photo of a cryptocurrency scammer

5 Cryptocurrency Scams To Watch Out For

Have you ever been contacted by a business on your e-mail or phone that promised you this interesting job opportunity in the cryptocurrency field? And did it sound too good to be true? Great salary, remote-work opportunities?

It was most likely a scam. Cryptocurrency scams are quite common nowadays. Unfortunately, the crypto sphere attracts many ill-intended individuals willing to make a quick buck out of cheating others or stealing their assets. 

Here are five of the most common cryptocurrency scams:

Business or Job Opportunity Scams

Have you been getting a message or an email announcing this big business or job opportunity that you can’t possibly miss? This usually comes in form of a link to a sketchy website. The website requires you to put down a large amount of cryptocurrencies with the promise that you’ll be getting X2 or X3 in return. Don’t fall for it! This is mostly a scam. Any business or job opportunity related to cryptocurrencies might be a scam if the website requires you to invest a sum of money. 

I’m sure you know that adage: if it’s too good to be true, it probably is. Therefore, if an individual calls you and tells you of this amazing job opportunity involving cryptocurrencies, assume that it is a scam. Usually, jobs that are safe (and legal) do not sound too good to be true. Use your common sense here and you’ll be fine.

New Crypto-Based Opportunities

Some scammers here may use NFTs to convince people to invest. Due to the popularity of NFTs, users might be duped into putting down huge amounts of money to invest in a certain NFT opportunity. However, the scammer will fake that they are even selling an NFT. Instead, they will direct users to a digital wallet to deposit cryptocurrencies. After they have gotten the coins, the scammers will usually drain the funds and block access to the user’s wallet. If you’re into NFTs, make sure to buy them from a reputable source. OpenSea is a good example.

Phishing Scams

Phishing scams are the most common cryptocurrency scams. They are scams involving digital wallets.

Similar to other types of scams, phishing scams involve clicking on a newly created website that you can’t access unless you use your private key. Upon entering your key, the scammer receives access to it (and of course, to your money).

Giveaway Scams

Some online scammers love to pose as cryptocurrency influencers. These influencers will contact you on social media and tell you that there are big giveaways in their company. If you want to receive your prize, you’ll need to make an investment and put in your details. The hackers will use words like ‘once in a lifetime opportunity’ or ‘big win’ or ‘huge prizes’ to make this feel like a huge opportunity. If you don’t act now you may lose the biggest investment opportunity of your life.

Urgency is a manipulation tactic that all salespeople use. It works because people don’t want to lose opportunities or the chance at winning ‘big’. 

Romance Scams

This is the most manipulative and intrusive scam of all five. You’ve probably heard of those poor fellows who’ve entered into relationships with women who drained their bank accounts. 

Well, romance scams in the crypto world are similar. Cryptocurrency scammers might enter relationships with womenn on dating sites. After dating for a while, the scammer will convince the victim to invest in his business opportunity with the cryptocurrency she has. These scammers usually steal the victim’s details and drain their digital wallets, while romancing them and promising them the world.

Stay away from jerks like this. And, if you need more in-depth advice on first-date red flags, check out Guardian’s ‘Arrives late, pours your wine and eats onions’ article.

Remember to stay safe online and keep your digital wallet logins a secret.

Author’s Bio

Marlena Bontas is a freelance writer with a passion for writing, technology and the cryptocurrency market. She has an MA in Psychology from the University of Helsinki and is currently living in Ireland.

Write her at @marlenaeva on Instagram.

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