This article has been translated from English to Gen Z Slang.
If you're holding onto bitcoin or any crypto, fam, you're open to some sketchy vibes and scams. 🚨
There are a billion ways to get scammed with crypto 'cause scammers be wildin' every day to snatch your crypto stacks. 💰
Most crypto scams break down into two major tea spills:
- The scammer finesses you into sending them crypto directly. 💸
- The scammer hacks into your crypto wallet without a care in the world and dips with your coins. 🚪👋
Types of Common Crypto Scams
Here's the lowdown on the most common crypto scams out there. 🤔
Fake Websites and Apps
Scammers be making crypto trading platforms (or “cryptocurrency exchanges“) that are complete FAKE AF. 🌐💀
They might even clone legit crypto platforms. These fake websites are so good at catfishing, newbs can't even tell the difference.
Even the URL will be sus with a teeny tweak in spelling.
These sites might offer lit promo deals like “free bitcoin” or “deposit bonuses” if you put an amount in.
After you sign up and make your first deposit, you won't be able to pull out, or worse, the site vanishes into thin air. Once they got your dough, it's yeeted. 🙅♂️💸
Not just websites, but peeps also get played with fake apps too. Scammers have droppin' fake wallet apps like Trust Wallet and MetaMask. The ultimate goal is to make you drop your seed phrase (or “recovery phrase”).
Through phishing vibes (explained below), scammers might send you texts or emails saying your wallet app's hella outdated and needs an update. They'll hook you up with a link to download the “newest” version. 📥🔗
Phishing Scams
Phishing is a sketchy move where attackers use email, phone, or text to trick folks into coughing up sensitive deets like passwords and digits. 📧📲
In the crypto world, phishing scams try to snatch access to your crypto exchange or wallet. 📲💳
“Social engineering” is basically when cyber baddies finesse you into handing over juicy info using human manipulation. They act like someone you trust and try to nab crucial stuff like your account deets. 🔍💻
Phishing can slay in many forms but basically, it'll pop off with the scammer hitting you up via email, text, phone, socials, or DMs.
This sketchy character will act like someone you'd totally recognize and trust or a big ol’ company rep.
You'll get asked to click a link (or download a sketchy attachment). If you're too chill and click it, you'll land on a fake site looking identical to your go-to crypto exchange or wallet, but it’s a TRAP. 🪤🚨
If you toss in your login info, congrats, you just gifted it to the scammer who can now jack your actual account and drain your crypto. Probs all your coins will be sent straight to the scammer’s wallet(s). 💸🕳️
Watch out for randos calling, texting, or emailing, especially if it's sus. Even if you know them, hit them up another way rather than replying to a sketchy email. 📞
Direct Message (DM) Scams
Keep your guard up when randos slide into your “DM” (direct message) on apps like Telegram, Discord, Insta, Twitter, and beyond. 📬❌
These DMs often be selling you “early access” or “alpha” on the latest, with a link on how to join the chaos. Cliff notes: *don't* click those links. They're just trying to swipe your crypto. 🚫🔗
If a stranger's like, “Check out this new crypto project!" odds it's sus.
Investment Scams
Investment scams come with all the same recycled nonsense about “investing” your coins for the sickest returns ever, sometimes promising those sweet, sweet guarantees with zero risk. Sounds cap, right? 😒💹
You might get spammed with DMs from “investment g*ru or “trader bro”.
They talk about “growing” your crypto if you slide it their way, but they just wanna yeet it. Once they get the bag, they ghost you, shut down accounts—game over. 🙅♀️💸
Other schemes are straight outta the Ponzi playlist. You'll get promised “once in a lifetime” chances and asked to chip in crypto. Then drag other folks into it, and you “earn” rewards for every new recruit. 🕴️💰
But yeah, the rewards just come from new folks paying in and not any mythical profits. 🧚♀️📉
A legit Ponzi scheme (homie Charles Ponzi really created a legacy) fakes the funk that an investment is bombin’ when it pays older backers using newer funds. But y’all know it’s kinda the OG scam. 🌐💼
Romance Scams
In 2021, peeps lost $1 billion from romance scams. Big yikes, it’s the second most profitable scam online (investment schemes still steal the crown). 💔💀
These scams slide into your DMs with wannabe romance on social apps or dating spots like Tinder, Bumble, and Grindr.
It starts with a harmless friend request and fake identity. They talk sweet, making you simpin’ for your catfish. 📱💞
The scammer seems super caring and genuine, but their goal? Get you into a “relationship” for fast trust. Once they’re vibin’ strong, they start chatting about needing crypto or presenting “sweet investing opps”. 🤧💔
Giveaway Scams
Ever seen a “giveaway” where some dude on Twitter’s like, “Send me crypto, and I’ll double it”? Yeah, that’s a giveaway scam. Don't fall for it! 🎉🚫
These posts might seem sus, some even namedrop celebs, and have bots reply, “OMG doubled my money!” Anything to sell it as legit.
You’ll get a link or QR code to join the “giveaway”.
Once you clicky-click, they ask you to “verify” your wallet by sending crypto. Spoiler alert: no one's giving it back. 🥡👎
Blackmail Scams
Blackmail is when some sketchy threat emerges, saying they’ll reveal your *questionable* internet history or whatever unless you cough up crypto. 😬🕵️
Scammers will flip that email saying they caught you browsing some *unmentionables*. Unless you pay up or fork over your seed phrase, they'll spill the tea.
Or they’ll cap out with stories of your “compromising pictures”.
Don’t bite. Unless you've really been wildin' somewhere special, these scammers probably ain’t got jack on you. It's all big talk hoping somebody shivers and pays up.
Initial Coin Offering (ICO) Scams
An ICO is like the crypto take on an IPO. Companies use ‘em to raise funds for their new crypto shenanigans with big promises. 💸📈
Unlike IPOs, we're in the wild west here - less regulation, and less history. So sus stuff happens. 🦄
In 2017, the ICO craze hit and a year later, 1,000+ ICOs were K.O.-ed. It wasn't shocking 'cause most projects were lame copies or straight-up plagiarized versions.
ICO scammers raise hype around a new dream-worthy crypto, sell you on it, collect funds, then pull a Casper: they vanish with your money! 🧐
“Pump and Dump” Schemes
A “pump and dump” gets people to boost a crypto’s price so the players can cash out big time. Fast cash moves! 💵💸
The wannabe moon coins are new or ain't got much action (low trading volume).
First, these cats stock up on a specific coin. Then, in a synchronized hustle, they hype it up (“pumping“) with word of mouth, socials, group chats—creating a buystorm! 🚀👀
The messengers dropping emojis like 🚀 and 🌙 (letting them think it's hittin’ the moon) or 💎 and 🙌 (telling them to hodl forever). They'll post fake intel to stir excitement about the crypto's potential.
Then, as the price takes off thanks to the buyers, the scammers dip and start selling (“dumping”) their stash.
When other buyers are left empty-handed, the price tanks. And the sheep who bought the hype get handed losses. 🐑💔
This pump-dump game can be a blink-and-you-miss-it kinda moment. 🕒👌
“Rug Pull” Scams
Rug pulls are shadier than Santa's naughty list: they get folks hyped up about a new token, list it on a decentralized exchange (DEX), make it blow up, then bounce out with the cash. 😱💼
People who invested are left holding a worthless token.
These folks grab investors' funds and then dip out with an even slicker move.
For instance, in a recent rug pull, devs embedded an “anti-dumping” trick in the token’s code that blocked others from selling. 🔥👾
The tokens hit a DEX (ootf regulation), and peeps trade fake coin for real crypto.
When the pool's pumping, media attention pulls more buyers. The scammers sell, snatch that real crypto, and dive off the grid.
Crypto noobs can dodge “rug pulls” by avoiding new tokens and sticking with those trading on respected centralized exchanges (CEXs). 🤞👏
These centralized exchanges supposedly scout a crypto before listing it, but stay woke. DYOR (do your own research), folks. 🔍
Impersonation Scams
Yes, impersonation scams are when scammers pose like they’re for real to make you do some sketchy crypto deals. 🙅♂️🔍
They'll hit you up via phone or email, pretending to be all official like IRS or Social Security, your bank, or service providers.
The gig will be paying bills or fines using crypto, trying to make it seem hella urgent!
Technical Support Scams
A tech support scam is when scammers fake being tech help to wiggle access to your crypto. ❌💾
They'll text, call, or message claiming to fix some nonsense problem in your account and offer to sort it. Then, they’ll fish for your login info or 2FA (Two-Factor Auth) code. 🙅♂️📲
Sometimes they might urge you to send crypto, seek access to your computer, or just get super high-pressure so you panic and give in.
Scammers got skills at spinning tales, don't let them fool you! Also, peep the phone number or email—they can look real. Legit companies NEVER scout for your login deets or 2FA, so don't fall for it! 📞💻
Customer support won't ever hit you for:
- Your account’s username
- Your account’s password
- Your 2FA code
- Wallet addresses or seed phrases
- Access to your computer
- A change in security settings
Fake Celebrity Endorsements
Ya know how impersonation scams roll? This one's with a glitter twist—using famous celebs and influencers for clout. 📸🚫
Scammers pose like famous people hyping up a crypto “investment” or they directly ask for crypto. 🤷♂️💸
It'll come from accounts that seem real; they’ve either hacked ‘em or legit-looking fake profiles. Photos and clips make it seem for real too.
Notice celeb or influencer posts telling you to send crypto? Yeah, 100% shady business. And if there are comments claiming awesome returns, heads-up—that’s all bots playing along.
Loader or Load-Up Scams
In the loader scam, a “friendly stranger” asks for your crypto account login ‘cause they need “high limit access”. In return, they promise a slice of their profiting on your account. 🙄📊
Once in, their scamming upgrade plan's in motion: they “load up” your account with crypto. Where from? Buying with sketchy credit card info. That stolen credit info? Might be YOUR card. 🤯💳
Your account turns into fraud central, buying crypto with illegal charges, then they scoot off with all funds. 🏃♂️💸
The moment the real cardholder gets woke, they won’t pay. But since your account did the buying, YOU’RE left holding charges. 🔥💵
Employment Scams
An employment scam is where fraudsters by pretending as recruiters, trick job hunters into sending them crypto. 💼🤥
They hunt resumes online and shoot off “job offers“. But to join, you cough up training fees, paid in—you guessed it—crypto.
The email presents an “employment agreement” and a sketchy link or attachment. Don’t get click-happy! 🚫✔️
Some target freelancers and gig peeps with “pay for work” scams—make you sign up and pay a crypto fee to do work for them. Nope, not even close to a safety vibe. 🤔📜