🦠 Common Crypto Scams & How to Avoid Them

Crypto offers incredible freedom and opportunity—but with that freedom comes risk. Since blockchain transactions are irreversible and mostly anonymous, it’s a playground for scammers. 🕵️‍♂️💰

Every year, billions of dollars are lost to crypto scams—and most of them are preventable. In this guide, you’ll learn about the most common scams in the crypto space and how to protect yourself like a pro. 🛡️📲

🚨 1. Phishing Attacks

Phishing is the #1 crypto scam. It tricks you into giving up sensitive information—like your private key or seed phrase—by impersonating a trusted service. 📧🐟

How it works:

• 📨 Fake emails pretending to be from MetaMask, Binance, or Ledger
• 🌐 Fake websites that look real (e.g., binanсe.com with a special character)
• 📱 Fake pop-ups or browser extensions asking for wallet access

How to avoid:

• 🔒 Never click on links from DMs or emails
• 📌 Bookmark official URLs
• 🧠 NEVER enter your seed phrase online—ever

💬 2. Fake Support Scams

You're on Telegram or Reddit asking for help—and someone DMs you pretending to be "official support." They seem helpful... until they ask for your seed phrase. 😬

How to avoid:

• ⚠️ Official support will NEVER DM you first
• 📴 Disable DMs in crypto groups
• 🙅‍♂️ Never share wallet info or screen shares

💸 3. Rug Pulls

A rug pull happens when a new crypto project attracts investors, pumps the price, and then the developers disappear—taking all the funds. 🏃‍♂️💨

Red flags:

• 🧻 Anonymous devs, no LinkedIn or GitHub
• 📈 Insane promises like “1000x guaranteed!”
• 🔒 No audits or liquidity locked

How to avoid:

• 🔍 DYOR: Read the whitepaper, research the team
• 🧪 Use tools like Token Sniffer or RugDoc
• 💡 Stick with projects that have transparency and a track record

🎁 4. Giveaway Scams

“Send 1 ETH, get 2 ETH back!” These are all over Twitter, YouTube, and even fake Elon Musk livestreams. It’s always a scam. 🔁🚫

How to avoid:

• 🛑 Never send crypto to receive more crypto—it doesn’t work like that
• 👀 Check if the account is verified and has real engagement
• 💬 Real giveaways never ask for your wallet key

🛠️ 5. Fake Tokens & Airdrops

You suddenly receive a weird token in your wallet. If you try to swap it or approve it—you get drained. 🪙☠️

How to avoid:

• 🧾 Don’t interact with unknown tokens
• 🚫 Don’t connect your wallet to random dApps
• 🔧 Use Revoke.cash to remove sketchy token approvals

🧪 6. Pump-and-Dump Schemes

Social media hypes a “hidden gem” that spikes in price—then crashes hard. It was never a real project, just a scheme to exit on your buy-in. 💥📉

How to avoid:

• 📊 Check volume and price history
• 🤖 Watch for bot-like Twitter activity
• 🔍 Don’t buy something just because it’s trending

💻 7. Malware Wallets & Apps

Malicious browser extensions or fake mobile wallets can steal your keys when you install them. 😨

How to avoid:

• 📱 Download wallets only from official sources
• 💻 Use antivirus and avoid sketchy downloads
• 📦 Check reviews and developer pages

🧑‍⚖️ 8. Fake Investment Platforms

Scam websites promise daily returns or auto-trading bots. You deposit funds, and the “platform” vanishes. 🏚️

How to avoid:

• 💸 No legitimate investment guarantees returns
• 📄 Search for reviews on Reddit, TrustPilot
• 🛑 Stay away from “account managers” who message you

📱 9. SIM Swap Attacks

A hacker tricks your mobile provider into giving them control of your phone number. Now they can reset your crypto logins and drain your exchange accounts. 📴💀

How to avoid:

• 🔐 Use an authenticator app (not SMS-based 2FA)
• 📞 Add a PIN or port lock to your phone account
• 💻 Don’t link exchange logins to your main phone number

🔐 10. Impersonation Scams

Scammers pretend to be influencers, project founders, or YouTubers to sell fake presales or NFT drops. 🎭

How to avoid:

• ✅ Look for verified accounts
• 📢 Cross-check announcements on official sites
• 🧠 Never invest based on a DM or a comment thread

📘 General Tips to Stay Safe

• 🔐 Use hardware wallets for large amounts
• 🧠 Bookmark official sites—don’t Google important links
• 📶 Keep your wallet software and browser up to date
• 📊 Use 2FA and strong passwords everywhere
• 📚 DYOR before connecting your wallet to any dApp

💡 If You Think You’ve Been Scammed

• 🚨 Revoke smart contract approvals at Revoke.cash
• 🔒 Disconnect your wallet from dApps
• 🗂️ Report the scam to your exchange or local authorities
• 📱 Use social media to warn others (if safe)

✅ Final Thoughts

Scams are part of the crypto landscape—but knowledge is your greatest defense. 🧠💪

Stay skeptical. Ask questions. And if something feels off—it probably is. Don’t rush. In crypto, the slower and smarter you go, the farther you’ll get. 🛡️🚀

💬 Coming up next: 🔍 What to Look for Before Investing in a New Token