Topic: Types of Scams in Crypto - Awareness (Read 329 times)
The most common scam that I have seen and experienced is MLM based investment scams. They came into my knowledge for the first time when Bitcoin reached its first ATH in 2017. To date, it is the easiest and the fastest way for a scammer to scam anyone using the name of Bitcoin. The second most popular one is the fake airdrop scam that you might have seen or encountered on social media platforms. It is better to avoid such airdrops.
MLM : This is a commonly known scam which is much seen on every form of businesses. It hasn't left cryptocurrency as well. Here based on the members added will be the commission and through this you can make big earning. One who is in the top order makes money scamming the down members. Even they'll say that you'll turn millionaire within few months. Most of the people who gets scammed on this schemes were the college students.
This is one of the popular type of scams and up to now still existing not only around crypto but also in fiat based as well. Im among of those who fall victim of this when I was new on investing online because of the promises of the "upline". They're promising you to become millionaire in a short period depending on how hardworking you are by selling their products (some of them has products) and by inviting other members as well. Im too naive to believe, ending up having regrets.Even up to this point similar type of scam is still running and many people are becoming victim for being greedy. They should know that there's no easy money to earn without exerting an effort and doing a real job.
Thanks for this post, I believe the post is very useful because on a daily basis people are getting scammed of their money which is very bad, scammers are going on research and trying to bring up new ideas which they will use to scam people, so I believe spreading this kind of post is very useful because I believe it will safe someone from been scammed.
I've been scammed last three years ago at telegram, and I failed on that situation but that doesn't mean I'm giving up. All mentioned types of scams should be avoided, and the help it provides to us is very useful on our daily living. Awareness is the most important in order to get rid of those potential victims, without that we won't have warnings and we might end up a victim of their traps.
instead we must push through and make it as experience to learn.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
OP thanks for Sharing these valuable thoughts and points , Really Helpful and i will book it mark for future references .
Through different means scammers make fool of the common people and scam them. Different types of scams through which common people gets scammed are
Paid Signal Providers : Here people who weren't able to make money out of trading do this kind of scams. People are requested to subscribe their channels, so that you'll get daily trading signals. Further they do it as a paid service. Here if you're new to the cryptocurrency network, they easily scam you. Good is to do the best research of your own, because we've got lots and lots of legitimate platforms, YouTube channels are there using which you can know better about the market.
Money Doubling : In recent days this is done through YouTube channels and telegram channels. 2X bots were developed and those were promoted. If you invest $100, you'll receive $200 through the bot. Person who promote this will talk in a very pleasant manner. Don't fall for the words. Stay cautious with such schemes.
Indicators Scam : It is also a kind of scam in which people get scammed easily through trading indicators. Here scammers function as a group and promote the indicators. Our indicator have got accuracy and other additional features. If they can make big money out of those indicators why can't they do it and earn out of it. We need to think about it before going for such indicators. Learning the indicators of the exchanges is more than enough and through this one can easily know about trading analysis.
Pumping Teams : In this pattern of scams, about coin pumping will be announced. We've got information about specific coin that we're going to pump. If you invest/buy you can make good profit out of it. It gives 2X, 5X, 10X profits. Those are completely false statements. Don't fall for it, because they make you buy and further dumps the market.
MLM : This is a commonly known scam which is much seen on every form of businesses. It hasn't left cryptocurrency as well. Here based on the members added will be the commission and through this you can make big earning. One who is in the top order makes money scamming the down members. Even they'll say that you'll turn millionaire within few months. Most of the people who gets scammed on this schemes were the college students.
Apart from this you can see more and more forms of scams in the crypto market. As the market is widening scammers try different approaches. It is our responsibility to do the best research and move forward. Give awareness, it'll help someone and make the cryptospace scam free.
Paid Signal Providers : Here people who weren't able to make money out of trading do this kind of scams. People are requested to subscribe their channels, so that you'll get daily trading signals. Further they do it as a paid service. Here if you're new to the cryptocurrency network, they easily scam you. Good is to do the best research of your own, because we've got lots and lots of legitimate platforms, YouTube channels are there using which you can know better about the market.
Money Doubling : In recent days this is done through YouTube channels and telegram channels. 2X bots were developed and those were promoted. If you invest $100, you'll receive $200 through the bot. Person who promote this will talk in a very pleasant manner. Don't fall for the words. Stay cautious with such schemes.
Indicators Scam : It is also a kind of scam in which people get scammed easily through trading indicators. Here scammers function as a group and promote the indicators. Our indicator have got accuracy and other additional features. If they can make big money out of those indicators why can't they do it and earn out of it. We need to think about it before going for such indicators. Learning the indicators of the exchanges is more than enough and through this one can easily know about trading analysis.
Pumping Teams : In this pattern of scams, about coin pumping will be announced. We've got information about specific coin that we're going to pump. If you invest/buy you can make good profit out of it. It gives 2X, 5X, 10X profits. Those are completely false statements. Don't fall for it, because they make you buy and further dumps the market.
MLM : This is a commonly known scam which is much seen on every form of businesses. It hasn't left cryptocurrency as well. Here based on the members added will be the commission and through this you can make big earning. One who is in the top order makes money scamming the down members. Even they'll say that you'll turn millionaire within few months. Most of the people who gets scammed on this schemes were the college students.
Apart from this you can see more and more forms of scams in the crypto market. As the market is widening scammers try different approaches. It is our responsibility to do the best research and move forward. Give awareness, it'll help someone and make the cryptospace scam free.
Thank you for listing out the different kinds of scams that were used in cryptocurrency to take advantage of people. Honestly, even today that there are many infographics and all possible ways to legit check, unfortunately, there are still many people that have been falling victim to these awful scams and schemes. It's really best to know all of these to avoid it in the future if ever you stumble upon one or two. Educating the users and spreading awareness is very much needed to be able to distinguish which is legitimate to not. I hope people would take more time to read and make themselves conscious of every evil tactics most especially on the internet transactions and activities.
Through different means scammers make fool of the common people and scam them. Different types of scams through which common people gets scammed are
Money Doubling : In recent days this is done through YouTube channels and telegram channels. 2X bots were developed and those were promoted. If you invest $100, you'll receive $200 through the bot. Person who promote this will talk in a very pleasant manner. Don't fall for the words. Stay cautious with such schemes.
All of those ways had mentioned by OP, this Money Doubling trick is very common and usually been used by scammers as this could easily attract people especially when they want money especially when you talk that it looks good to be true. This is to imply that people are now getting crazy when it talks money and never have in their mind that they are already had fall into the hands of the scammers. This is to show how money gives influence to the mindset of the people and they took every opportunity they see especially when someone offering like this. Money Doubling : In recent days this is done through YouTube channels and telegram channels. 2X bots were developed and those were promoted. If you invest $100, you'll receive $200 through the bot. Person who promote this will talk in a very pleasant manner. Don't fall for the words. Stay cautious with such schemes.
and whenever they do see these money doubling or easy profits kind of opportunities then they do just simply make out some stupid decisions and when the time comes they do only learned up things
on very disastrous ways which they had might able to avoid it earlier if they had just used up their common sense and awareness.
Through different means scammers make fool of the common people and scam them. Different types of scams through which common people gets scammed are
Money Doubling : In recent days this is done through YouTube channels and telegram channels. 2X bots were developed and those were promoted. If you invest $100, you'll receive $200 through the bot. Person who promote this will talk in a very pleasant manner. Don't fall for the words. Stay cautious with such schemes.
All of those ways had mentioned by OP, this Money Doubling trick is very common and usually been used by scammers as this could easily attract people especially when they want money especially when you talk that it looks good to be true. This is to imply that people are now getting crazy when it talks money and never have in their mind that they are already had fall into the hands of the scammers. This is to show how money gives influence to the mindset of the people and they took every opportunity they see especially when someone offering like this. Money Doubling : In recent days this is done through YouTube channels and telegram channels. 2X bots were developed and those were promoted. If you invest $100, you'll receive $200 through the bot. Person who promote this will talk in a very pleasant manner. Don't fall for the words. Stay cautious with such schemes.
Money doubling is very common here, and I already got a victim for this home as well, it is the website that offers to double my money for only 20$ but it ends up losing it because the next day, I can not take my money and my investment did not regenerate. , this is like a phonic scheme because they are paying before, my friend just told or send me the screenshot of their money getting doubled for 24 hours.
It is very common in Twitter and I am wondering but still, there are many people has been become a victim by them.There are different scams nowadays and we should be careful putting investing in doubling scams, keep in mind that there is no free given on the internet.
Use our common sense and put some effort into having research first before putting your money as an investment, you most likely avoided the possible scam that now are very hot on most social media.
I have never fallen for any of these scams right from the time I started cryptocurrency investment, I have always looked for ways that I can avoid them, and because I have known all these things right from time I have been able to avoid all of them. That’s why it is very important to always study and do research, research is the one thing that’s going to help you to know what you’re really getting into.
Paid signal providers are one of the types of scams that has been rampant in the cryptocurrency community, like it is really much and there are many newbie traders that keeps falling for it because they are looking for ways to make money, and these scammers will tell them to pay for signal and they would end up not getting anything at all.
Paid signal providers are one of the types of scams that has been rampant in the cryptocurrency community, like it is really much and there are many newbie traders that keeps falling for it because they are looking for ways to make money, and these scammers will tell them to pay for signal and they would end up not getting anything at all.
Paid Signal Providers : Here people who weren't able to make money out of trading do this kind of scams. People are requested to subscribe their channels, so that you'll get daily trading signals. Further they do it as a paid service. Here if you're new to the cryptocurrency network, they easily scam you. Good is to do the best research of your own, because we've got lots and lots of legitimate platforms, YouTube channels are there using which you can know better about the market.
I think scammers usually don't ask to be paid in the beginning, they will offer this for free. And then once you join and they gave you a couple of signals in the beginning and you start to make some money, then they will ask you to pay premium for a new signals and they will promise you good returns.
Money Doubling : In recent days this is done through YouTube channels and telegram channels. 2X bots were developed and those were promoted. If you invest $100, you'll receive $200 through the bot. Person who promote this will talk in a very pleasant manner. Don't fall for the words. Stay cautious with such schemes.
If this is on Youtube, I would say to report the channel right away. As the saying goes, "if it's too good to be true, then probably is"..
Indicators Scam : It is also a kind of scam in which people get scammed easily through trading indicators. Here scammers function as a group and promote the indicators. Our indicator have got accuracy and other additional features. If they can make big money out of those indicators why can't they do it and earn out of it. We need to think about it before going for such indicators. Learning the indicators of the exchanges is more than enough and through this one can easily know about trading analysis.
Same with Paid Signal Providers scams.
Pumping Teams : In this pattern of scams, about coin pumping will be announced. We've got information about specific coin that we're going to pump. If you invest/buy you can make good profit out of it. It gives 2X, 5X, 10X profits. Those are completely false statements. Don't fall for it, because they make you buy and further dumps the market.
Paid Signal Providers
MLM : This is a commonly known scam which is much seen on every form of businesses. It hasn't left cryptocurrency as well. Here based on the members added will be the commission and through this you can make big earning. One who is in the top order makes money scamming the down members. Even they'll say that you'll turn millionaire within few months. Most of the people who gets scammed on this schemes were the college students.
This is the basic pyramiding scheme. Even before there was crypto, this scheme has been running for centuries now, better known as Ponzi scheme as well.
Paid Signal Providers : Here people who weren't able to make money out of trading do this kind of scams. People are requested to subscribe their channels, so that you'll get daily trading signals. Further they do it as a paid service. Here if you're new to the cryptocurrency network, they easily scam you. Good is to do the best research of your own, because we've got lots and lots of legitimate platforms, YouTube channels are there using which you can know better about the market.
I never understood how these signals work, in the past I even got to join certain groups of free signals but as I didn't understand anything about how such signals work I ended up giving up I don't use this kind of stuff, I prefer to rely on myself to day trade
Money Doubling : In recent days this is done through YouTube channels and telegram channels. 2X bots were developed and those were promoted. If you invest $100, you'll receive $200 through the bot. Person who promote this will talk in a very pleasant manner. Don't fall for the words. Stay cautious with such schemes.
here on the forum there was a site that spent years stealing people's money, the scammers managed to steal a lot of bitcoins
Indicators Scam : It is also a kind of scam in which people get scammed easily through trading indicators. Here scammers function as a group and promote the indicators. Our indicator have got accuracy and other additional features. If they can make big money out of those indicators why can't they do it and earn out of it. We need to think about it before going for such indicators. Learning the indicators of the exchanges is more than enough and through this one can easily know about trading analysis.
never used
Pumping Teams : In this pattern of scams, about coin pumping will be announced. We've got information about specific coin that we're going to pump. If you invest/buy you can make good profit out of it. It gives 2X, 5X, 10X profits. Those are completely false statements. Don't fall for it, because they make you buy and further dumps the market.
never used
MLM : This is a commonly known scam which is much seen on every form of businesses. It hasn't left cryptocurrency as well. Here based on the members added will be the commission and through this you can make big earning. One who is in the top order makes money scamming the down members. Even they'll say that you'll turn millionaire within few months. Most of the people who gets scammed on this schemes were the college students.
I remember that 5 years ago someone tricked me and I only found out after I created an account on the site, fortunately I didn't make any deposit and reported the site.
Through different means scammers make fool of the common people and scam them. Different types of scams through which common people gets scammed are
Paid Signal Providers : Here people who weren't able to make money out of trading do this kind of scams. People are requested to subscribe their channels, so that you'll get daily trading signals. Further they do it as a paid service. Here if you're new to the cryptocurrency network, they easily scam you. Good is to do the best research of your own, because we've got lots and lots of legitimate platforms, YouTube channels are there using which you can know better about the market.
Money Doubling : In recent days this is done through YouTube channels and telegram channels. 2X bots were developed and those were promoted. If you invest $100, you'll receive $200 through the bot. Person who promote this will talk in a very pleasant manner. Don't fall for the words. Stay cautious with such schemes.
Indicators Scam : It is also a kind of scam in which people get scammed easily through trading indicators. Here scammers function as a group and promote the indicators. Our indicator have got accuracy and other additional features. If they can make big money out of those indicators why can't they do it and earn out of it. We need to think about it before going for such indicators. Learning the indicators of the exchanges is more than enough and through this one can easily know about trading analysis.
Pumping Teams : In this pattern of scams, about coin pumping will be announced. We've got information about specific coin that we're going to pump. If you invest/buy you can make good profit out of it. It gives 2X, 5X, 10X profits. Those are completely false statements. Don't fall for it, because they make you buy and further dumps the market.
MLM : This is a commonly known scam which is much seen on every form of businesses. It hasn't left cryptocurrency as well. Here based on the members added will be the commission and through this you can make big earning. One who is in the top order makes money scamming the down members. Even they'll say that you'll turn millionaire within few months. Most of the people who gets scammed on this schemes were the college students.
Apart from this you can see more and more forms of scams in the crypto market. As the market is widening scammers try different approaches. It is our responsibility to do the best research and move forward. Give awareness, it'll help someone and make the cryptospace scam free.
Paid Signal Providers : Here people who weren't able to make money out of trading do this kind of scams. People are requested to subscribe their channels, so that you'll get daily trading signals. Further they do it as a paid service. Here if you're new to the cryptocurrency network, they easily scam you. Good is to do the best research of your own, because we've got lots and lots of legitimate platforms, YouTube channels are there using which you can know better about the market.
Money Doubling : In recent days this is done through YouTube channels and telegram channels. 2X bots were developed and those were promoted. If you invest $100, you'll receive $200 through the bot. Person who promote this will talk in a very pleasant manner. Don't fall for the words. Stay cautious with such schemes.
Indicators Scam : It is also a kind of scam in which people get scammed easily through trading indicators. Here scammers function as a group and promote the indicators. Our indicator have got accuracy and other additional features. If they can make big money out of those indicators why can't they do it and earn out of it. We need to think about it before going for such indicators. Learning the indicators of the exchanges is more than enough and through this one can easily know about trading analysis.
Pumping Teams : In this pattern of scams, about coin pumping will be announced. We've got information about specific coin that we're going to pump. If you invest/buy you can make good profit out of it. It gives 2X, 5X, 10X profits. Those are completely false statements. Don't fall for it, because they make you buy and further dumps the market.
MLM : This is a commonly known scam which is much seen on every form of businesses. It hasn't left cryptocurrency as well. Here based on the members added will be the commission and through this you can make big earning. One who is in the top order makes money scamming the down members. Even they'll say that you'll turn millionaire within few months. Most of the people who gets scammed on this schemes were the college students.
Apart from this you can see more and more forms of scams in the crypto market. As the market is widening scammers try different approaches. It is our responsibility to do the best research and move forward. Give awareness, it'll help someone and make the cryptospace scam free.
This is a good summary of the scams available, but new ones are definitely getting invented every day. You should definitely be a bit more forceful in your description, "stay cautious with such schemes" in reference to "money doubling" sounds too weak - no such tool ever exists and if it did, there would never be any reason for them to share it with the general public. The main thing that scammers are preying on is greed, it often makes their victims desperate and blind - willing to suspend any sensible thoughts they might have that it is a bad idea. They often target people with the least amount of money, because those people are so eager to take short cuts to wealth that they will ignore many warning signs that should stop them participating.
There are also people who say they want you to withdraw their money from an exchange, but you need to put money on that exchange first. Million of different scammy IDOs ICOs IEOs, EDOs and fake web pages that try to make you sign a sketchy signature with your metamask.
Exchanges that will exit scam, projects designed for rugging you and people should remember that there are very few if any people that want to actually help you. Most of them want to exploit you, profit from you, or shill their bags to you. When you find a friend in this space that hasn't shilled you anything. You have found a fucking unicorn.
Exchanges that will exit scam, projects designed for rugging you and people should remember that there are very few if any people that want to actually help you. Most of them want to exploit you, profit from you, or shill their bags to you. When you find a friend in this space that hasn't shilled you anything. You have found a fucking unicorn.
Most scams are just a type of social engineering really, It always starts with the scammed party being quite vulnerable to misleading to doing something. Not really rare tbh, most people are actually rather vulnerable to most types of scams since most scammers have a way to make them lower their guard. The easiest solution imo is to just stop talking to most people that you don't actually need to, and if you actually do, check everything, avoid opening anything if it's from an "online" friend, if it's for work well decide based on who's sending it and what it's about.
Recently there's a new type of scam where people claim they've lost access to their wallet and looking for help, after a story, they give away seed phrase. What's the point behind these? Still haven't figured it out and this hjappened a lot in Telegram groups.
Most probably they were social engineered into downloading some fake wallet or handing them over to a "support rep".
You might be surprised, but many newbies could fall for this through coercion and urgency.
On a side note, I feel this topic would be more appropriate in the Beginners & Help section, where it would serve as a guide to newbies that are there.
copper member
Activity: 2800
Merit: 1179
Leading Crypto Sports Betting & Casino Platform
Recently there's a new type of scam where people claim they've lost access to their wallet and looking for help, after a story, they give away seed phrase. What's the point behind these? Still haven't figured it out and this hjappened a lot in Telegram groups.
The scammer will wait for you to send some ETH or any token depends on blockchain for gas fee to transfer out the tokens stuck on that wallet. Most of the hackers use wallet address that contains frozen token so that the user that will attempt to get the frozen token will end up losing the tokens they sent that meant for transaction fee. Do this multiple times then you might have a 1000$ for short period of time. This trick is old but gold for scammers.
I don't know how this scam being called but I've seen those people that have shared that they'll be giving you an airdrop. And for you to withdraw that sum and huge valued airdrop, you have to deposit on their website. I think it's not categorized with money doubling as it's more than the double so that the victim will be encouraged to deposit to their fake website that are looking like an exchange. I don't know specifically what's the name of this type of scam.
It sounds like "Lending" to me
You give somebody crypto so they can use it somehow (stake it, use for airdrops, futures etc)
This is common through telegram channels that has a lot of members and they are easily victimizing newbies there and they're using the psychological weakness of them for being greedy.
Paid Signal Providers : Here people who weren't able to make money out of trading do this kind of scams. People are requested to subscribe their channels, so that you'll get daily trading signals. Further they do it as a paid service. Here if you're new to the cryptocurrency network, they easily scam you. Good is to do the best research of your own, because we've got lots and lots of legitimate platforms, YouTube channels are there using which you can know better about the market.
TBH, I also tried to join one of these paid signal providers in Telegram. I paid if I'm not mistaken about 5$ only to enter a paid signal provider channel. I tried to follow but whenever the channel post a coin that will be pumped, I will try to enter but the coin already pumped. In short, don't join these Paid Signal providers. Learn how to trade and you can get more profit than relying on them.Money Doubling : In recent days this is done through YouTube channels and telegram channels. 2X bots were developed and those were promoted. If you invest $100, you'll receive $200 through the bot. Person who promote this will talk in a very pleasant manner. Don't fall for the words. Stay cautious with such schemes.
This is a famous and one of the common scams in crypto and I've seen this thing already mostly in Youtube. There are also incidents that popular youtubers got hacked by a so-called foundation of a coin and they will play a video and on that video they are saying that "Send X amount of X coin and after few hours, it will double". Definitely a scam at first glance but unfortunately, there are still investors mostly new ones falling into this kind of scam.Indicators Scam : It is also a kind of scam in which people get scammed easily through trading indicators. Here scammers function as a group and promote the indicators. Our indicator have got accuracy and other additional features. If they can make big money out of those indicators why can't they do it and earn out of it. We need to think about it before going for such indicators. Learning the indicators of the exchanges is more than enough and through this one can easily know about trading analysis.
Since I'm not a trader, I didn't experience this kind of scam but there are no good scams right 
. If you found something fishy, just ignore it.Pumping Teams : In this pattern of scams, about coin pumping will be announced. We've got information about specific coin that we're going to pump. If you invest/buy you can make good profit out of it. It gives 2X, 5X, 10X profits. Those are completely false statements. Don't fall for it, because they make you buy and further dumps the market.
Almost the same as the Paid signal provider at least for me. MLM : This is a commonly known scam which is much seen on every form of businesses. It hasn't left cryptocurrency as well. Here based on the members added will be the commission and through this you can make big earning. One who is in the top order makes money scamming the down members. Even they'll say that you'll turn millionaire within few months. Most of the people who gets scammed on this schemes were the college students.
Ahhh the common shitty type of scam. I really hate this kind of scam because I have a bad experience from it. I joined an MLM company and didn't get any profit from it. I spent huge amount and got nothing in return. In crypto, there are tons of these on the internet and many will be created still in the future. Overall, these types of scams are common but still there are some who are falling into these types of scams. I already said this and will again, an investor will only learn in 2 ways. Either they will learn it from the experience of others (asking) or they will learn it from themselves (trying). Learning really is an expensive one especially in investing so invest wisely
.
Recently there's a new type of scam where people claim they've lost access to their wallet and looking for help, after a story, they give away seed phrase. What's the point behind these? Still haven't figured it out and this hjappened a lot in Telegram groups.
I will add one more.
Youtube videos with "NFT 100x PRICE GROWTH IN 2 WEEKS MUST BUY NOW"
I see a lot of crypto youtubers add those clickbait on the thumbnail and the title. But they actually a paid youtubers that paid by the projects team to promote their projects.
Maybe it's not really a scam literally, but newbies who just joined crypto and already saw many tokens like shiba or doge, will trapped into this. So be careful if you're a newbie
This is a strange thing to call a scam, cause then even advertising can fall under the word, you have to always think properly and choose accurately who to trust when it comes to investment or exchange Youtube videos with "NFT 100x PRICE GROWTH IN 2 WEEKS MUST BUY NOW"
I see a lot of crypto youtubers add those clickbait on the thumbnail and the title. But they actually a paid youtubers that paid by the projects team to promote their projects.
Maybe it's not really a scam literally, but newbies who just joined crypto and already saw many tokens like shiba or doge, will trapped into this. So be careful if you're a newbie
Thank you for the scamming type that you share with us. We should stay away from that because I am sure the scammers will use the other ways and be different from what @OP describes. If you see that someone offers fast money to you, that will be a trick to scam you because there is no way to get fast money, especially if you do not. Money doubling can attract new people in crypto and will have a big expectation to make big money instantly so you must be careful and not get tempted because of that.
Jump to: