10 Crypto Scams You Need to Know (and How to Avoid Them)
Cryptocurrency is changing the financial game—but like any new frontier, it’s crawling with scammers who want your coins. Whether you’re a seasoned trader or just bought your first $10 of Bitcoin, understanding the common traps in crypto is critical. Here are 10 crypto scams to watch out for—and how to stay safe.
1. Phishing Scams (The “Fake Login” Trap)
The scam: You get an email or message that looks like it’s from a trusted exchange (like Coinbase or Binance), asking you to log in or “verify” something. But the link takes you to a fake site that steals your credentials.
How to avoid it:
- Always double-check URLs.
- Never click on links from random emails or DMs.
- Use two-factor authentication.
- Bookmark your exchange’s real login page and use that every time.
2. Rug Pulls (The Disappearing Token)
The scam: A new crypto project pops up with slick branding and promises of insane returns. You buy in, the token pumps… then the developers vanish, and the token crashes to zero.
How to avoid it:
- Research the team—are they doxxed (publicly known) or anonymous?
- Avoid projects with no code audits.
- Be wary of new tokens pushed heavily on social media.
3. Pump-and-Dump Groups
The scam: Telegram or Discord groups claim they have insider info and promise big gains if you join their “pump” early. You buy in, but by the time you do, the organizers are dumping their tokens for a profit—leaving you holding the bag.
How to avoid it:
- If it sounds too good to be true, it is.
- Don’t buy based on hype from private groups.
- Stick to assets with real use cases and volume.
4. Giveaway Scams (The “Send Me 1 ETH, I’ll Send You 2 Back” Trick)
The scam: A tweet or video (sometimes using fake Elon Musk accounts or hacked celebrities) promises to “give away” free crypto if you send a small amount first.
How to avoid it:
- No legit giveaway ever asks you to send crypto first.
- If you see it on Twitter, YouTube, or TikTok—assume it’s a scam.
5. Fake Wallets and Apps
The scam: You download a crypto wallet or app that looks real, but it’s designed to steal your private keys or seed phrase.
How to avoid it:
- Only download wallets from official app stores and verify the developer.
- Check reviews and do a quick Google search before installing.
- Never share your seed phrase—with anyone, ever.
6. Social Engineering Scams
The scam: A scammer pretends to be a friend, support agent, or even a developer in a community. They gain your trust, then ask for your wallet details or trick you into signing a malicious transaction.
How to avoid it:
- Crypto support will never DM you first.
- Don’t trust someone just because they have a friendly profile pic.
- Verify identities on official channels.
7. Fake Airdrops
The scam: You receive a random token in your wallet and clicking on it redirects you to a phishing site, or it asks you to connect your wallet and approve a malicious transaction.
How to avoid it:
- Don’t interact with random tokens that appear in your wallet.
- Use tools like Revoke.cash to check and remove suspicious approvals.
8. Ponzi Schemes (Disguised as Yield Farming or Mining)
The scam: You invest in a platform that promises high, consistent returns if you “stake” or “farm.” But the returns are paid from new user deposits, not real profit.
How to avoid it:
- Ask: Where is the money actually coming from?
- If it sounds like passive income too good to be true, run.
9. NFT Scams
The scam: You’re offered a rare NFT or asked to mint from a hyped project. But the site is fake, and when you connect your wallet, it drains your funds.
How to avoid it:
- Only mint from verified links in official project channels.
- Use a separate wallet (with limited funds) for minting.
- Avoid DMs offering exclusive mints or deals.
10. Impersonation Scams
The scam: A scammer poses as a trusted influencer, developer, or even a friend, often copying their profile picture and name to look legit.
How to avoid it:
- Double-check usernames. Scammers will add a sneaky underscore or letter.
- Verify identities with a video call or voice message if it’s someone you know.
- Never send funds to someone just because they look familiar.
Final Tips to Stay Safe in Crypto:
Use a hardware wallet. It’s the best way to protect your crypto from online hacks.
Do your own research (DYOR). Don’t just trust influencers or hype.
Think before you click. Scams often rely on urgency or excitement.
If in doubt, don’t connect your wallet. Better to be safe than sorry.
Crypto is exciting, revolutionary—and yeah, risky. But with awareness and some common sense, you can outsmart the scammers and keep your coins where they belong: in your wallet.
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