Crypto Scams to watch out for!?!?

Les Chan
1 min readMar 27, 2024

Here’s a guide to common crypto scams that investors should be cautious of:

Investment Scams:

Bad actors entice people with promises of “huge gains.” They convince victims to send their cryptocurrency to the fraudster, but in reality, the investment doesn’t exist or is fraudulent1.

Phishing Scams:

Scammers reach users via email or messages with malicious links. These links lead to fake websites that steal login credentials or private keys. Always verify the authenticity of communication and avoid clicking suspicious links2.

Fake Apps and Exchange Websites:

Fraudsters create fake apps or websites that resemble legitimate cryptocurrency exchanges. Unsuspecting users may deposit funds into these platforms, only to find their assets stolen1.

Giveaway Scams:

Scammers promise free crypto in exchange for a small initial payment. Victims end up losing their funds without receiving any giveaway3.

Pump-and-Dump Schemes:

Manipulative groups artificially inflate the price of a low-volume cryptocurrency (pump) and then sell off their holdings (dump), causing the price to crash. Retail investors often suffer losses in such schemes1.

Social Engineering Scams:

Scammers exploit human psychology by creating urgency or fear. They may impersonate customer support, friends, or influencers to deceive victims into revealing sensitive information or transferring assets3.

Remember to stay vigilant, conduct due diligence, and be cautious when dealing with cryptocurrencies. If something seems too good to be true, it probably is! 🚫🔍

 by the author.

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