One person tells the story of losing $173,000 by clicking on a fraudulent link.
In this article, I will explain how this person was scammed by scammers and how you can avoid becoming a victim like him.
>| What are crypto scams and statistics?
> Crypto scams trick people into stealing their cryptocurrency or information.
In 2023, fraud totaled over $5.6 billion, highlighting the need for greater awareness and vigilance.
> Today you will learn how to avoid scams like the one our friend fell into.
>| Drainers in smart contracts
{The most popular type of scam}
> Smart contract drainers are malicious contracts that can steal your funds once you agree to an interaction.
> How it works:
> The scammer hides malicious code in a smart contract.
> User interacts via a fake transaction or DApp.
> The contract then steals the tokens from the user's wallet.
>| How to avoid this
> The person was excited about a popular reddit and accidentally clicked on the wrong link.
The site is similar to the original, so he connected his wallet.
His money disappeared immediately.
> Both the airdrop and its assets in the wallet were lost.
How to avoid this?
Read transaction approvals carefully.
Avoid “unlimited consent”
For all currencies
- It's risky.
> Use Smart Contract Auditor
like
▪︎ CertiK
▪︎ Quantstamp
Check the audits before using projects.
Limit approvals in wallets like Metamask to specific amounts.
> Revoke approvals using tools like Revoke.cash.
>| Fake wallet scam
{Fake app on app store}
> These are malicious apps pretending to be legitimate wallet apps.
{Mobile or desktop}, designed to steal private keys or access your funds.
> How it works:
Users download fake wallet apps from unofficial sources.
> The app steals your private key or wallet passwords.
> Scammers use this information to steal your wallet.
>| Fake Apps and DeFi Projects
Scammers create fake apps or#DeFiprojects that appear legitimate but are designed to steal funds.
> How it works:
> The scammer promotes a fake DeFi project with fake team members or partnerships.
> Users deposit money, expecting returns.
> The scammer then "pull the rug" or drain the wallets through the back doors.
How to Avoid Fake Apps and DeFI Projects:
> Project Search:
Check out the team and read the white paper.
> Use trusted platforms:
Stick to Aave, Compound, and Uniswap
> Check the audits:
Make sure to check with CertiK or PeckShield.
> Find community feedback:
Join Telegram or Discord to check for scams
>| Telegram and Discord Scam
{Most common in the picture}
Many scammers impersonate project maintainers or support teams on social platforms like Telegram and Discord.
> How it works:
• Identity theft:
Scammers pose as project admins to obtain private keys or wallet passwords.
• Fake support:
They create fake channels to steal sensitive information or cryptocurrencies.
• Airdrop scams:
Promote fake airdrops to trick users into connecting wallets and stealing funds.
>| How to avoid getting scammed on tg/discord
Admins don't DM first.
Be careful if someone does and tells you he is a moderator know he is a scammer
> Use the official group links from the project website.
> Avoid droppers that ask for access to your wallet.
Legitimate airdrops will not require your private key or suspicious approvals.
> Never click on links or download files from their group.
>| Conclusion
> Learn more about cryptocurrency scammers because it's an important topic.
> Don't store all your money in one wallet.
> Buy a cold wallet to store your money safely if you have large amounts
> Verify your wallet by unlinking it.
> Share this topic with your friends so they don't get scammed.
