Most popular scams in Crypto? We list the most popular examples
The irreversibility of crypto transfers makes them more prone to scams, which unfortunately are a common thing in the crypto space. There are many ways to lose your coins/tokens and we will cover the most popular ones and so-called rug pulls which have been gaining popularity since 2021.
The cryptocurrency transfers are in most cases final, and you cannot revert them. This is why they are often considered an easy target. If you are a scammer, though, do not be encouraged — most of the scammers who stole a lot got caught. Stealing is easy — getting back to fiat money not necessarily.
There are different kinds of scams, but the most popular ones are made to mislead us — the end-users.
Sometimes you might be tagged by the Subme or other crypto-related profile sharing your photo. This scam is popular on Facebook and it aims to make you believe that the profile is real and you have won the reward. You will be taken to the landing page similar to the project website and after connecting your wallet , e.g. on MetaMask account, you will probably lose all your tokens.
Additionally, you might see the fake groups of comments under the posts of the official profiles of crypto companies. In most cases, there will be fake info about the airdrop or the possibility to double your funds if you send your tokens to the selected address.
First of all, do not trust anyone on Telegram — especially if they are writing to you in a private message. Anyone can copy the profile picture and give any name to themselves. This is why you will be approached by people trying to cheat you by pretending to be an admin or team member.
The second attack is based on creating a fake group and inviting you there. To stay safe from this kind of attack, please go to Telegram settings and turn off the force invitation in the privacy settings from the people who are not your contacts.
A different kind of scam, yet extremely popular. Rug pull is a function that takes out all the liquidity on decentralized exchange — leaving you with useless coins. If you are not a very early stage DEX investor, chances that you will be rug pulled are smaller, but still possible.
Anyone can create a token on an ETH or BSC network and call it, for example, Subme. If you manage to make someone believe that the contract address of the fake token is the real Subme — after purchase, most probably you will be rug pulled.
There are different kinds of scams out there in the crypto space and this is why it is important to always do your research and be careful before connecting your wallet at any site / transferring your funds. We wish you to always stay safe in your investment journey.