Like every type of investments crypto also attract scammers, but there are ways to avoid being scammed. Below I will mention my personal experience meeting those scams. Disclaimer: This is not financial advice, do your own research before investing.
1. Fake crypto exchanges
for some websites you have to transfer your crypto from your wallet to an adress given on the exchange website. The transfer from the wallet will be successful, but confirmation never comes. Soon you find out that your hard earned crypto is gone and transactions can’t be undone. To avoid this search on google the website and see how the reviews are. If it’s marked as unreliable then it’s best to avoid using it.
2. Promising high yield without clear explanations
Unless they clearly show how it works , often this is a red flag to watch out for. Again check for reviews and check if the website is marked as scam website. If it’s shown as paying then you can try it with small amount and invest bigger if the experience is good.
3. Fake news websites showing famous people
Another scam to watch out for websites claiming that well known artists and politicians made fortunes using their system. The first indication is the weblink showing a different website than original news websites. When you enroll you are called and being pressed to invest a lot of money. If it sounds too good to be true it mostly is
4. Sending crypto getting double
Often on telegram and with airdrops there are also airdrops who promise to give you twice the amount when you send them X coins first. This sounds obviously like a scam why would someone send you twice the amount without any reason? Often they take the coins and run.
5. Scams on telegram
Another scam to watch out for are people on telegram who promise high yields if you give them your crypto/money. Do your research first before even considering investing via those individuals. Again there is a big chance that scammers use this to rob clueless individuals.
6. Leaving big investments on small exchanges
This is not per se a scam but more ad advice if you invest in new small altcoins and invest a lot. When you leave it on the exchange you don’t own the keys you cannot claim ownerships after hacks. Not your keys not your coins is the well known quote.
7. Airdrops where you have to pay
Before participating in airdrops review first the tasks you have to complete to paticipate. Never give your private keys passwords and don’t pay money to participate in airdrops. Any airdrop who asks for money is likely a scam. Always do your research before investing.
8. Phising mails
The last category is a well known way to scam people. You get links or files in emails and when you open or fill in date they will use it to rob your hard earned crypto. Make sure you type correct URL and only open files from trusted sources.
I hope that people can avoid losing money using my tips. Let’s fight scams to keep crypto awesome
