What are the most common Cripto scams?

In the world of cryptocurrencies, scammers are always coming up with new ways to attack and scam people who are not careful or who are new to this world. So if you are interested in this world, it is important that you know the risks and the most common scams so that you can detect them in time and easier.

There are many types of cryptocurrency scams. The most common ones include the following:

Fake websites

These websites try to have a name or domain similar to popular or somewhat well-known exchanges but with some small differences, even internally they look very similar. These fake cryptocurrency sites operate in one of two ways:

• Phishing:The data you enter such as your cryptocurrency wallet password or recovery phrase and other financial information ends up in the scammers’ database.
• Like outright theft:  A site that tricks you by promising you a large return, but when you later want to withdraw your money, the site may close the application and even disappear at some point.

Phishing scams

This scam seeks to go straight for the private keys of cryptocurrency wallets.

One of the methods that go hand in hand with the one mentioned above is sending an email to capture the recipients and make them enter the fake website and requests your private information, as they have it they steal the cryptocurrencies from the wallets

Inflate and sell strategies

This happens by promoting a particular coin or token through emails or social media, this way people log in and inflate the price.

At this point, the fraudsters sell their holdings, which causes a drop in the asset’s value.

Fake applications

Another cryptocurrency scam is through fake apps available for download on Google Play and Apple’s App Store, which promise a way to make easy money through cryptocurrencies.

Fake celebrities behind the scheme

Sometimes, cryptocurrency scammers pose as celebrities to grab attention and sell phantom projects that don’t exist to inexperienced investors.

Gift scams

They happen when scammers promise to match or multiply the cryptocurrencies sent to them in what is known as a one-time opportunity gift scam.

Fraudulent Initial Coin Offerings (ICOs)

An initial coin offering or ICO is a way for cryptocurrency startups to raise money from prospective users. Customers are promised one-time profits, exclusive costs, and the opportunity to sell at a higher price at launch. But it ends up being a project that does not exist or has no real basis and after receiving the initial investment they abandon the project.

How to Detect Cryptocurrency Scams

Now these are some of the things you have to notice about a project to realize that it is a possible scam so it is better to take these precautions

• Promises of assured returns
• A mediocre or non-existent technical white paper
• Excessive and bad marketing
• Anonymous team members
• Free money or exaggerated gifts

How to protect yourself from cryptocurrency scams

• We also share with you some extra barriers to being more secure
• Protect your wallet with well-thought-out passwords
• Invest in projects you understand
• Beware of misleading advertising
• Ignore cold calls
• Download apps from verified sources
• Research

Conclusion:

When navigating this world we recommend you be careful where you put your money, we remind you that it is important regardless of whether it is a scam or not when investing we never have to do it with money we can’t afford to lose.