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How to Not Get Scammed. Read this.

Photo by Obi — @pixel6propix on Unsplash

Watch out for the following scams.

Celebrity Giveaway Scam

This is a classic scam where the scammer creates a fake post and takes a screenshot of it. this post generally contains a tweet or post from a celebrity who is giving away free crypto, so what is the catch here? well, they promise to send you to double the crypto you send them. and once you send them your crypto, it's gone because that post was fake all along.

No one in the world will give you double your money instantly unless you are in vegas and won :P Remember that!!

Fake Video Promotion

I recently saw some videos on youtube where Elon musk was talking about some random crypto platform and how he created this platform for people to earn passive income.

In this case, the scammer used Deepfake technology (using AI anyone can generate a fake video of someone saying something, google Deepfake to learn more about this). In this scam, they give you a website link to the platform, and generally, on these platforms, they will ask you to deposit some crypto and will promise you that you will earn some passive income every day. again remember, No one will give you free money!!

Fake News Post

This is very genius. Some days back some scammers create a fake version on the BBC news website and created a post with some bigshot celebrity promoting some random crypto.

Again don’t ever invest by reading some tips on these news websites. do some due diligence before putting your money in any crypto.

Twitter account promoting Random Crypto

If you ever see some tweet from a Twitter account promoting some random shit, look through that account follower list. if you are seeing many accounts with 0 or 1 followers, then they are bots accounts (bots accounts are automatically created accounts. they are simply fake accounts).

Again do your due diligence before putting your money into these random cryptos.

Payment via Crypto

Suppose you are selling something online and some dude message you that he wants to buy the thing you are selling, but he will pay only in crypto and will use some random platform where he is requesting you to create your account and send him the crypto address so he can send you the payment in crypto.

This is again a scam because this platform is not a genuine trading exchange platform. If you fall for this scam, then it will happen something like this. He will say that he transferred the crypto to your platform wallet account. you will see those cryptos in your account as well but the problem is this is a fake platform and the amount of crypto you are seeing is just a number.

When you try to withdraw this amount, the platform will ask you for some payment. and once you do the payment. well, nothing. it's gone!!

Need help with my Crypto Wallet

Scammers are getting smarter nowadays and this scam is very genius in my opinion. so scammer will post their crypto wallet seed phrase (when you use TrustWallet or Metamask wallet for your crypto there is something called seed phrase, it's like a secret key containing some random words. if you lose this secret phrase you will not be able to recover your wallet because they are not stored in some centralized location).

They will ask for help saying they are facing some issues with their wallet. If you open the crypto wallet with this secret phrase it will open their wallet with some crypto.

So what is the catch here? well, they will have less than the minimum withdrawal limit in crypto so if you want to withdraw their crypto, you will have to add little crypto to make it to the withdrawal limit and when you add crypto in this wallet it will automatically go somewhere. so here scammer has set up some script or something related to this wallet that will send deposited crypto to them.

Crypto Pumping Scam

In this scam, scammers usually have some discord or telegram group where there will be many members and they will announce some crypto at a fixed time and will tell everyone to buy that crypto.

For a short period of time that crypto will go very high and then they will tell you to sell and take the profits. but the catch here is they have some inside people who already bought this crypto in small amounts in the last few days so it does not look suspicious. and when normal people start buying this crypto the price will pump suddenly and when the price starts going down their Stop loss trigger will hit and will sell their crypto automatically,

So now scammers got their profits but normal people like us will get stuck with losses.

(what is stop loss? in the trading platform you can define some conditions where your orders will get executed, so if you define something like when the price is going down by 10% perc, execute my open order and the platform will automatically execute this if this condition matches).

I have written one more article about “How to identify scam crypto”. read that too to stay safe.

Look, We all want to get rich quickly and scammers take advantage of that. be careful before putting your money anywhere.

Cheers!!

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A new tech publication by Start it up (https://medium.com/swlh).

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Manoj Ahirwar

Manoj Ahirwar

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