Crypto is the wild west. For every legit project, there are 10 scammers waiting to steal your bag. Newbies fall for the same tricks again and again. If you know the red flags, you’ll be way ahead of the game.
Here are the 7 most common scams in crypto and how to avoid them.
1. Phishing Scams
Fake sites and pop-ups trick you into giving away your seed phrase or private keys.
- Example: A fake “MetaMask support” site once drained thousands of wallets.
- Signs: Slightly misspelled URLs, Google ads for wallets/exchanges.
👉 Fix: Bookmark the real site. Never type your seed phrase online.
2. Fake Airdrops & Giveaways
“Send us 1 ETH, get 2 ETH back!” If it sounds too good to be true, it is.
- Example: Fake Elon Musk Twitter giveaways scammed millions.
- On-chain airdrops that ask for private keys? Always a scam.
👉 Fix: Real airdrops never ask you to send funds first.
3. Rug Pulls
New token launches, hype goes crazy, then devs drain liquidity. Holders are left with worthless bags.
- Example: Squid Game Token (2021) → $3M stolen. Buyers couldn’t sell.
- Example: Solana had $100M+ in meme rug pulls during 2023.
👉 Fix: Check if liquidity is locked. Always verify contracts.
4. Pump and Dump Groups
Telegram/Discord “signals” promise easy x10 gains. Reality? Insiders pump a coin, dump on late buyers.
- Example: Countless Binance Smart Chain coins pumped and nuked in minutes.
👉 Fix: Don’t chase signals. If you hear it late, you’re exit liquidity.
5. Fake Wallets & Apps
Scammers upload fake versions of MetaMask, Trust Wallet, or Phantom. Install one, and your funds vanish the moment you deposit.
👉 Fix: Only download from official sites or app stores. Double-check publishers.
6. Romance / Social Engineering
Scammers slide into DMs on Telegram, X, or even Tinder. They build trust, then push you into fake “investment platforms.”
- Example: “Pig butchering” scams stole billions in Asia in 2022–23. Victims thought they were in love.
👉 Fix: Don’t send money or crypto to strangers online. Ever.
7. Fake Recovery Services
Lose your seed phrase? Scammers pretend they can recover your wallet for a fee. Spoiler: they can’t.
👉 Fix: If your keys are gone, funds are gone. No one can bring them back.
Quick Stats
- Chainalysis estimated over $7B stolen in crypto scams in 2021.
- Rug pulls alone accounted for 37% of scam revenue that year.
- Romance scams are one of the fastest-growing fraud types globally.
Final Word
Scams in crypto aren’t new, but they evolve daily. The basics never change:
- Nobody legit will ask for your seed phrase.
- If you’re promised guaranteed returns, it’s a scam.
- If it feels rushed or too good, it’s bait.
Stay sharp, play smart, and don’t let FOMO blind you. Protect your bag — there’s always another chance to ape tomorrow.
Wagmi 🚀
