Topic: Popular scams in crypto that investors should avoid (Read 187 times)

OP, can I ask you? You create such a topic and describe the post quite fully, do you read the forum yourself? Can you use the search? Are you asking yourself what I will bring to the forum by creating a thread about scammers? Don't you see how much of this material, and almost everything about the same thing, is posted here? I'm assuming that you, as a newbie, read the recent thread and just paraphrased and posted here the same thing you read on the forum. So to speak, "control work" on reading. You don't even have to go anywhere, everyone is here.
Can I ask you to be a little attentive, try to read the forum on your own, and not teach what is here in tons? Friendly advice is a forum where his knowledge will be useful to you and nothing else. Always remind yourself of this.

For an additional understanding of your topic.

https://bitcointalksearch.org/topic/collection-of-comprehensive-guides-on-identify-and-avoid-scam-projects-5125435
https://bitcointalksearch.org/topic/guide-use-this-for-identifying-scamphishing-websites-exchanges-in-crypto-5122515

Exactly. As I quoted there, " there's no such thing as something from nothing". Only greed would make someone think they can get money from doing absolutely nothing.

Your first form of scam The victims are always driven by greed; it's only greed that pushes people to fall victim to a money-doubling scheme; they want to make more out of things, which is exactly what the scammers need in order to get their target.

Let me elaborate more on the ICO scam part. These days, that type of scam is almost a thing of the past because I barely see projects running ICOs. Back then, what most of them usually do is propose promising projects that have no physical foundation, attract investors through those promises, and through paid advertisers, investors give them their money.

Most of them actually launch those coins, but launching those coins is actually not the problem; the major problem is usually whether those coins or tokens will be listed on any exchange. Even if they are listed, will they be worth what you invested inside? etc. Many people have fallen victim to such scams because we really can't tell which of those coins are scams, and most of those scammers are very good at what they do. Now what they do is the IEO, which is the initial exchange offering.

You will be allowed to buy their coins or tokens from an exchange that they will promise to list at a particular price that will be tempting to you, which will make victims buy these coins because they believe the coins will be listed. But any of the projects that happen to be scams will still list those tokens on those exchanges, add a little money that they have gained from the IEO, pump the market a little, and then pull the rug, leaving all the investors with worthless coins or tokens.

Scams and frauds have been rampant in the crypto community for many years now. The crypto market, being relatively unregulated, has attracted so many scammers and  fraudsters. These criminals take advantage of the lack of knowledge among investors to leverage their schemes.

One of the most common scam is the Ponzi Scheme. I'm pretty sure most, if not all of us are very familiar with this scam. In a Ponzi Scheme, the scammer promises high returns on investment without doing any actual trading. Instead, the scammer gains new participants mostly true referrals and uses their funds to pay the earlier investors' promised profits. The Ponzi Scheme collapses when new participants dwindle or demand a payout, and the scammer disappears with the remaining funds. There's something my dad always tells me, " there is no such thing as something from nothing". Anyone that promises you a particular amount of BTC, and all you have to do is invest a  particular amount or share their link to invite a given amount of people, that person is a scammer, and potential investors should avoid them at all cost.

Another common scam is the Fake ICO (Initial Coin Offering). In Fake ICOs, the scammer promises a new cryptocurrency with a major technology or platform, convincing potential Investors to invest their funds in the ICO. However, after collecting the funds, the scammer disappears, and no new cryptocurrency is ever launched. Personally I've been a victim of something similar to this some time ago, but it wasn't crypto related.

Another fraud is the Phishing scam, where a scammer creates a fake website that pretends to be a popular cryptocurrency exchange or wallet. They ask for login credentials, private keys, and then proceeds to access the victim's cryptocurrency wallet and steal their funds.

Lastly, the Ransomware, here the scammer captures a victim's digital devices or files; the attacker demands payment in cryptocurrencies to surrender the data and restore access to the victim. Another one that's very similar to this, the scammer preys on investors that have issues with their wallet, offers a solution and demand for their login details to fix said issue. Then they proceed to access their wallet and steal their funds.

A few days ago, a user on this forum asked if it was possible to reverse a bitcoin transaction cause he accidentally sent funds to the wrong address. That's the kind of post these scammers look for. I'm sure he got a couple of messages from people claiming to have a solution to his issue.

To avoid scammers like this, Investors should also be wary of promises of unusually high returns and do not disclose any personal information or keys to anyone.

Finally, Investors should use secure software and hardware for their devices and regularly back up their data.