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In this video you will learn about common cryptocurrency scams and how you can also avoid them especially if you are new to crypto, read this article to know them, so let's not prolong it, let's get started.
If you are good at crypto you can probably earn a lot of money but despite that it is also a lot of scams, as long as there is a real way how to make money, for sure there are scammers. I myself did not survive to the crypto scams, of course I was just a beginner then and became too greedy to increase the money that I can be earned. I also wasted a lot of money due to crypto scams, if you have been in crypto for a long time you have definitely experienced it.
Crypto Scams That You Should Avoid
1. Requesting Private Keys
Just like creating any social media accounts it requires a password, in crypto it is the same, when you create a METAMASK wallet or a Ronin wallet you are given random words that will serve as your password or private keys to access the crypto, so it is important that you do not give it to anyone, there are many ways scammers can get your private keys or seed phrase. That is prevalent in discord, telegrams and other social media platforms, scammers commonly pretend that they are tech support and then since you have a problem you will assume tha is a standard procedure to give your private keys to the scammer which is the tech support to fix the problem and when this scammer got your informations, thy will stole the funds inside your crypto wallet.
2. Fake Websites or Links
There are also many fake websites, as if they are imitating a legit website so you should check the name or spelling of the website you clicked on, sometimes just one letter is incorrect or another letter is added, sometimes you will see that it is wrong grammar or if there are doubts you are asked to give your number or your private keys. There are other scammer who place ads on Facebook or Google so don't just click on the links, so it's a good idea to bookmark the legit websites you are using right away to avoid fake websites.
3. Rug Pulls
This is another crypto scam where the token makers will suddenly disappear, their website and then eventually you will not be able to sell because the token does not have liquidity, one of the famous things that happened like this recently is the squid game token, there is even a video online of the sudden increase in its price and then the sudden fall. I am also one of the victims of this scam, I was also caught multiple times like this because we want to be the first in a project but this investments are too risky, especially in shitcoin investing so make sure before you invest in such crypto projects or shitcoins, research thoroughly for your safety.
4. Fake Identity
These are the scammer who pretend to be influencers, famous people or use other identities to scam and give you for example a number, WhatsApp and telegram so don't just give details at such random person or accounts, it is important that you verify well if the person you are talking to is legit and they are not just pretending, do not give vital information like name, address and even your valid ID's because scammer can use it back to you or your identity will be used to scam another person.
5. Giveaway Scams
In crypto, there are also giveaway scams where you win Bitcoin, you win Ethereum or any random cryptocurrency, so what the scammer will do is they will try to take your wallet address, your seed phrase or private keys or other vital information to hack your account so just be careful clicking the links because it might be a giveaway scams.
6. Dusting Attack or Fake Airdrop
This dusting is giving tiny amounts of tokens to your crypto wallet, for example when you check you have brand new tokens even if you didn't buy them, the purpose of this scam is to get the information, when they track your wallet, the scammer probably uses software to get the information in your wallet. This is not a very big threat but there are dusting or fake airdrops where there is a chance that due to the size of the amount you will try to swap or trade it and when you do that you will be scammed.
7. Guaranteed Profits
There are also many crypto related projects or scams that promise a guaranteed and no losing investment, they say you will earn surely 10% per day or 70% in just one week, when you see such returns and guaranteed income , for sure it is a scam, all investments have a risk involved or a chance that you will go bankrupt but if the project are being promoted well and it seems that there is no chance of losing money, for sure that is not true, many of our countrymen got scammed related to Bitcoin or other cryptocurrencies because they thought they made a lot of money or because people knew very little about crypto, so scammers took advantage of it. So don’t invest in these types of schemes.
8. Cloud Mining Scam
There are many applications or websites that appear where you can supposedly mine crypto using only the internet and your cellphone, or your PC but the truth is that you don't really mine and it's just part of a big scheme, they may just do this to get your vital information such as your name, email address or phone number and then they will sell it to other companies. There is also a cloud mining scam that charges a fee for you to use the app or the app can be free but to make your mining stronger and faster, it will also charge money monthly.
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*DISCLAIMER*
The content of this article is not an investment advice and does not constitute any offer or solicitation to offer or recommendation of any investment product.
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