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All You Need to Know About Crypto Scams



All You Need to Know About Crypto Scams

Photo by Tima Miroshnichenko from Pexels

Scammers keep their toes high to find several ways to hack and steal your hard-earned money. As the Bitcoin Books has increased in these years, it has created vast opportunities for fraud. In this article, we will talk about scams and how to avoid these scams. Let’s start.

Fake Websites

These websites mostly have similar interfaces but slight differences in domain names from sites they copy. All these sites look like duplicate versions of legitimate sites, which make it more difficult for the users to identify the difference. The fake crypto sites operate in these two ways:

1. Phishing Pages: In this scam, the details you enter, like the crypto exchange password of the recovery phase or any financial information, get into the hands of the scammers.

2. Straight Word Theft: Here, the website will allow the investors to withdraw some money. You will invest extra cash in that site if the investment runs well.

Phishing Scams

The phishing scams primarily target the information related to your wallets. The scammers will target the private keys required to see your funds in the wallet. The method of scams is similar to phishing attempts and related to the information above. Scammers will send you to email to the targeted audience related to the website and ask for their private key.

Pump/Dump Schemes

It involves a few tokens or coins that the fraudsters will hype up via social media or email blasts. They will create such hype that you will not want to miss the chances and rush to purchase those coins. After buying those coins, the price will rise. When the price gets up, then scammers will sell the holding, and it will cause a massive crash in the value of the asset.

Fake Apps

This is another way of scamming, where the hackers trick several investors with fake apps available in the App Store and Play store. Though these apps are found quickly and removed, it doesn’t mean that it is not impacting the information. Several people have downloaded these crypto apps.

Celebrity Endorsements

In this situation, the scammers claim or pose endorsements from influencers, business people, or celebrities to capture the attention of their targets. Sometimes, it also involves selling crypto, which does not even exist. These scams are very sophisticated and include glamourous brochures and websites appearing to show celebrity endorsements.

Giveaway Scams

Some scammers promise some people to multiply or match the crypto sent to them. this particular scam is popularly known as the giveaway scam. This is done with clever messaging. It will look like it came from a valid account and might create some sense of authenticity, but it will be fake. It is only a one-time opportunity to scam, leading the people to give their funds in the hope of great returns.

How Can You Get Protection From These Scams?

Several crypto frauds are highly convincing and sophisticated. Below are some steps to ensure protection:

Protect The Wallet

You must get a wallet if you are investing in a crypto wallet. Any form that requests you to share the private keys for participating in the investment opportunity is a scam. You must keep your private keys secret and do not share them with anyone.

Keep Your Eyes On The App

When you transfer money to the application, you must send a small amount to get confirmation about the legitimacy of that application. You must cancel the update immediately if you update the application and notice any suspicious behavior. It will be better to uninstall it.

Only Invest In Legitimate Coins

If you are not getting a clear idea about the crypto market, you must not rush to purchase any coin. You must never go on investing without doing proper research on your preferred crypto. Rushing will only lose your money in the crypto market or at the hands of scammers.

Take A Lot Of Time

The scammers mostly use urgency tactics to get their target to invest their money. For instance, by promising discounts and extra bonuses to participate right now. So, you need to delay the process by taking a lot of time before finalizing the deals.


As crypto has grabbed the world’s attention, there are fee scammers who want to manipulate it. They cannot hack the network because of high security; they want to target the audience with several other methods mentioned above. Many investors are investing in legitimacy and increased security.

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