Crypto Bull Run Attracts Scammers: Watch Out For These!

As the current crypto bull run is in full force, the scams in this sector have increased exponentially and many new investors are getting sucked up in all kinds of fraudulent and fake projects posing as cryptocurrencies and all kinds of blockchain related opportunities.

Here are some of the most common tactics used by crypto scammers. Try to spot these early on and avoid them like the plague.

Social Media Impersonation Scams

Scammers create fake profiles impersonating influencers, celebrities, or crypto projects on social media to lure victims into fraudulent investments or reveal private keys. This includes Twitter, Discord, and especially Telegram, where imposters often look out for users who have difficulties with certain features of a platform or any kind of errors or issues, and reach out for help. This is why you’ll see many admins of groups put in their titles things like “I will never DM you” or “I will never ask you for money” and other such alerts. The rule of thumb is: if anyone messages you claiming they’re a customer service assistant, ignore. Admins would reply to your message in public and should you need to go into a private chat, they will wait for you to DM them first rather than DM you directly.

Phishing Scams

Scammers send emails or messages with malicious links that direct victims to fake websites designed to steal their account credentials and crypto holdings. These have been around for a long time, but now they are increasingly targeting crypto users and often pretending that your login details or other sensitive data is outdated or breached and direct you to login to the website to “correct it” or “recover it”, while in reality they are sending you to a fake website (a copy of the original) and this way you are giving them your login details from which point you become a victim.

Upgrade Scams

Scammers trick crypto holders into giving up their private keys by claiming there is a required “upgrade” or migration of their assets.

SIM-Swap Scams

Scammers gain access to victims’ phone numbers and SIM cards to bypass two-factor authentication and drain crypto wallets. Don’t reveal you number and be suspicious of anyone who wants to message you on whatsapp and other such apps.

Pump-and-Dump Scams

Scammers artificially inflate the price of a cryptocurrency through coordinated promotion, then sell their holdings once the price peaks, leaving investors with losses. This is especially common for “signals” and other groups where traders seemingly give away trading targets to their followers. When they announce the coin to trade, the price quickly jumps due to the large number of members who rush into buying. As the price peaks, the group admins offload their tokens to their followers, who are buying in the hope of even greater price jump but that doesn’t happen. Instead, with the selling pressure the token dumps and the users lose money in the process.

Giveaway Scams

Scammers impersonate celebrities or influencers and promise free crypto in “giveaways” if victims send them funds first. Twitter is notoriously popular with those. Discord too. Avoid any such offers, even if you really feel tempted by the offer. It’s always a scam.

Blackmail/Extortion Scams

Scammers threaten to release embarrassing information about victims unless they pay with cryptocurrency. Most often these threats are nothing more than just a bluff but many people feel scared and prefer to pay the ransom. In reality, the threat is nothing more than a lie.

Fake Job/Business Opportunity Scams

Scammers promise lucrative crypto jobs or business opportunities but require upfront crypto payments, after which they disappear. Again, the rule of thumb is : Never pay or give money to someone who’s supposed to give You money. If they are genuine, they won’t need you to send them anything to “prove” your wallet, this is totally unnecessary, so it’s a huge red flag.

The key tactics involve building trust through impersonation, exploiting fear and greed, and tricking victims into revealing account details or sending crypto payments. Thorough research and verifying information from official sources is crucial to avoid falling victim.

☝These are my opinions, not financial advice, always DYOR.

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⚠️ DISCLAIMER ⚠️

The information contained in this video is for informational purposes only. Nothing herein shall be construed to be financial or legal advice. The content of this post reflects solely my own opinions. Purchasing cryptocurrencies poses considerable risk of losses.

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