Cryptocurrency scams


List of cryptocurrency scams to avoid

Cryptocurrency scams – Investment in crytocurrency is undoubtedly the real buzz of the digital 21st century. As events and time progress there seem to be a growing influx of adoption as people get aware of the potency and opportunities that come with crypto assets.

Given this, the mass adoption of crypto is accompanied by a proportional increase in cryptocurrency scams. While you are concerned with how to make the most of the crypto opportunity, scammers are plotting endlessly to rip you off your hard earned money.

Most times, their unsuspecting victims fall for their ploy innocently which has resulted to losing huge sums lately.

However, this guide will help with vital information on how to identify these scammers when they come knocking at your entrance.

The list outlined here are in no particular order, however can apply to anyone irrespective of your class, be it an expert or newbie in the cryptocurrency market.

1. Dating/romance scam

Romance scam has been one of the most prevalent ways unsuspecting victims got scammed of huge sum in cryptocurrency.

Just in case you are hearing it for the first time, romance scam is an arrangement where people go to dating sites to find new lovers. While you may embark on this adventure to meet beautiful people and feel happy, most actors on these platforms are fake, wherein your money is the principal target.

Once you get to exchange formalities, talk for sometimes at a level where it can be said to have gained a level of trust. Before you know what’s up they’ll front their motive which could involve asking for a huge sum of dollar or access to your most sensitive financial details which should not be disclosed to a third party, in this case your crypto wallet authentication credentials or credit card details.

Read also: How to Conduct Fundamental Analysis before Buying Bitcoin

Sometimes they may even ask for a transfer of coins to them for certain help, etc.

Romance scams in recent time usually involve parting with cryptocurrency lately since it’s easy to facilitate.

2. Phishing

Phishing scam usually targets your online wallet information, scammers will send you an email which is aimed at directing you to a separate website order than you think or assumed to have known.

On arrival on this misleading and fake website you will be required to enter your private key information, once you fall for it the hackers will have a hold on it, then use it to clear/steal your cryptocurrency contained in such account/wallet.

The ideal thing here is to be careful with mails you open, read and links you click on. Once you don’t seem to remember how you get involved with a particular email address kindly delete straight up, do not open, when you eventually open and read do not follow or click on any link associated with it, you could be giving out your wallet credentials at your own detriment.

3. Social engineering tactics

Social engineering involves manipulating you psychologically using a deceit to access certain information that should not be let out initially.

business/brand, government, tech support, office colleagues or even friends, etc.

Scammers will establish a level of trust with you on this note thereafter require you to transfer coins/send them money. Once they come clear demanding for cryptocurrency, then you should take that as a full and fledged verified red flag.

4. Possible extortion/blackmail

Scammers could blackmail you via email, a subject to a blackmail could involve to expose details of your passed life or experience you wouldn’t like exposed to the public.

For example, the easiest one is details of porn websites you’ve been visiting. This strategy is that easy to harness you could fall victim even without knowing key information about you. Why is it so? This is because virtually 4 out of 5 people have a likely tendency to be porn addict.

Once you succumb to this pressure you will be mandated to transfer cryptocurrency as a bond to stop the publication or exposure.

Read also: Koinwa officially commences operations [sales, purchases and stores bitcoins] in Nigeria

Once you have this type of experience kindly report to the security agency at once without wasting further time, you are likely targeted for Cryptocurrency scams.

5. Through NFTs and ICO

Cryptocurrency comes with a lot of opportunities to make money, but be careful sometimes you may fall into the limbs of scammers who tend to make you irresistible offers.

For example, they may capitalize on the Non-fungible tokens and ICOs.

Some scammers create fake websites for ICOs and advise users to go ahead and deposit cryptocurrency into such false online wallets.

6. Investment scams

Scammers could mislead you into fake investments in crypto assets, they start by creating a make believe but a misleading website that claims to offer guaranteed returns.

They front the idea that you must invest large sum of money to guarantee a large return.

Once you transfer your crypto assets you will not be able to withdraw it thereafter.


You can avoid being a victim of social scams by simply paying attention to details, avoid offers that look too good to be true, remember if an offer seems too good to be real, it definitely is.

Keep your wallet address safe and do not disclose it to a third party or send cryptocurrency to anyone you do not know or have a formal relationship with.

Always ask genuine questions and verify all ideas and information before you embark on any crypto related adventure as most of them are just scammers lying in wait to rip you off your hard earned money.

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