Cryptocurrency Scams

Cryptocurrency Scams

Cryptocurrencies are more susceptible to scams than any other payment method. Here’s how to identify and avoid them. Though cryptocurrency can be an attractive investment, it’s more susceptible to scams than any other payment method. Over $1 billion has been reported stolen through crypto scams between January 2021 and June 2022, according to a report by the Federal Trade Commission. Crypto scams are a type of investment fraud that can take many forms, from phishing scams to rug pulls. Since crypto’s blockchain technology isn’t regulated by a central authority like a bank, bad actors can easily take advantage of hopeful investors. Crypto transactions are also pseudonymous (users interact through coded addresses, not legal names) and irreversible, so it’s unlikely that you’ll be able to recover any money lost to a scammer. Here are the most common crypto scams, how to avoid them, and what to do if you’ve been scammed.

How can you avoid cryptocurrency scams?

Cryptocurrency scams are common and can involve sophisticated tactics, but it’s possible to prevent them from affecting you. Using common-sense measures and proven security protections can go a long way. Here are a few helpful methods:
Protect your wallet: You need some form of storage, like a wallet, to keep your crypto safe. If a firm asks you to share your private keys to take part in an investment opportunity, it’s almost certainly a scam. Using security backup methods like a seed phrase, a set of code words that can unlock your wallet like a master password, can provide additional protection.
Ignore cold calls: If you’re contacted out of the blue about a cryptocurrency investment opportunity, it’s likely to be a scam. Never give away your personal information or transfer money to someone you don’t know.
Ask yourself if it’s too good to be true: Cryptocurrency scams often promise to make high returns from your initial investment that are too good to be true. Any company offering get-rich-quick investment opportunities is likely to be fraudulent.

Crypto is a high-risk investment, and no asset can reliably guarantee high returns.

Take your time: If a company tries to pressure you into investing quickly, it’s likely to be fraudulent. Some scammers even offer bonuses or discounts to persuade you to invest right away. Take your time and do your research before investing any money.
Avoid social media hype: Scammers often use social media to advertise fraudulent cryptocurrency investment opportunities. Some also use images of celebrities — often without their consent — and high-profile people to “endorse” their company and make their investment seem legitimate.


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