The most popular scams in the cryptocurrency market

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Cryptocurrency - this is a very interesting topic for scrolling fraudulent schemes. There is a lot of talk on the net that you can make good money investing in digital money, but few people know how to do it. So the crooks use this for their own purposes, inventing and implementing cunning scams. We will provide a description of the six most popular cryptocurrency scams. Get to know each other, play around and try not to fall into the traps of scammers.

Fake Ethereum address in Telegram channel

During the ICO, you can buy coins at a very attractive price, but there is a problem: you can do this within just a few hours, or even a few minutes, if we are talking about popular placements. Those who want to buy tokens during the initial attraction of investments are worried that they will miss this chance, so they actively attack the sites where the ICO is taking place. Against the backdrop of hype, site failures may occur. Those who did not get to the sale are in a hurry to find out how to buy coins, so they turn to Telegram channels for help. Fraudsters are just waiting for this, their traps are already ready!

Fake sites and ETH wallets act as traps, which, like two drops of water, are similar to the original ones - those on which the ICO is carried out. Sites can often be distinguished only by the address, so the victims who fell into the trap are convinced that they are investing their money in ICOs of companies that are in demand.

On the net, people write that they lost thousands of dollars in this way. Naturally, there would be no such losses if decisions regarding the investment of money were made without unnecessary emotions and haste.

In this case, we can give you a recommendation: if you are offered to purchase tokens by paying money via a link from the Telegram channel, you should not do this, there is a very high probability of falling for scammers. You should not exceed the importance of the ICO, if you miss it, there will be no trouble, but if you fall for the bait of scammers, you will lose money.

The most popular scams in the cryptocurrency market

Fake cryptocurrency experts

This kind of scam is started by crooks who pretend to be experts in the field of making money on cryptocurrency. They have very presentable workspaces at their disposal either on Instagram or Twitter or Youtube or all of these resources together. When visiting such pages and channels, even the thought does not creep in that scammers are operating here. They are filled with colorful videos, articles that may well pass for experts, and vivid photos of the experts themselves, supposedly living the life that many only dream of. They earned this life, according to legend, by investing in cryptocurrency.

Swindlers attract readers, ingratiate themselves, and then offer their services in managing investment portfolios. By the way, often readers and listeners of imaginary experts themselves ask them about it, offering a certain percentage of the profits.

The “expert” agrees, and, after a while, reports that all the client’s money is lost, and the credit leverage is to blame. Naturally, all this is a lie, in fact, the client's money immediately went into the pocket of a pseudo-expert. It is impossible to prove this, it is useless to blame him, because the client himself gave him his hard-earned money.

What is the lesson from all this? You can not blindly trust the experts who proclaimed themselves as such. Before you give them your money, check the reviews about them online. If an expert is really good and well-known, namely, scammers appear in the image of such experts, then there will certainly be reviews about him on the network. Also think, if a person really earns a lot of money, will he share with you? Does it make sense for them to earn for you by giving more than 50% of profit, because you can take a loan from the bank and trade for yourself, giving the bank only 10% of profit.

The most popular scams in the cryptocurrency market

Fake experts plus pumping

This scam is most often run on Twitter. Under the guise of experts, scammers are hiding, attracting victims with colorful pages. The essence of the divorce lies in the fact that the pseudo-expert buys cryptocurrency, as a rule, these are inexpensive tokens with modest trading volumes. In this action, he involves several close investors. After that, he posts admiring reviews on his page, thereby encouraging his readers to buy tokens in bulk. When this happens, the scammers liquidate their positions at a high price.

The scammers know when to get out of position because they really are experts only in cryptocurrency scams. Reset positions typically occur about four to five hours after a Twitter post is posted. The pseudo-expert, together with his investment group, makes a good profit, and ordinary investors who fell for the post lose money, sometimes not even understanding how they were deceived. Divorce victims take the blame for what is happening, complaining that they delayed and did not react in time.

In order not to become another victim of such fraud, we recommend that you always check the recommendations of all experts and their rave reviews. If a chart of token quotes appeared on the expert’s personal page, after which their quotes jumped, and then fell sharply, it’s worth suspecting something was wrong.

The most popular scams in the cryptocurrency market

Fake name scam

Today, almost all specialists who deal with cryptocurrency have fake twins on Twitter. Clones are very similar to the originals and offer enrichment without difficulty. Fraudsters, for example, can fake the cryptocurrency exchange and correspond on its behalf with those who want to earn big money. Many are conducted and send their cryptocurrency to the address given by scammers.

Despite the popularity of the scam, there are still those who fall for it. To avoid financial losses, you should carefully check the account from which the messages come, and realize that transferring your money to unknown persons promising mountains of gold is fraught with financial losses.

Private keys in exchange for a decent financial reward

There are many fake sites, channels and accounts on the web that offer a decent amount for private keys. Exposing this scam does not make sense, it is enough to know that no adequate project will swindle private keys from customers. Digital keys cannot be shown to anyone, even during the ICO, Airdrop and all kinds of promotions.

Scam Using Google Adwords

To visually describe this scam, we will use the example of the Bittrex exchange. The name of this resource seems very difficult to some people, for this reason they enter the URL of its site in the Google search engine. The scammers created a clone of the official website of the exchange with an almost identical name, the only difference being Blttrex instead of Bittrex. With the help of Google Adwords, scammers brought the site to the top. When people searched for the site of a real exchange, they got to a fake site, entered a username and password, scammers took advantage of this, penetrating the accounts of victims on the real Bittrex exchange.

The most popular scams in the cryptocurrency market

This scam is designed for those who are not familiar with cryptocurrency exchanges. To expose it, it is enough to check the spelling of the URL of the site of the exchange that you are on.


Cryptocurrency scammers lie in wait for those who are ready to believe in fairy tales about getting rich quick. Such people, as a rule, are guided by emotions and do not check the companies to which they give their money. Fraudsters skillfully play on feelings, forcing victims to hand over their hard-earned money. If you decide to make money on cryptocurrency, we recommend that you study this topic, and then only move on to action. It is important to check those who offer big money. Any super lucrative offers should be questioned. You need to be guided by logic and rely on common sense. Emotions in financial matters are useless.

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