create fake giveaways to steal your funds.
They usually promise to send back a larger amount of tokens, but in reality, they're just trying to steal your crypto. Always be wary of any giveaways that require you to send cryptocurrency first, you should basically never do this, it’s just not worth the risk. And once again, NEVER give away your private keys to anyone.
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