The most successful Crypto scams you should know

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The Dust Attack

A worthless token or so-called Dust is sent out to your wallet. It’s a completely worthless cryptocurreny. The intention is to make the user believe they were lucky by receiving an airdrop or accidental transaction. They are then directed to a website to withdraw/sell the funds by targeting private keys or identities.

Don’t visit or login to any website that is behind the token.

Don’t try to move the token it’ll just cost you unnecessary gas fees.

Just simply ignore it. (some wallets have the feature to hide tokens)

The Ethereum Comment Scam

Mostly in Twitter, Instagram and Reddit comment sections, accounts act dumb and post their private key for someone to help them exchange a small amount of for example Dogecoin to another cryptocurrency.

The intention is to make users log into the wallet to grab funds from a suspected crypto noobie. When they log in they will discover a ERC20/BSC token that is apparently worth some hundred dollars. You’ll need to send a specific amount of Ethereum for gas fees to extract the coins. Once the the Ethereum arrives in the wallet a bot will steal the amount and send it to the scammers private wallet.

For this scam simply stick to the rule: if it’s too good to be true it’s too good to be true.

The Rugpull Scam

Most users will brand this simply as a shitcoin gone wrong but it’s not. If you think you found a new gem on the cryptocurrency horizon it’s most likely a scam. — Don’t fall for fancy graphics, tokenomics and hype. Most of these ERC20 and BSC tokens are set up to inflate the price with pre-sales. Once a decent amount of normal users bought in, the scammers will empty the liquidity pool in a short amout of time by dumping their wallets which will result in the price collapsing.

Don’t listen to celebrities and influencers for crypto investment advice.

Do your own research. Why is a specific cryptocurrency valuable, does it solve any problems or provide solutions or is it just hype with no fundamentals?

The Exit Scam

Thodex and Africrypt are just two examples of companies committing an exit scam and running away with billions in users funds.

Don’t use new, small and unestablished crypto companies and exchanges.

Don’t store crypto on any exchange long term.

Get a hardware or software wallet that gives you control over your private keys.

STAY SAFE Y’ALL!

submitted by /u/sikeig
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