Crypto Scams Exposed: Lessons Learned and the Road Ahead”

    The detailed breakdown you provided covers various types of scams prevalent in the crypto space and offers valuable advice on how to protect oneself. Here’s a summary of the key points and advice mentioned for each category:

    1. Human-related Scams:

    – Fake Romance:

      • Always demand a video call.
      • Be cautious about sharing personal information.
      • Ask questions about financial arrangements.
      • Be wary of coercion or pressure tactics.

    – Fake Technical Support:

      • Politely decline private assistance; insist on public channels.
      • Never share private keys or seed phrases.
      • Decline remote access software installations.

    – Employment Offers and Fraudulent Employees:

      • Request face-to-face interviews.
      • Question offers that involve handling funds.
      • Seek advice from friends and thoroughly investigate job offers.

    2. Crypto Influencer scams:

    – Social Media Cryptocurrency Giveaway Scam:

      • Beware of FOMO; take a moment to think.
      • Consult with someone you trust.
      • Wait until the FOMO subsides before making decisions.

    3. Ponzi schemes:

      • Conduct thorough research on investment opportunities.
      • Question demand, returns, and sustainability.
      • Be cautious about projects with vague details.

    4. Crypto Investment Schemes:

      • Verify the legitimacy of investment companies.
      • Google search for reviews and potential scams.
      • Understand fees and rates before committing.

    5. System-related Scams:

    – Phishing scams:

      • Be cautious about clicking on links.
      • Never disclose seed phrases unless recovering a wallet.

    – Spoofed Websites:

      • Bookmark official sites; avoid email/SMS links.
      • Look for typos and unusual details.

    – Fake mobile apps and dApps:

      • Avoid downloading apps from unverified sources.
      • Verify the legitimacy of apps before use.

    – Man-in-the-middle Attack:

      • Use a VPN in public places.
      • Avoid financial transactions on public networks.

    6. Curiosity-driven Scams:

    – Pump-and-dump:

      • Stick to reputable crypto projects.
      • Investigate potential worst-case scenarios.

    – Crypto Rug Pulls:

      • Be cautious about token distribution and lock-up periods.

    – Fake cryptocurrency exchanges:

      • Stick to well-known and reputable exchanges.
      • Check for unusual price differences.
      • Verify legitimacy through domain names.

    Case Study: The Worst Crypto Scams of 2022:

    – Day of Defeat Project:

      • Red flags: unrealistic promises, mystery plans.
      • Lack of smart contract security led to a $1.35 million loss.

    – Seth Green’s Bored Ape:

      • Stolen in a phishing attack; recovered for $297,000.

    – Axie Infinity hack:

      • Ronin hack worth $613 million; suspected to be orchestrated by the Lazarus group from North Korea.

    – Cancellation of Airdrop from Ukraine:

      • Airdrop canceled due to abuse by grifters.

    For the Victims and Friends & Family of Scam Victims:

      • Encourage reporting to authorities.
      • Provide mental support without judgment.
      • Reassure victims of your care and support.


      • Emphasize the importance of verification over blind trust.
      • Implement a certain level of healthy paranoia.
      • Acknowledge the unforgiving nature of the crypto world.
      • Encourage newcomers to adopt cautious measures to avoid scams.

    Stay in the Loop

    Get the daily email from CryptoNews that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.

    Latest stories

    - Advertisement - spot_img

    You might also like...