How to Identify and Avoid Cryptocurrency Scams

4 min readMar 3, 2022

It’s easy to fall into the trap of thinking that everyone is making money with bitcoin. Many con artists play on merchants’ greed by selling shady items and services in exchange for their money. The following are the most often seen con games:

Initial Coin Offerings (ICOs) are a sort of crowdfunding that is used to support the development of newly launched cryptocurrencies. Traders in initial coin offerings (ICOs) purchase tokens that are used to fund the new business. Many Initial Coin Offerings (ICOs) have had issues since their launch: While many initial coin offerings (ICOs) are lawful, the great majority do not have sound business models or technological foundations to support them. Some initial coin offerings (ICOs) are launched with little more than a whitepaper written by people who have no prior experience in technology or business. Cryptocurrency startups regularly make claims about their products that are not supported by evidence.

Brokers and exchanges that are not regulated: Cryptocurrencies and cryptocurrency trading products are available for purchase on dozens, if not hundreds, of unregulated online exchanges and brokerage organizations. Traders should be wary of marketing that appears too good to be true, as well as claims of quick gains. It’s possible that many of these businesses may charge you high fees or make cash withdrawals incredibly difficult. Some of the most vile crooks will just grab your money without any further action.
Is it possible for you to tell me whether you have ever had your bitcoin stolen by hackers or scammers? It is now appropriate to file a formal complaint.
Pump-and-dump scams are a type of deception in which a person is tricked into paying for something that doesn’t exist. Pump-and-dump schemes have been in existence since the inception of the stock market. A ring of con artists will band together to acquire a large number of penny stocks at a discounted price. This drives up the price of such stocks, and as a result of the higher pricing, they are able to recruit outside investors by promising them large sums of money in exchange for little effort. Unfortunately, new technology has made Bitcoin a prime target for pump-and-dump scams, which investors may fall prey to even if they would never fall prey to a more traditional investment strategy in the first place. It’s an example of an old con being carried out in an unique and surprising way that the general public is completely ignorant of at the time.

Malware has long been a popular tool for unethical hackers to get passwords for computer networks or to steal credit card and bank account information from legitimate businesses. They’re now employing it to conduct another another of the most common Bitcoin scams on the internet. In the event that you do not protect yourself against malware, and if your Bitcoin wallet is connected to the internet, they may be able to employ malware to get access and steal your funds.

It is possible that you will download a virus by clicking on links in your email. In addition, it is accessible for download through websites and social media platforms. If someone claims that a certain program allows you to mine bitcoins for free, this is known as false advertising. The risk of receiving a virus increases when you download this file.

Are you a victim of any of the frauds listed above, or have you been a victim of another scam? To request a refund, please visit this page.

They are a group of certified hackers who are skilled professionals that understand and know how to loop for weaknesses and vulnerabilities in a target system, through penetration testings. Certified hackers, private investigators and blockchain analysts.

Details of the campaign

The two conspirators targeted executives of cryptocurrency companies, among others, and stole cryptocurrency worth hundreds of thousands of dollars.

According to the DoJ, the culprits targeted “high-value and Original Gangster/OG” social media accounts. They took control of these accounts to obtain things of high value apart from cryptocurrency.

Additionally, they tried SIM switching assaults and a variety of additional methods to get access to these accounts. According to the prosecution, the accused targeted 10 known victims across the United States and stole or attempted to steal approximately $530,000 in cryptocurrencies from them.




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