Topic: Famous crypto scam methods (Read 112 times)

Isn't it against the forum rules? Posting without mentioning original source if available. It's clear plagrism. I guess OP didn't knew that as he is still a newbie.

OP, you should consider reading forum rules first.

https://bitcointalksearch.org/topic/unofficial-list-of-official-bitcointalkorg-rules-guidelines-faq-703657

Uh oh.. It seems like you "forgot" to link the original source..

https://www.reddit.com/r/CryptoCurrency/comments/171oafz/famous_crypto_scams_educational_purpose/

Archived: https://archive.is/wip/olEkE

I read all of the scams, and every scam type revolve around few things, one is draining of liquidity either it is done by influencers, or the team of the coin. Second is, they will try everything to avoid you from selling the coin and to be honest, as a bounty hunter, I have to pay huge taxes on some tokens and you will be surprised to hear that, on one transaction I have to pay $70 in token then I was able to withdraw the $100. Means I total earned $170.

Well, coming back to the main pin points --> Third is ICO or pre-sales scams. etc. etc.

I am quite impressed to see this compilation, you must have put some time in getting this whole information, because you did not provided any source from where you took the whole idea so I persume you would took it from different sources. Please don't tell me that you have used AI for this post.

Well, overall, these types of scams not occur in top 10 tokens, and specially not in BTC. That's why I am a BTC lover and don't trust Alts anymore, and just to back up my words why, I also had been scammed many times and my experience is so bad with Alts so I love BTC   

Scams comes in different dimension, but the summary is that if you're not greedy then you may just have reduced your chances of getting scammed, also, you need to be very careful on the informations that are personal to you, try avoid making them available to the public, secure your wallet keys, avoid unnecessary links and downloads, all other security and safety measures required for using a non custodial wallet should be out in practice, then avoid as many as possible crypto projects as an investment when you're not having a satisfactory result on their developers, if there's no error from us, we won't be attacked and be a victim of scam, irrespective of their mode of operations.

I've recently become interested in Dextools and the absurd number of shitcoins that are generated there every second.

Although I haven't invested any money in it, it's important to know how scams work in order to be aware and avoid becoming a victim of one.

Here is a list of the top cryptocurrency frauds methods:


1. MEV Bot Sandwich Exploits: Fraudsters find blockchain transactions that have enough slippage tolerance to allow them to front-run the deal and profit from it.

2. Honey Pot Frauds: Fraudsters produce new coins, add liquidity on decentralized exchanges, impose selling restrictions, and then eliminate liquidity once they have attracted enough purchasers.

3. The project is turned into a honeypot by scammers who first permit selling before blocking it after luring buyers. Later, they take away liquidity

4. Manipulating Sell Tax: To discourage selling, scammers change the token's sell tax to 99%. This is frequently evident through "Set Fee" calls on Etherscan.

5. Modifying Marketing cost: Scammers set a 99% marketing cost to prevent selling; these calls on Etherscan are often identified as "Set Structure" calls.

6. Delayed Honey Pot By Blacklist: Scammers use wallet blacklisting to enforce a delayed honey pot and prevent selling; these calls are frequently identified as "Blacklist" calls on Etherscan.

7. A Hidden Honey Pot Through a High Gas Fee: Scammers create tokens with excessively high gas fees to deter consumers from selling.

8. Hidden Honey Pot By Internal Function: Scammers use internal routines that are hardcoded and hidden from view on Etherscan to build delayed honey pots.

9. Scams to Remove Liquidity: Scammers couple a valuable token with a worthless one, create liquidity, deceive users into exchanging the precious token for the worthless one, and then remove liquidity.

10. Liquidity Drainer Schemes: Fraudsters mint new tokens, lock or burn existing liquidity, and then drain the pool by selling newly created tokens into it.

11. Hidden Mint Function Scams: Scammers mint tokens using a hidden mint function, which is similar to liquidity drainers.

12. Token Drainer Scams: Scammers utilize secret routines to drain tokens from users' wallets and reset their balances to zero after locking or burning liquidity.

13. Slow Rug Scams: Con artists issue a token, reserve a supply for themselves, and then sell off this reserve over time, lowering the value of the chart.

14. Slow Rug Distribution Scams: Scammers send tokens to numerous wallets under their control and sell them gradually, causing their value to gradually decline.

15. Influencer-Driven Slow Rugs: After a single tweet, influencers who receive tokens from developers progressively sell them, creating a slow rug.

16. Twitter Pump and Dump Schemes: A gang of influencers works together in secret discussions to inflate a coin artificially before dumping it on Twitter.

17. Insider Pump & Dump Scams: To capitalize on the enthusiasm, developers and their associates buy a sizeable portion of their coin upon launch, occasionally sniping coins.

18. Pre-Sale Fraud: Scammers plan pre-sale deals on websites like Pinksale, steal the money, then issue the tokens with little liquidity.

19. Pre-Sale Dump Scams: Scammers plan pre-sale offerings on websites like Pinksale, enticing their friends and followers to take part before dumping tokens in large quantities once the pre-sale begins.

20. Twitter Pre-Sale Offering Frauds: Scammers frequently engage in fraudulent operations when they provide wallet addresses on Twitter in place of official pre-sale venues.

21. Psy Ops & Reverse Psychology: Token creators use reverse psychology to either prohibit outsiders from entering or deter malevolent actors from purchasing.

22. Burned or locked liquidity with 0% tax PsyOp: By offering 0% tax at launch and saying that liquidity has been burned or frozen, developers lure people into a scam currency. This is a popular psychological ploy.

 23. Renounced Contract PsyOp: By abandoning the token contract but keeping a secret backdoor for prospective frauds, developers trick consumers into investing in a fraudulent coin.

24. Sniper Prevention PsyOp: Teams falsely state that a 99% sell tax is in place to discourage snipers but never reduce it, misleading users in the process.

These are the handful I've looked at, but normally I steer clear of shitcoin regardless of the buzz because they are largely scams, and I advise others to do the same because you can never truly tell if a project is a fraud because most scammers are quite skilled at what they do.
Before investing, look for recommendations because I believe that certain influential people in the sector do so for worthwhile projects.