How to Spot and Avoid Crypto Scams
With the early Bull Market Vibe, scammers are more active now. Stay safe.
Discord Servers
Discord is a remarkable and useful platform for crypto users. Every self-respecting crypto project has a Discord server. It’s great for asking the team or moderators to help with issues you experience. They can also help build strong online communities.
However, there are also many crypto scammers out and about on Discord. There are a few ways they try to get to you, for example:
Via DM
You can block this by going to the top-left corner of a server and clicking on the ‘v’ sign. In the dropdown menu, click on ‘Privacy setting’, and disable the ‘Direct message’ option.
Friend requests
Don’t accept any friend requests from people you don’t know.
Posting links in channels, with fake identities.
If they pose like a mod or team member, compare profiles. Be careful with links, since the posted link may bring you to a different URL once you click on it. Ask in the channel if the links are safe.
Phishing Emails
With phishing emails, crypto scammers target hot and cold wallets. For hot wallets, they want to get their hands on your seed phrase. The scammers use similar email addresses as the project they’re imitating. Their emails also have the same layout as the original project’s emails.
They will ask you to confirm a transaction or verify your wallet again. Once you find yourself on a page where you’re asked to enter your seed phrase, be aware, don’t enter your seed phrase. Legit crypto projects or exchanges won’t send out emails like this.
For cold wallets, the scammers use a more sophisticated method. The number of detected phishing emails is increasing.
Telegram DMs
You can receive many unsolicited Telegram DMs. The crypto scammers may ask to invest or take part in get-rich-quick schemes. Or, they may pose as moderators if you ask a question about an issue you experience. Don’t click on any links in these DMs.
Be vigilant and look out for spelling or grammar errors. Never provide personal information, like login credentials or bank/wallet details. No genuine project or moderator will ask for this.
NFTs
NFTs are a popular medium. They are well-established in the crypto space. Here are some common tactics that crypto scammers may use:
Rug pulls
This is most likely the most popular NFT scam. Project owners hype a new mint. Once they receive a sizeable amount of money, they drop the project and leave it.
Phishing
Using fake websites that try to get your seed phrases or private wallet keys.
Bidding scams
This happens on secondary NFT marketplaces when you want to sell your NFT. The buyer, or scammer, places a high bid. You accept it, but moments before payment, they switch to a different, cheaper cryptocurrency. Always check the cryptocurrency you’re paid with.
Hot Take: Protect Yourself from Crypto Scams
With the increasing activity of scammers in the early Bull Market Vibe, it’s crucial to stay safe and protect yourself from crypto scams. Be cautious when interacting on Discord servers, especially with unsolicited DMs, friend requests, and suspicious links posted in channels. Avoid falling for phishing emails that imitate legitimate crypto projects or exchanges and ask for your seed phrase or wallet verification. Stay vigilant on Telegram and be aware of common scam tactics like phishing, crypto expert scams, pump and dumps, bots, tech support impersonation, and attempts to lure you to dodgy websites. Lastly, be cautious when dealing with NFTs and watch out for rug pulls, phishing attempts, and bidding scams. By staying informed and exercising caution, you can avoid falling victim to crypto scams.
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