Sometimes there are crypto donations this is particularly the case in the form of contests from influencers or AirDrops to promote a particular crypto. Of course, who says excitement, also says scams and the crypto world is no exception.
This is why many techniques have sprung up to convince anyone to donate their own cryptos to receive more. The individuals staging these scams usurp the identity of celebrities invested in crypto such as Elon Musk or media such as Metamask for example. So let’s take a closer look at the different scams to watch out for.
List of different crypto-related scams
The scam that comes up most often is to ask to send, for example, 0.1 BTC and receive 0.2. This phenomenon appeared mainly on social networks and YouTube.
1 – Videos via YouTube
You may watch videos on YouTube related to crypto, but in the recommendations there are lives. However, these can be scams. The content of these lives presents real extracts generally showing famous people talking about crypto like Elon Musk or Vitalik Buterin except that the information is false.
Thus, you will have the promise of having the possibility of receiving cryptocurrencies for free or sending your own in order to obtain double. Very often the comments under this kind of videos are those of bots apart from the first one which will contain all the information to fall into the scam.
Be careful, there are even cases where official channels get hacked temporarily and that this kind of content ends up being broadcast. This notably happened last April to Michou, one of the biggest Youtubers in France, who saw himself losing access to his channel for a few hours.
2 – Twitter
Similar to YouTube, there are many fake accounts that attempt to impersonate well-known people in the crypto world while offering giveaways that sound too good to be true.
Generally, you will have to send your coins to an address (especially BTC or ETH) in order to receive twice as much. Of course, in this kind of scam you will just lose your cryptos and you will never receive anything.
3 – Phishing sites
When you visit a site of a crypto project, especially in case you need to connect your wallet to it like Metamaskbe sure that this is the real site and not a fake that seeks to steal your cryptos.
There are various ways to tempt you to go to a site that seems official, while it is a pale copy trying to steal your cryptos by having you connect your wallet.
This mainly happens in the case of Airdrops promising you crypto-currencies to receive for free, for example.
4 – Projects that are too promising
Another scam attempt concerns relatively recent projects looking for investors. These projects are emerging as the future of crypto with a guarantee of a rise in the price in the coming weeks: an ideal way to make money.
The reality is quite different, the creators of crypto inflate the market until they decide to sell all their assets to pocket a nice sum and disappear into nature, leaving their potential project abandoned. The latter collapsing in a few hours following their disappearance.
It’s not all a scam!
As in all areas, scams in the crypto world are flourishing. That doesn’t mean it’s all wrong, though. For example, the gaming project Lucky Block is revolutionizing the gaming industry. Note that the first draw, which will take place on May 31 next is indeed real.
Cryptos in themselves are not frauds, but the more decentralized it is, the more mysterious the project seems and the information about it is fuzzy and scarce, the more doubt is allowed. According to various American media such as CNBC, NBC and Time it is more than $14 billion in cryptocurrencies that have been stolen or lost in 2021 through scams.
Finally, note that when you want to invest in cryptos, you must proceed on trusted platforms. We therefore recommend Crypto.com or Capital.com.
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