Crypto Scams

let's discuss about some common crypto scams~

Fake websites/Phishing Scam: Scammers create fake websites that look like legitimate cryptocurrency trading platforms or official crypto wallets. They trick victims into entering sensitive information, such as private keys, which they then use to steal cryptocurrency.

Pump and dump schemes: Scammers hype up a particular coin or token through email blasts or social media, causing a surge in its price. As unsuspecting traders rush to invest, the fraudsters sell their holdings, triggering a crash and leaving investors with losses.

Fake apps: Scammers create fake apps that look like legitimate cryptocurrency wallets. These apps are often found on Google Play and the Apple App Store. Once downloaded, the apps steal cryptocurrency from users' wallets.

Celebrity endorsements: Scammers claim celebrity endorsements to lend legitimacy to their schemes. They create glossy websites and brochures featuring famous personalities, enticing novice investors into buying non-existent cryptocurrencies.

Giveaway scams: Scammers promise to match or multiply the cryptocurrency sent to them in a giveaway. They often use well-crafted messages and fake social media accounts to create a sense of urgency and legitimacy.

Blackmail and extortion: Scammers send threatening emails, claiming to possess records of the user's visits to adult websites. To avoid exposure, victims are coerced into sharing private keys or sending cryptocurrency to the scammers.

Cloud mining scams: Companies offer to rent out mining hardware for a fixed fee and a share of the anticipated revenue. Unfortunately, many of these ventures are fraudulent or inefficient, resulting in financial losses or lower-than-expected earnings.

Fraudulent initial coin offerings (ICOs): Scammers deceive investors by promising discounts on new crypto coins in exchange for established cryptocurrencies like bitcoin. These ICOs often turn out to be elaborate scams, complete with fake offices and sophisticated marketing materials.

Let's discuss about,how to protect yourself from crypto scams & how do u guys safe/do proper use of your crypto portfolio?