Common Crypto Scams and How to Not Get Burned

Let’s get one thing straight: crypto is exciting. It feels like the Wild West meets Wall Street meets hacker movie vibes. But guess what else comes with that?

Scammers. Lots of them.

Like, if you step into crypto without knowing the basics of how scams work, you’re basically walking around with a giant neon sign that says, “Please steal from me.”

But don’t worry. We’re gonna fix that.

This isn’t one of those dry “watch out for fraud” lectures. This is the real, no-filter guide to spotting crypto scams, avoiding them, and keeping your coins where they belong — with you.

1. The Classic: “Send Me 1 ETH, I’ll Send You Back 2”

You’ve seen this one on Twitter, right?

Some big account (maybe even verified) says something like:

“We’re celebrating our partnership! Send us 1 ETH and get 2 ETH back!”

Spoiler alert: if you send 1 ETH… you will never, ever see it again.

They use fake accounts, fake websites, sometimes even hacked celebrity profiles. And people fall for it every day.

Rule #1: If someone offers to double your crypto, they’re not being generous — they’re being a thief.

2. Fake Wallet Apps on App Stores

This one is sneaky. You go to download a crypto wallet from the app store, but you accidentally download a fake version that looks exactly like the real one.

You open it, enter your info, maybe even your seed phrase.

Boom. They’ve got access to your real wallet, and all your coins are gone before you finish your coffee.

How to avoid it:

  • Always download wallets from official websites

  • Double-check the developer name in the app store

  • Read the reviews (real wallets have tons of them)

3. Phishing Links in Discord, Twitter, or Email

You’re in a crypto Discord, someone posts a link saying:

“URGENT: Claim your free airdrop now before it expires!”

You click. It looks legit. It asks you to connect your wallet.

Then… it drains everything.

This happens all the time. Especially in NFT and DeFi spaces.

Pro tip: Never connect your wallet to a website unless:

  • You typed the URL yourself

  • You know exactly what the site is for

  • You’re not half-asleep and clicking blindly

Seriously. One bad click = total wipeout.

4. The “Help Desk” Scam

So you’re having trouble with your wallet. You post on Reddit or Discord. Someone DMs you:

“Hi! I’m from MetaMask support. Happy to help!”

They’re not.

They’ll walk you through some “fix,” which eventually leads to them asking for your seed phrase.

Never. Give. Your. Seed. Phrase.

No legit support person will ever ask for it. That’s like handing over the keys to your house because someone said “I work for the door company.”

5. Rug Pulls (AKA: Oops, It Was Never Real)

This one’s especially painful.

A new coin launches. It has a cool name. A great-looking website. Maybe some influencers tweet about it. You buy in. Price goes up.

And then… the team disappears. The coin crashes. Liquidity is drained. Everything’s gone.

That’s a rug pull — when the creators of a crypto project bail with all the funds.

Warning signs:

  • Anonymous team

  • No audit

  • No real community

  • “Too good to be true” hype

6. Fake Giveaways on YouTube and Telegram

YouTube lives that are just loops of Elon Musk talking. Telegram groups with bots pretending to be admins. They all push giveaways:

“Send 0.5 BTC, get 1 BTC back!”

Nope. Just another version of the old scam.

The production value might look decent, but it’s all fake.

7. Malware and Keyloggers

You download a sketchy crypto tool. Or maybe a browser extension that promises to track prices better.

What you don’t see is the malware that’s logging your keystrokes or screen-grabbing your wallet.

Later, your coins are gone. Like, everything.

Stay safe:

  • Use antivirus software

  • Avoid downloading random tools

  • Keep your wallet info offline

8. Fake Airdrops & Free Tokens

Sometimes you’ll see a random token appear in your wallet.

You’re like, “Nice! Free money!”
But if you try to sell or transfer it, a smart contract drains your real tokens.

These fake tokens are booby-trapped.

Don’t touch random coins you didn’t sign up for.
They’re not gifts — they’re traps.

What to Do If You Think You’ve Been Scammed

Okay. Worst-case scenario — it happens.

Don’t panic (yet). Do this:

  1. Disconnect your wallet from any sketchy websites.

  2. Revoke approvals using tools like revoke.cash

  3. Move your funds to a new wallet (if you still have access)

  4. Warn others in the community

  5. Accept it. Learn. Be wiser next time.

And yeah — sometimes the loss hurts. But every scam teaches you something. Welcome to crypto.

Final Thoughts: Stay Skeptical, Stay Safe

If something seems shady, it probably is.
If it sounds too good to be true, it definitely is.

Crypto is cool. Revolutionary, even. But it’s also full of fake-outs, traps, and people who will rob you with a smile.

So move slow. Ask questions. Double-check everything.

And whatever you do — never give out your seed phrase.

Ever.

Back to top button