Cryptocurrency has created new opportunities, but it’s also full of scams. Here are the most common cryptocurrency scams to watch out for:
1. Phishing Scams
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Fake websites, emails, or social media accounts pretending to be exchanges or wallets.
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Victims are tricked into entering private keys, seed phrases, or login details.
2. Ponzi / Pyramid Schemes
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Promises of “guaranteed” high returns.
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Early investors are paid with money from new investors until the scheme collapses.
3. Pump and Dump Schemes
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Scammers hype up a little-known coin (through Telegram groups, X/Twitter, Discord, etc.).
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Price spikes as people buy in, then organizers sell everything, crashing the coin’s value.
4. Fake Initial Coin Offerings (ICOs) / Token Sales
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Scammers launch fake tokens or projects, collect money from investors, and then disappear.
5. Giveaway Scams
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Posing as celebrities, influencers, or big companies offering “free crypto giveaways.”
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Victims are told to “send 1 ETH and get 2 ETH back” — they send money but get nothing.
6. Romance Scams (“Pig Butchering”)
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Scammers build online relationships (often on dating apps).
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They slowly introduce crypto “investing” and convince the victim to deposit into fake platforms.
7. Rug Pulls in DeFi & NFTs
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Developers create a token or NFT project, hype it, and once people invest, they drain all the funds and vanish.
8. Malware & Wallet Drainers
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Fake apps or browser extensions that steal seed phrases or passwords.
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Sometimes even QR code generators or “airdrops” hide malware.
9. Impersonation of Exchanges / Support
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Fake “Binance support” or “Coinbase help” accounts ask for personal info.
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Some even create entire fake apps that look like the real exchange.
10. Investment Management Scams
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Someone offers to “trade crypto for you” with guaranteed profits.
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Victims hand over funds and never see them again.
⚠️ Red Flags to Spot a Scam:
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Promises of guaranteed returns (crypto is volatile, nothing is guaranteed).
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Pressure to act quickly.
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Asked to send crypto first for “verification” or “unlocking” rewards.
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No transparent team info or roadmap.