Topic: Frequently Ask Questions(FAQ) & Answers about cryptocurrency scam. (Read 242 times)

Actually the only thing we need is information that can give us a versital knowledge of Cryptocurrency in respect to overcome fraudulent altitude, so it's acknowledge to make some valuable thread to be stagnant so that others can easily have access to view it in case of issue, fraudulent act of cryptocurrency is not new actually but people is introducing different methods to scam people most especially novice, so it's nice if the thread will be use as reference point of encouragement.

So to sum it all up. You will not magically get enormous returns on your small investments in a short amount of time in this day and age. Hell, even back in the day where you would invest 100$ into BTC, it still took years for some serious changes with the price and for people to get some big returns. First of all, if it's too good to be true, it really is, and it's a scam. Second, when it comes to investing, only huge amounts of investment funds will yield huge returns with time. For the rest of us that invest pocket change, take it slow and play the waiting game. there is no way around it.

Considering the increasing cases of cryptocurrency fraud in the world, I second the idea as well. As this is usually the first board that newbies get conversant with, if this is a pinned thread, newbies who really take time to read through will be informed by this read and be averted the costly mistake of falling prey to such fraud.

Feel free to do it. I create this thread to open discussion. So we get some other suggestions as well. I just wrote what I had remembered during writing or that question I encountered. Please share with us if you encounter any other FAQ that isn't listed in my thread.

Besides that, I create this thread to help newbies, anyone can translate in a local language or can share this thread as a reference where the same questions ask. We just need to help others by our contribution. So if anyone intends to translate you may proceed to do so.

I second this idea, and I also had the same thought upon reading the OP, actually the OP contains majority of the questions newbies like to ask, and it's basically the aspects they are not so sure of what to do or the action to take, thus if this is a pinned thread, they will prolly not need to ask these questions over and again, as it'll basically just be at their disposal upon visiting this board. I don't know if they admins will consider this necessary, maybe cause most of this newcomers may prolly not even read it if it's sticked and even if they do, they'll still ask the questions nonetheless, making the pinned thread somewhat useless.

In addition to requiring a PM, you should also request a signed message from an old address the user has posted on the forum, particularly if the message they sent you off the forum requires you to bring out cash, either through making a purchase, investment, donation etc.

There have been cases of users getting hacked and not knowing so the hacker could send PM's discreetly to other users and rip them off.
Be more skeptical of it's actually a trusted member that sends the message, but overall be skeptical of everything.

The most frequent story of being a scam as you stated above is right, thank you for the input and this will really help the newbie's not to fall into this kind of trap.  Though I think there are more of them I think this is the most common.

The concept of scamming is almost the same but it's different strategies.  We should always use our common sense or do research before taking such action.  Most scammers are also leveled up, they have different ways on how to fall people into their trap.

Anyway, does anyone suggest this might be good if this topic must be on a pinned/sticky thread?  So that newbies will aware upon visiting here.

With an excellent FAQ created by OP, I think it is also worth mentioning that before you delve and invest into a project, you can do a quick search here in the forum to check for feedback. Generally, there are lots of dedicated forum members who report scam and shady projects (despite their ANN not posted in the forum) under the scam accusation board.

Since this is the biggest cryptoforum in the cyber space, utilizing the search bar by checking the project may provide an extra layer of security. But, be wary since there may be newbie accounts spreading fake feedback.

The scams are not always invest $10 and get $50 in return. They could be buy this product for $10 and sell this product for 2x the value. Scams are easy to spot most of the time because they do not make sense. If someone could convert your money into double the amount they would do that without your money and the same goes for selling products which can make money on your investment they would be doing it themselves. I think if you use a escrow 100% of the time you can avoid 99% of scams but if you use escrow and a little common sense you will avoid 100% of scams and be safe. Most scams can be defeated with common sense. Investing your Bitcoin can be a good choice because if you can invest your Bitcoin into another investment that makes more money in a year then if you kept Bitcoin it would be better but you should probably always convert back into Bitcoin when you are finished investing in other stocks. The stock market is difficult to understand is a all about luck if you want to profit. Stocks are not scams because the risk is clear.

Some scammers can get quite creative so it's impossible to list all the scams in existence. But all scams have one thing in common - they always require you to send your money first and in return get some profit. When you see an opportunity like that, you should get very-very suspicious and very carefully examine it. There's very little legitimate opportunities that work like that, for example casino bankroll investment or yield farming, but even these things could be ran by scammers.

IMO it's not a good idea to try to invest your hard earned bitcoins, Bitcoin already provides tremendous growth, why be greedy and risk losing it?

You must have meant if it's too good to be true, it probably isn't.

Anyway, I agree. Scams are, of course, more or less similar whichever market they are in. So whether they are operating in crypto or in forex or wherever, they are always offering something very enticing, so enticing that it can hardly be rejected by newbies, especially those who are lazy enough to do due diligence.

On a side note, I guess it is more effective for newbies to be given concise reminders rather than lengthy ones.

A very helpful read, i really wish all newbies will take out time to read properly and intimate themselves with all the prospective formats used by scammers.

Just as we take out time to prevent being scammed online by persons we do not know, we should also be careful with the person's we claim to know, they may be the scammers as well even offline.

Newbies, if you are the type that allows everyone use your device say Mobile phone or PC that has your wallet in it, you should stop and reduce access. Also do not save your private keys on the notepad of your phone or PC unless there's a privacy lock on it. As a newbie, also realise that there is a need to ask questions. If you are confronted with a deal that sounds too good to be true, always ask someone you know personally who is more advanced in knowledge in terms of cryptocurrency to verify before accepting or acting. A question may just save you a lifetime of regret.

I think it can be summarized as: if it's too good to be true it probably is. In most cases, scams consist of offering you easy money but to do so they make you give them something first, money, your private keys, etc. In this sense crypto scams are no different from classic scams.

All of the above could be summarized under 3 categories more or less: (1) Investment, (2) Dealing with strangers online, (3) giveaways/bonuses. Almost all of them involve random people from the internet asking for money or information.

A newbie should generally be skeptical. The default answer should always be no. Confront everything with doubt. And before even acting on it, doubts should be resolved first. If not, the answer should remain a no.

Also, this forum could be of help.

Wow! This is really a good summary of FAQ, is it possible that we can add or suggest some that arent on the list and be included in the OP? Maybe some still left unchecked but Im sure this is beyond a compilation already.

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Good job OP. This is reallt helpful, if newbies will have time to drop by and read.

Exciting truth for -Newbies- and those who are facing this scams to get knowledge of and to add
+ I can't withdraw this crypto-currency because my country got banned can I send it to you so you withdraw it for me
+ The Truth: they want to test your greed once you follow the link it would require you to make deposit so you can withdraw, but that is the scam.


+ One random person: Mr so and so helped me trade and I made alot of profit, another random person: oh you know Mr so and so, he also helped me to, this can go on in long linked chain
+The truth: they are all scams under one person or cooperative group of people.

learn to be sensitive to scams -Newbies-.

It's taken a few days to write this post. I just make a note and maintain it for a few days, whenever found the issue just note it together. So here is a few common questions that we see often on the forum. Hope this thread will help to get an answer to common frequently asked questions.


1. Someone on social media or a website offer me to double my cryptocurrency within a day or month. Should I invest there?

    Answer: No, there are no such money-making machines that would double your funds, either online or in real life. Sending funds to them mean you lost it forever.

2. A website or a person giving away free cryptocurrency, they are asking to send a small amount of crypto to a confirmed receiving address. Should I send the fund?

    Answer: No. This is totally a scam. If someone wants to give you free then it should be free without sending funds. Keep in mind, nothing is free in the world.

 3. After the scam the agency recovered my funds and they are asking me to send 10% of the recovered fund to unlock or release my funds. Should I trust them?

    Answer: No, you are going to being a scam once again if you trust them. Cryptocurrency is irreversible, it's impossible to recover through an agency.

4. A cryptocurrency platform asking to deposit to withdraw my bonuses. Should I deposit there?

    Answer: Keep in mind, any legit cryptocurrency platform will never ask to make deposits to withdraw your bonuses. It's just a pure scam.

5. A trusted user of the forum contact me via telegram or any other social media to make a deal. Should I trust the user?

    Answer: Obviously not. Ask him to send you a PM through the forum and verify with him if you are talking with the real person. Ask him in detail through forum PM. Use the escrow service of the forum for any deal or trade.

6. A website asking to input my seed phrase or private keys to get the free giveaway or bonuses. Should I input that?

    Answer: No. Don't share your wallet credentials with any third party. Inputting your seed or private key means you lost your funds forever.

7. A cloud mining website offers a high return on buying a mining plan. Can I trust a cloud mining site?

    Answer: No. You shouldn't trust cloud mining sites. All cloud mining sites are scams nowadays. It's just a Ponzi scheme. Buying a cloud mining plan means lost your fund forever.

8. One of my friends got a return from a Ponzi Scheme site or from a high return offering site. Since the site is paying should I invest as well.

    Answer: Don't do this. Most likely your friend is lucky that's why he got to return his funds. You wouldn't be lucky enough like your friend and most likely you will lose funds. Because often Ponzi Scheme circulates money from new investors to earlier investors.

9. I received mail (spam mail) to get free Bitcoin. It does require click a link or download an app. Should I do it?

    Answer: No. Don't click on the link or download the apps. Because most likely attackers got your mail from a leaked database and they targeted you to hack your device. You might be lost everything if you attempt to click the link or download the apps. Just delete the mail or message. You might receive such a message on other social platforms as well. So don't respond to that kind of message and report them.

10. Someone posting on the forum about an investment platform where we can multiply our funds within ours or day. Should I take advantage of it?

    Answer: No and never. Posting on the forum means nothing, it will not change the fact. Just avoid this kind of post and report it to the scam accusation board.

11. I want to start a lending business on the forum. Should I lend funds without collateral?

    Answer: No. If the borrower isn't high trusted on the forum, shouldn't lend funds without collateral. Otherwise, there is the risk of losing funds.

12. After posting a crypto-related problem on the forum got a few PMs from other users, they want to help me with my issue and they are asking for credentials related to the issue. Should I trust them?

    Answer: Don't share your personal credentials with anyone. Ask them to help you publicly. Most probably scammers target you to scam. Just report to admin from the PM. And share with the community. The community would suggest to you who is the right person to help.

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I will update the thread in near future if fund more questions & answers.