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Cryptocurrency Scams: How to Spot and Avoid | Top 3 Schemes

Cryptocurrency scams continue to flood the internet to steal the money of their victims, which failed to spot and avoid them.

(Photo : by OZAN KOSE/AFP via Getty Images)

Physical imitation of Bitcoins are pictured at a cryptocurrency exchange branch near the Grand Bazaar in Istanbul on October 20, 2021, a day after Bitcoin took another step closer to mainstream investing with the launch of a new security on Wall Street tied to futures of the cryptocurrency.

However, as per, crypto scams, which are sprouting like mushrooms now and then, typically feature a similar scheme.

As such, it makes it a little bit easier to spot. In turn, it further helps to avoid falling for the latest crypto schemes.

How to Spot and Avoid

That said, to spot one, it is essential to get acquainted with the top crypto schemes found on the internet.

On top of that, it is also important to take a look at the whitepaper of the crypto that you are planning to invest in. It should give both an overview and expansive details about the digital token.

Gizmodo reported that the white paper of the latest crypto scam that capitalized on the massive hit-series of Netflix, Squid Game, is filled with multiple grammatical errors. Not to mention that it seems that the scammers failed to use a spell checker tool.

What’s more, just like any type of suspicious investment scam, those looking to invest in sketchy cryptos should also be wary of guaranteed returns.

Although a guaranteed 1,000% return in a few months sounds good to the ears, it is one of the signs that it is meant to attract more people to a scam.

It is to note that cryptocurrencies are volatile types of investments. Thus, it naturally fluctuates in prices, making guaranteed returns impossible.

Read Also: Meta’s Facebook Verifies a’ Fake Elon Musk’ Pretending to be the CEO, Known for its Bitcoin Scam

Top Cryptocurrency Scams

As mentioned, to further avoid falling for crypto scams, here are the top schemes that criminal minds follow.

According to Kaspersky, crypto scammers popularly use these kinds of schemes to lure in victims.

Fake Mobile Apps

Here at Tech Times, we have already published multiple news reports about Bitcoin and other crypto scams using fake mobile apps. Some of which even made it to the Google Play Store and Apple App Store.

As such, mobile users should check any misspellings in the copy of the app, as well as branding inconsistencies and issues.

Social Media Updates

Scammers also highly use social media to spread crypto scams.

In fact, even the verified accounts of Elon Musk, Bill Gates, and Jeff Bezos, shared a crypto scam after hackers took over their Twitter profiles.

The first red flag for such giveaways on social media is the required initial payment to get the free crypto. So, avoid schemes similar to this one.

Imposter Website

Just like any scam, crypto schemes are also usually found on imposter websites that try to copy the design of prominent sites.

And the best way to spot one is to double-check the accuracy of the domain. Also, the URL bar should flaunt an “https” to prove its legitimacy and security.

Related Article: Global YouTube Crypto Livestream Scam Involves 1,000 Malicious Domains | Other Things Google Discovers

This article is owned by Tech Times

Written by Teejay Boris

ⓒ 2021 All rights reserved. Do not reproduce without permission.

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