Main Takeaways
Black Friday brings exciting Web3 deals, but it also attracts scammers looking to exploit the frenzy.
Fraud tactics include fake investment sites, counterfeit tokens, and promises of non-existent services to steal funds.
Learning to spot scams and taking precautionary steps can help you enjoy the best deals safely.
Black Friday is the perfect time to snag incredible deals across the internet — and Web3 is no exception. From exclusive token drops to limited-time NFT offers, the hype is in the air. But as you hunt for a bargain, scammers are also on the prowl, ready to exploit the frenzy. They’ll lure you in with irresistible offers — from astronomically high-yield investment opportunities and heavily discounted tokens to exclusive services promising access to the unattainable. All of these tactics are carefully crafted with one goal: stealing your funds.
Don’t let the thrill of the hunt cloud your judgment. This Black Friday, learn how to spot scams, protect yourself, and bag only the best legitimate deals. Let’s explore the most common traps and how to avoid them while staying safe in Web3.
Fraudulent Investment Sites
Ever seen a deal that feels too good to pass up? Scammers exploit this sentiment by creating fake websites that mimic legitimate platforms and offering exclusive mining or investment opportunities with impressive returns. These sites often look almost identical to legitimate ones, with only subtle differences like a slightly altered URL. Users are lured in, willingly transferring funds, believing they’ve made a smart move. To keep up the illusion, these sites might even display “profits.” While the withdrawal option exists and seems to work, the funds never arrive, leaving victims empty-handed.
Counterfeit Tokens
Not every token is what it seems. Scammers can create counterfeit tokens with names similar to well-known assets but different contract addresses, which are essentially worthless. They lure users into buying these tokens through social media, often claiming they’re from exclusive distribution channels. Additionally, these tokens are often marketed as rare or limited-edition items, creating a false sense of urgency pushing buyers to act quickly without verifying their legitimacy. While these tokens may appear legitimate, they hold no actual value, leaving buyers at a loss.
Selling the Unattainable
Scammers exploit vulnerable individuals by claiming they can provide otherwise unattainable services. From recovering lost funds to accessing private chats, they prey on those desperate for solutions or exclusivity. After securing payments, they vanish, leaving victims frustrated and empty-handed.
Real-Life Examples
Fake Websites Imitating Binance
Scammers created a series of fake websites that closely mimicked Binance, targeting beginners and the less tech-savvy users with enticing offers of profitable mining opportunities, investments, and airdrops.
1. Creating the Illusion of Legitimacy: The scammers began by setting up groups on popular messaging platforms like Telegram. Unsuspecting users were either directly invited to these groups or come across them while searching, mistakenly believing they are official Binance channels.
2. Attractive Offers: Once users joined these groups, they were immediately bombarded with offers claiming that by using a special link, they could access exclusive rewards, high returns, or special promotions — often as "limited-time offers” to create a sense of urgency. This rush to act without pausing to verify the authenticity of the offer makes it easier for the scammers to lure in victims.
3. Redirecting to Fake “Customer Service” Accounts: Interested users were then directed to what they believed to be customer service representatives, with fake accounts bearing names like "Binance_vip" or "Binance_Anna." These accounts falsely claimed to represent Binance and often billed themselves as official support channels. The scammers use the trust people have in the Binance brand to build rapport with victims and further manipulate them.
4. Restricting Communication: To make the scam even more insidious, these groups were set up in a way that only bots or administrators could post. This restriction prevented other members who might have suspected something was amiss from warning others in the group. As a result, potential victims had no way of learning about the fraud until it was too late.
In this elaborate scam, the combination of fabricated urgency, fake customer service accounts, and restricted interaction created a dangerous environment where victims were isolated and vulnerable to exploitation.
Counterfeit Omni Tokens
In 2024, Binance introduced a number of new tokens through its Launchpool program. These assets generated significant excitement within the crypto community. Scammers, however, quickly seized the opportunity to exploit the buzz surrounding these tokens by creating counterfeit versions. OMNI, one of the highly anticipated tokens, became a prime target for counterfeiters. Here’s how many of these scams unfolded.
1. Creating Counterfeit Tokens: These fake tokens are designed to look like the real thing, fooling users into thinking they are the same as the original asset.
2. Setting Up “Exclusive Presales” via Unofficial Channels: To lure potential buyers, scammers set up “presales” through unofficial communication channels like Telegram or WeChat groups. These channels falsely presented themselves as exclusive platforms offering early access to the OMNI token. To generate a sense of exclusivity, they promised users a chance to purchase tokens before their official release.
3. Misleading Claims of Value and Scarcity: The scammers heavily marketed these fake OMNI tokens, often emphasizing their rarity and limited availability, which created a false sense of urgency among potential buyers. They also falsely claimed that the value of these tokens would significantly increase once they were made available to the general public. This promise of future profits, coupled with the urgency to act quickly, pressured many victims into making impulsive purchases without taking the time to verify the authenticity of the offers.
4. Victims Purchase Worthless Tokens: Eager to secure their stakes in the "exclusive" offer, victims bought the counterfeit OMNI tokens. However, once the purchase was made, they discovered that these tokens were actually worthless. The tokens lacked any real value — as reflected by their market price and minuscule market cap. These tokens had no legitimate backing, and the victims were left with nothing.
Scammers are becoming increasingly adept at creating counterfeit tokens with similar names and different contract addresses, making them look as if they were legitimate to someone who isn’t looking too closely. These tokens are often marketed through social media and are frequently presented as rare or limited-edition, pushing potential buyers to act quickly without doing due diligence.
How to Avoid Becoming a Victim
Despite the various tactics that scammers may use, there are steps that you can take to avoid falling for them.
Use Trusted Platforms: Stick to well-known and reputable platforms. Always verify the legitimacy of exchanges and Web3 stores, bookmark official websites, and avoid clicking links from unsolicited emails or messages.
Double-Check URLs and Wallet Permissions: Before entering sensitive information, make sure the website URL is correct. Scammers would often direct you to similar-looking URLs. For added security, always review wallet permissions before confirming any transaction or signing any blockchain message.
Never Share Private Information: Your private keys, seed phrases, and personal credentials should stay private. No trusted platform will ask for this information.
Use Risk Assessment Tools: Check tokens and NFTs for potential risks using tools like Token Sniffer. These tools are user-friendly and help identify scams, even if you’re not a blockchain expert.
Do Your Own Research (DYOR): Before making any transaction, always cross-check the legitimacy of promotions and sellers through trusted community forums, reviews, and official announcements. Be cautious of offers that sound too good to be true.
Enable Multi-Factor Authentication (MFA): Add an extra layer of security to your accounts by enabling MFA to protect against unauthorized access.
Stay Updated with Emerging Scams: Follow updates from reliable blockchain communities and security advisories. Keep up with new fraud tactics to protect yourself from emerging scams. To stay updated, follow Binance Risk Sniper and our Know Your Scam series.
Join the Right Channels: While Binance has an official WhatsApp group, we will never directly message you on WhatsApp or any other messaging app. All communication stays within our official platform and communities.
Final Thoughts
Black Friday in Web3 offers incredible opportunities, but it’s also a prime time for scammers to strike. Staying informed about common fraud tactics, such as fraudulent investment sites, counterfeit tokens, and phony services, is key to protecting your assets. By using trusted platforms, double-checking URLs, and employing risk assessment tools, you can shop securely and confidently.
Always remember: If a deal feels too good to be true, it probably is.
For more tips on spotting scams and staying safe in the crypto world, check out Binance Risk Sniper as well as Binance Academy for deeper insights and up-to-date resources. Stay sharp, stay safe, and make the most of this Black Friday in Web3!
Further Readings
Know Your Scam: Fake Crypto Investments to Watch Out For
How to Avoid and Report Fake Service Scams
The Long Game of Crypto: The Ultimate Guide to Spotting and Stopping Crypto Scams