CRYPTO SCAMS

Cryptocurrencies are no exception, and numerous scams have been reported in various forms, exploiting users' lack of knowledge and the relative novelty of this ecosystem.


1. Ponzi Schemes and Pyramid Scams

Ponzi and pyramid schemes are fraudulent economic models where new entrants finance the gains of previous participants. In the case of cryptocurrencies, projects often promise high returns or guaranteed profits in exchange for cryptocurrency investments. Instead of actually investing these funds, scammers use them to pay the first investors, creating the illusion of profits until the system collapses.


2. Fake Exchanges or Trading Platforms

Some cryptocurrency trading or exchange platforms present themselves as legitimate but are, in fact, scams. They attract users with low fees, bonuses, or promotional offers, but once the money is deposited, it becomes impossible to retrieve it.


3. Investment Scams ("Pump and Dump")
 
In this scam, organized groups coordinate the mass purchase of an obscure or illiquid cryptocurrency, artificially inflating its price. Once the price is high enough, the scammers sell off their assets, leaving other investors with significant losses when the value crashes.

4. Phishing Scams

Phishing scams involve tricking users by directing them to fraudulent websites or wallet interfaces that mimic legitimate services. Victims believe they are accessing their real accounts, but the information entered (such as private keys or account credentials) is sent to the scammers, who then steal the funds.


5. Airdrops and Fake Giveaways
"Airdrops" are free distributions of cryptocurrencies designed to draw attention to a project. Scammers exploit this trend by creating fake airdrops that ask users to provide their private keys or transfer a small amount of cryptocurrency to "activate" their reward.


6. Rug Pulls (Project Scams)

In a "rug pull," developers of a cryptocurrency project, often a new coin or a DeFi (decentralized finance) project, raise funds from investors or list their token on a decentralized exchange. Once the funds are collected, the developers disappear with the money, leaving investors with worthless tokens.


7. Fake Technical Support Scams
Scammers pose as support team members of an exchange platform or wallet service. They contact users through forums, social media, or directly, encouraging them to provide their account information or private keys under the pretense of resolving a technical issue.


8. Fake ICOs (Initial Coin Offerings)
ICOs are fundraising events where cryptocurrency projects issue tokens in exchange for cryptocurrencies like Ethereum or Bitcoin. ICO scams involve fake projects that collect funds, promise technological innovations or revolutionary applications, but then disappear once the money is collected.


9. Fake Influencers or Celebrity Accounts
Scammers create fake profiles of celebrities or influencers in the cryptocurrency space, pretending to offer free cryptocurrencies or investment returns if users first send a certain amount. These scams are often spread on social media platforms like X or YouTube, with messages promising to double the cryptocurrencies sent.