Common Crypto Scams And How To Avoid Them

As the popularity of cryptocurrency continues to grow, so does the number of scams associate with it. From fake initial coin offerings (ICOs) to phishing schemes, scammers are constantly finding new ways to steal people’s cryptocurrency. Therefore, it is crucial to be aware of the various forms of cryptocurrency scams and to know how to protect your assets. This article will discuss the different types of crypto scams, how scammers target their victims, and what you can do to avoid falling prey to these scams.

Below are common crypto scams you should know

Affinity Frauds

Fraudsters frequently exploit dating websites to deceive unsuspecting individuals into believing that they are involved in a genuine long-term relationship. Once the trust has been established, they may introduce the target to lucrative cryptocurrency opportunities and persuade them to transfer coins or account authentication credentials. According to the Federal Trade Commission (FTC), nearly 20% of the funds reported lost in romance scams involve cryptocurrency.

Phishing Scam

Phishing scams in the cryptocurrency industry aim to obtain sensitive information related to online wallets, particularly private keys necessary for accessing cryptocurrency. These scammers utilize a common approach, wherein…