Blockchain Biz
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Blockchain Biz

Social Media Scam Awareness: crypto phishing

The cryptocurrency market has experienced unprecedented growth during the previous two years. The greater the market capitalization and prices, the greater the demand for cryptocurrencies. As a result, the sector attracts different types of scammers. This article explains cryptocurrency scams, fraudsters’ methods, and how to avoid being a victim.

A cryptocurrency scam is an investment project that has ceased or does not intend to pay out funds to investors. Scammers are not the same as hackers who break into cryptocurrency wallets and steal user funds. Scammers, on the other hand, get victims to transfer money to them on their own.

The Belgian government regulates the activity of cryptocurrency platforms as possible, making the crypto environment safer. However, the specifics of blockchain lets us trace the sender and receiver, but it is still impossible to determine the owner of the crypto wallet. Crypto exchanges are an exception, as each user undergoes a Know Your Customer (KYC) procedure.

Phishing is a type of identity theft scheme. Phishers act as exchanges or financial platforms, impersonating them. They offer clients benefits and follow a link to learn more. After that, the attacker has access to all of the trader’s cryptocurrency wallet logins and passwords via a malicious link.

Also, the user can provide the fraudster with his personal information. For this reason, they create a phony website posing as a cryptocurrency exchange that steals users’ data.

For example, scammers create fresh ”company’s” accounts on Facebook, impersonate them and spam it under official posts, and promote their scams under loud headers. As a result, these sorts of fake social media accounts and giveaways harm brand equity and cause people to lose trust.

Although such incidents have occurred at bit4you in the past and are widespread over the other platforms in general, bit4you takes every measure to remove fraud risks and protect its customers. We make announcements directly in the posts, not in the comments. In addition, all the promotions are delivered via email.

Other types of scams on social media

Fake press releases and celebrity posts can be part of social media scams. Moreover, we already know examples where famous news media published rumors that a massive purchase is going to happen.

Protecting from phishing on social media is mostly dependent on your attentiveness. Here are some recommendations:

  • Do not click on links from unknown sources.
  • Download and install files only if you are confident in their security.
  • Check the links to ensure they are correct. Scammers frequently use the same name but alter the domain or one character.
  • Never tell your key to the crypto wallet.

Remember that fraudsters frequently manipulate users’ trust and carelessness. You must not overlook it to avoid losing your own money. Stay with bit4you to keep abreast of all developments in the crypto industry!



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bit4you is an european crypto exchange platform. We are facilitating the transition between crypto currencies and traditional currencies such as euro.