Scam List

The most popular Scam methods used by scammers.

Fake exchanges, wallets, and projects
This is one of the most straightforward types of fraud. Criminals offer a product or service designed to cheat people out of money. In recent years, there have been many fraudulent exchanges, fake wallets and coins that are worth nothing.Sometimes they look like a well-known, recognizable company. Others just try to look professional to gain trust. In any case, once they get your money, you won’t hear from them again. The best way to protect yourself from these scams is to take your time and check everything carefully. Follow only familiar reliable links, listen to community comments and what other people say about these services, and if you are just confused about something, trust your gut.


Another popular type of deception is “free giveaways” on Twitter and other social networks. Scammers often copy the account of a well — known person — an exchange Manager, developer, or company-and promise to distribute an impressive amount of coins to those who sign up for the program. Usually, you need to send a certain amount of coins to the specified address, or provide personal information. In any case, it is always a Scam. No one ever gives away coins for free. Whatever you are promised, don’t believe it.

Pyramid schemes Are any type of fraud that requires a constant influx of new “investors”. As a rule, they ask to make an initial investment and promise fabulous profits. But in fact, only the first investors get profit because they bring new participants to the scheme. But sooner or later the pyramid begins to collapse.Since the money is sent through the funnel, the main amount is received by the Creator of the pyramid, who disappears as soon as it becomes clear that all the cream has already been collected. The majority of people are left without income and without money. One of the most famous examples of such fraud is Bitconnect, a project that turned out to be a pyramid scheme that collected billions of dollars from investors and left them with useless coins. Now it no longer exists, but the cryptocurrency space is still full of such schemes. The best defense here is again a careful study of the project. Take the time to find out all about where you are going to invest your money. In addition, you should be wary of unrealistically high and fast profits.

Traditional scams Often modern scams are not much different from those that have been used to deceive investors for years. These are phone calls, emails, or text messages promising rewards for participating in competitions, or threatening lawsuits or even simply extorting money. In any case, all the allegations are deception and an attempt to lure or intimidate unsuspecting citizens into paying. As already mentioned, anything that seems too good to be true is almost certainly not true. However, bullying tactics are sometimes more effective. They can write on behalf of the tax or other regulatory authority. They can threaten to post private videos made by the victim’s device’s webcam to the network if she doesn’t pay the blackmailer some bitcoins. There are a million scenarios, but they are all based on lies. Official authorities will not contact you in this way, and it is much more difficult to get hold of sensitive personal information than to lie about it. A text or email variation of this Scam is known as phishing. Again, the message disguises itself as something official and important and encourages the victim to click on the link for more information. A click on the link is usually enough to start the malicious software installation process. Thus, we come to the next important category of scams — viruses.

Malware viruses Are programs designed specifically to steal money or information from your device. The principle of operation is different for everyone. Some simply install a utility that records everything you type from the keyboard and passes this information to the attacker. This way it will know your usernames and passwords. Some programs scan the clipboard, when there is an address of a cryptocurrency wallet, the virus changes it to the address of a hacker. If you copy and paste an address, check it visually two or three times before sending money. Another type of malware is ransomware. They encrypt all the user’s devices and promise to unblock them only after the victim sends some cryptocurrency to the specified address. As a rule, a limited time is given. This type of malware often attacks large companies and government agencies, which are ultimately easier to pay than to lose their entire computer network. To protect yourself from this type of attack, do not click on anything that you are not 100% sure of. It is also a good idea to store cryptocurrency separately from the system that you use regularly, for example, for web surfing or viewing social networks.

Pumping and dumping Another common form of fraud comes from small, organized groups that create a stir around little-known coins. First, they buy them themselves, and then launch a coordinated campaign in social networks to create a buzz around the project and attract investors. This leads to an increase in the price, the fomo cycle (fear of missing out on a good opportunity) starts, as more and more people want to have time to take advantage of the investment opportunity. As soon as the fever reaches its peak, the organizers of the scheme dump their coins, which provokes its collapse and a mass flight of investors who begin to realize that they are losing money. Only scammers win. The obvious way to avoid this is to avoid succumbing to mass psychosis and, again, carefully study the market.

Conclusions This guide covers the most common forms of cryptocurrency fraud. However, criminals are very smart and are always looking for new ways to cheat unsuspecting investors. The best advice in this situation is not to rush, read reviews and never invest money on emotions. By following these rules, you will avoid most of the dangers.