Cryptocurrency is full of opportunities, but it’s also full of traps. Scammers are constantly looking for ways to trick people out of their money, and every year millions of dollars are lost. If you’re thinking about investing in digital assets, it’s important to know the common crypto scams to avoid so you don’t become a target.
1. Phishing Attacks
This is one of the oldest tricks in the book. Scammers send fake emails or create websites that look almost identical to real exchanges like Coinbase or Binance. They’re designed to steal your login details or recovery phrases.
How to avoid it: Always double-check the website address, use two-factor authentication, and remember that no real exchange will ever ask for your private keys.
2. Fake Wallets
Some apps look like legit crypto wallets but are actually built to steal your coins the moment you transfer them.
How to avoid it: Only download wallets from official app stores or the project’s verified website.
3. Investment & Giveaway Scams
“Send me 1 Bitcoin and I’ll send you 2 back.” You’ve probably seen these fake giveaways on social media, often using hacked celebrity accounts. They’re all scams.
How to avoid it: If someone promises quick profits or free crypto, it’s not real.
4. Romance and Pig Butchering Scams
These scams usually start on dating apps or social media. The scammer builds trust over weeks or months, then convinces you to “invest” in a fake crypto platform. Once you send money, it’s gone.
How to avoid it: Be cautious if an online relationship quickly shifts to talk about money or investments.
5. Pump-and-Dump Coins
A group hypes up a new token, pushes the price up, then sells everything, leaving late investors with worthless coins.
How to avoid it: Do your research. If a coin is only promoted on Telegram or Twitter with no real project behind it, stay away.
6. Fake Customer Support
Scammers pretend to be from “Coinbase Support” or another exchange. They may offer to “fix” your withdrawal problem but will actually ask for remote access or your seed phrase.
How to avoid it: Go directly to the official help section of the exchange. Real support will never ask for private information or payments.
7. Rug Pulls
This usually happens in DeFi or NFTs. Developers launch a flashy project, attract investors, then disappear overnight with all the funds.
How to avoid it: Look for projects with verified teams, audits, and real communities.
How to Protect Yourself
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Stick to trusted exchanges and wallets.
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Use 2FA on all accounts.
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Keep your seed phrase private — never share it.
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Research before investing in new projects.
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Be skeptical of anything that sounds too good to be true.
Final Word
Crypto can be rewarding, but only if you stay alert. By knowing the most common crypto scams to avoid, you’ll be in a much better position to keep your money safe. Scammers are always evolving, so staying informed is the best defense.
