As the cryptocurrency space has gradually gained popularity, it has also led to more and more people being scammed. Below, I will share a few common scams that I often encounter.

❗️Recovery Phrase

Typically, scammers will post recovery phrases in the comment sections of various software along with some exit strategies. When you try to withdraw from the wallet they control, it will be impossible; you will be prompted that the transaction fee is insufficient and need to deposit money into their wallet. After you deposit, they will immediately transfer the funds to another wallet that is multi-signed, and you will not have access to the wallet. Therefore, if you see such individuals, report them immediately.

❗️Telegram Mining

People who use Telegram may sometimes be added to Chinese mining groups where many people claim that mining profits are very high and require a wallet to connect to the mining pool. The minimum deposit is 100 USDT, with daily returns of 3% to 8%. It seems very profitable, but in reality, it is a scam. In the first few days, they might give you some returns, but after a while, they will suddenly transfer your wallet funds away. Messages in such groups are usually set to auto-delete after a few days, so when you realize you've been scammed, they will kick you out immediately. So, do not fall for it.

❗️Stranger Approaches

Do not trust this either. Most people may receive private messages from strangers on platforms, saying they are playing some projects or coins, trying to get close to you and sharing how much they’ve earned in the crypto space and how they were led in by big players. While there may be good people warning you, most will treat you like a cash cow, chatting with you for a while before suggesting you invest in some altcoins, ultimately leading to your losses. So, be cautious and do not easily trust others!

❗️Various Links

Never click on links shared by strangers in comment sections or groups. This can lead to your information being leaked and your wallet funds being transferred away. In short, do not easily trust strangers, and do not click on unclear links.

In summary, the cryptocurrency space is very complex, so keep your eyes open. I am sharing some scams I have encountered. Every industry has its big players and scammers; you must keep your eyes peeled.