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PSA: What to avoid.

Crypto is riddled with scams which you should avoid. Many a scammer want to separate you from your hard earned Satoshi‘s. Here I will list some stuff which you should avoid.

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***Pump And Dump***

A-Lot of new investors get caught in these scams, so it’s why I am listing it first. They send out random messages that claim insanely high returns. They also say something like this:

“Hi, I am part of XXXX Pumps, a group where we all pump up a coin at the same time, then we tell everyone to sell, so none of our members lose money! Come join! We offer $10 per every 100 people you invite”

All they do, is sell the owner/leaders shitcoins to you for overinflated prices, then the leaders would sell you their XXX coin for $.02 when it was $.0000037 the previous day. They then take all of your Satoshi‘s or other currency, and laugh. They also tell you to put in market orders instead of limit, which is a very bad thing, since due to the high demand, you can end up getting a much worse (for you) price.

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***The Good’Ol Fashion “Expert Investor“***

You probably have seen the shill’s sliding in your dm’s, but their pitch goes like this:

“Have you heard of XXXXX their a expert investor which helped me make 302% returns this week. At first I was skeptical and thought it was a scam, but now I know it’s legit……..”

They try to get you to send them your crypto (or Fiat) so they can “invest” it for you… As you may assume, you never see that money again.

***The “Giveaway” Scam***

I am sure you heard when Elon Musks and other celebrities twitter got hacked, people were posting BTC and ETH addresses claiming to send back 2x the amount in a “giveaway”. The giveaway scams work like that, whether its a celebrity, YouTuber “influencer” or fake company, they try to get you to send a “fee” to them so you can claim your prize. It’s basically a modified Nigerian Prince scam. There are no giveaways (that I am aware of) in crypto where people will ask you for any sort of amount of $$ to get any “reward”. Avoid them. If it sounds to good to be true, it probably is.

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***Fake Wallet***

There are a-lot of fake wallets like a fake Daedalous wallet (Cardano/ADA wallet). That was up on the google play store. In the end people who do not do their research and are not careful, end up losing their crypto. Recently, you may have heard how someone lost ***17 BITCOINS*** to a fake wallet scam. BE CAREFUL. [https://www.washingtonpost.com/technology/2021/03/30/trezor-scam-bitcoin-1-million/](https://www.washingtonpost.com/technology/2021/03/30/trezor-scam-bitcoin-1-million/)

There are also wallets which pretend to be reputable wallets which then try to get your recovery key ***!!!!NEVER SHARE IT WITH ANYONE!!!!!*** so they then can empty your wallet.

***Fake Exchanges***

There are also fake sites and exchanges that either

A: Pretend to be a reputable site/wallet (Coinbase, Binance, Daedalous, Exodus ect)

B: Are just bogus exchanges that someone made, and when you send them crypto, you just lose it.
Edit: always check the url of any site before entering you info and use 2FA.

***”Crypto Recovery” Scam***

Sites like this are popular scams. !!!!!!***BEWARE. I AM NOT RESPONSIBLE IF YOU LOSE ANYTHING TO THIS LINK BY CONTACTING THESE PEOPLE.!!!!!!!*** [***https://apnews.com/press-release/ts-newswire/technology-business-stock-and-commodity-exchanges-cryptocurrency-financial-technology-65d5f60086d4d6a37934fadd08503309***](https://apnews.com/press-release/ts-newswire/technology-business-stock-and-commodity-exchanges-cryptocurrency-financial-technology-65d5f60086d4d6a37934fadd08503309)

They claim to be crypto recovery “experts” or a crypto recovery firm. And then they will either ask for your wallet recovery key !!!!!***NEVER SHARE THIS!!!!!!*** or for you to send a fee/retainer to them (in crypto). I guess they think that someone that got scammed once, will get scammed again. I guarantee if you post in any crypto related sub about help with a wallet, getting stolen funds back, ect, you will get several PMs trying to “help” ie scam you.

Just type into google “scammed crypto recovery” and you will see a bunch of ads and scam sites advertising “services” which “help” you recover crypto which don’t do jack except scam you again.

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***Scam Emails/Messages***

There are going to be spam/scam emails or messages, especially on sale sites like Facebook Marketplace, r/hardwareswap and r/carsforsale or whatever sites, advertising to good to be true prices for something. And only accepting crypto/wire/PPFF/other un-refundable options (ESPECIALLY CRYPTO)

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[Credit to u/ernes2o for the screenshot](https://preview.redd.it/h2ist1kxdft61.png?width=718&format=png&auto=webp&s=ad84108e161d140075f5ce224cadc692b5c35d71)

There are probably a few more I am missing, but these are the main ones.

There are also plenty of scam sites like britishminers that only accept crypto as payment, and never actually send you anything.

Have a good day! And stay safe!



View Reddit by KingOfNumismaticsView Source

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6 Comments

  1. This is an amazing write up. Something like this needs to be constantly visible on the front page for newbies to see. Every day I see people posting about how they’ve fallen victims to these scams, we need to educate people who are new to the space.

    Edit for spelling

  2. This needs more visibility. We don’t only need to spread awareness about crypto but also how to keep users safe from potential scams. Upvoted for more visibility.

  3. A good idea is to favorite your crypto websites and always navigate to these websites via your bookmarks. This helps avoid the situation where you go to a fake website and don’t notice

    Scammers are the worst fucking people

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