5 Most Common Cryptocurrency Scams And How To Avoid Them If someone is promising you huge guaranteed returns, the only thing you can guarantee about it is it’s a scam. read more on how to identify and avoid crypto ponzi schemes. 5. rug pulls. rug. Pump and dump schemes. pump and dump schemes are another type of investment scam. a scammer convinces you to buy a lesser known crypto at a low price, promising its value will skyrocket soon. as soon as you buy, the price rises, and the scammer sells their holdings at the new higher price.
7 Common Crypto Scams And How To Avoid Them Whatisblockchain Com Once the victim makes the payment, the scammer will cut off all contact, having pocketed the money while never having had a real job to offer. 11. flash loan attack scams. in a flash loan attack, a cybercriminal will take out an unsecured loan using a loan protocol to shift the market in favor of that cryptocurrency. In fact, crypto romance scammers conned victims out of $139 million last year, according to a 2022 report by the federal trade commission (ftc). but that’s just one type of scam of many. the ftc. Make sure the website you are visiting is legitimate, and the url is not manipulated in a way to look like the legitimate one. pay attention to the last part of the url. for example, crypto ’s url is ‘ crypto ’, while a possible scam url could be ‘ crypto premium.somescammerdomain ’. 2. phishing scams. 8) sim swap scams. these are highly sophisticated forms of crypto fraud. scammers will target you through your mobile number and use it to gain access to your online accounts – such as your crypto wallet. scammers can use your number to intercept verification codes sent to your messages, but also to reset passwords.
Comments are closed.