We tell you about the most common scenarios of cryptocurrency scams and how to identify a scam
Social networks have long been one of the favorite platforms for cryptocurrency scammers. Scammer ads regularly appear in private messages and in comments under posts. And offers of investment projects and trading on cryptocurrency exchanges. Here with potential victims you can conduct long correspondence, gradually gaining their trust. At the same time, such activity can now be found in any social network.
How cryptocurrency scammers operate on social networks
Scammers are incredibly resourceful when it comes to trapping users or forcing them to share personal information. At the same time, every cryptocurrency scam scheme is based on psychological pressure. After getting acquainted with the potential victim, scammers gradually instill confidence in the proposed scheme of earning, demonstrate their success.
Below we will write in detail what cryptocurrency scam schemes are most often encountered in social networks.
Blackmail and extortion
Scammers tell the victim that they have some personal information that could damage a person's reputation. For example, compromising photos or videos. They threaten to make them public if the victim does not agree to send them a cryptocurrency transfer.
The "business opportunity" scam
Usually, this scheme manifests itself in the fact that scammers offer some kind of guaranteed profit. The victim only needs to hand over a certain amount of money in cryptocurrency, which will be doubled or even tripled in a few hours. The calculation here is simple - a person is caught on the desire to get rich quickly. The outcome is always the same - the scammer takes the cryptocurrency and disappears with it.
Fake vacancies
In this scenario, scammers create fake job listings or send the victim a personal message with a job offer. As a rule, such "jobs" are related to mining cryptocurrencies and attracting other cryptoinvestors.
In any case, the scheme assumes one common condition - to start working, you need to make a payment in cryptocurrency. Moreover, the scammer may offer that he will process the transfer himself if the victim sends him funds to the cryptocurrency wallet.
Investment scams
One of the most popular schemes in which a social network user is offered to acquire a cryptocurrency wallet or purchase crypto through a chatbot. The scammers then give access to a closed group where you need to invite your friends. At the same time, the group usually already has posts from users who have successfully "earned" on the investment scheme. The result is a classic pyramid scheme, the profit from which only the organizers of this scheme receive.
There are quite a few projects that offer users to invest their funds, after which the project owners allegedly trade them on a crypto exchange. On the face of it, nothing suspicious. There is a popular and promoted channel, in the posts - a lot of positive feedback.
The conditions are simple: you need to send money to the card so that experienced traders bought cryptocurrency on them and launched it on the exchange. At the same time, scammers assure that the user will receive at least a 10- or 20-fold increase in the deposit. The starting step is, for example, $50 and these traders supposedly insure deposits, but take 10% of the profit for their services.
A trusting user sends money and soon faces an unpleasant surprise. The guarantor of the transaction must be paid before the end of trading. In addition, 20% of the profit must be transferred to the trader. As a result, the user loses his initial funds plus overpays at least 30% on top.
This is just one example out of thousands of similar projects that constantly appear on Internet
Trading Training
Users are offered courses on financial literacy and trading. Users are usually lured through advertisements in groups and private messages with easy earnings. It is enough to deposit your funds on a cryptocurrency platform, take a quick training course and get rich. The finale of such stories is the same - a person loses his money.
Insider information
In this case, crypto- scammers contact users who are subscribed to trading groups. Criminals claim that a particular coin will soon increase in value. To earn money, you just need to purchase tokens - for example, through a link or wallet, which turn out to be fake.
Rug Pull
Rug Pull is a common scam where project participants collect capital or cryptocurrency from investors to fund a project. And then suddenly disappear. As a result, investors lose everything they invested.
For example, user NoHandsNoRug created the meme token HANDS during a stream on his website. He attracted users, assured them of the liquidity of the investment, and then sold the coin at the peak of its price. Other users were unable to get rid of the tokens as quickly. The value of the coin plummeted downward, and investors lost their funds.
Romantic scam
One of the most popular methods of deception is online dating for the sake of romantic relationships that end in involvement in an investment scheme. Scammers unobtrusively get acquainted with the victim and start a correspondence with her. In the beginning, the communication does not arouse suspicion: the interlocutors exchange photos and tell each other about their lives.
At some point, when contact is already established, the victim is offered to invest funds. Allegedly, this will bring communication and relationships to a new level: "We will earn a lot of money together and live happily ever after". At the same time, scammers use various psychological techniques that develop dependence, manipulative techniques, and even pressure. The goal is the same - the victim must invest a large amount of money.
Communication can last several months. At the same time, the fraudster tries to build communication in such a way as to make the victim guilty, as if she did not collect the necessary amount in time and let the "partner" down.
Co-investment
This scenario develops the theme of investment. The scammer allegedly invests in the project together with the victim. After which he reports that he has lost his funds. And much more than the deceived user. Naturally, any return of money is out of the question.
How to identify cryptocurrency scams
Here are a few signs that you can immediately recognize what you are dealing with:
You are promised a guaranteed return on investment and easy money.
At the initial cryptocurrency offering, you are not provided with a technical document that describes the design of the coin or token, the functions of the asset, its characteristics.
The cryptocurrency offering is promoted through aggressive and intrusive marketing.
You do not manage to find out who and how the proposed cryptocurrency is managed.
You are offered to pay for something. For example, to pay a commission for providing some kind of assistance in obtaining cryptocurrency.
In order to avoid such situations, it is enough to adhere to simple but reliable recommendations.
Analyze your interlocutor's account. It may look suspicious: the user may use someone else's photos or be active recently. If you got into a group or channel in social networks, study the accounts of subscribers. They may be fake.
Examine the offer. If you are offered a quick and big earnings, you are most likely being scammed. That said, scammers can often push you to make a decision by claiming that time is limited. If you are unsure about an offer, look for information about it or tell loved ones and ask for their opinions.
Never give your personal data, especially keys and passwords to your exchange accounts or crypto wallets, to third parties. No legitimate service will ask you for them under any circumstances.
