Having fallen for several Crypto scams since 2017, I decided to start a Crypto Scam Alerts Youtube channel dedicated to helping people avoid these scams. I hate scammers and will do everything I can to warn people. However, if you are a scammer - listen, karma will get you back at some stage because she's a bitch! If you are a victim of a crypto scam (like me), all you can do is not make the same mistake and help others avoid them because it's good karma for you.
Unfortunately, Crypto is still the wild west, and there are so many scams floating around everywhere you look with scammers trying to exploit innocent people. I've found that newbies in the Crypto space are especially vulnerable as they tend to be very curious and unknowingly get sucked into things.
Crypto newbies especially, here are the most popular types of Crypto scams right now from my perspective.
The classic new project rug pull
This widespread crypto scam where Developers abandon a project and take the investors' money, is happening every day. Many Telegram channels, Discord chats and Subreddit shilling dodgy projects are often a rug pull. If you are interested in investing in a new project:
Telegram arbitrage scam
This scam entices people to buy a large amount of Crypto at the market price from a major exchange (such as Binance), transfer it to a scam exchange, sell at a higher price and make a cool profit. Sound easy? Yes, a maybe bit too easy! The catch here is that the scam exchange is not regulated will not let you withdraw your profits. I discovered this scam when I was added to a Telegram Group run by a robot called 'Crypto Access' promoting a scam exchange called bikkex.com, which lists crypto prices higher than major exchanges. Check out my video review below for more info.
Many people have lost a lot of money from this scam, so please share amongst your communities to keep people safe.
Youtube ads promoting Arbitrage
There are a couple of scammers, cleverly disguised as popular Youtubers, promoting an arbitrage via a Telegram. The ad appears right under the Crypto channel video and targets the mobile phone audience - an easy one to fall for because the ad looks genuine and uses the same branding as the Youtube channel. If you click on the ad, it leads you to a Telegram channel with detailed instructions on making a 30% profit on your Crypto via an exchange called Bounce.Exchange.
Avoid those comments with Whatsapp details on Youtube videos
If you scroll through the comments of a popular Crypto Youtuber, you should notice some comments with Whatsapp details disguised as the Youtuber; for example, see below.
I've heard of newbies being scammed after sending a direct message and leading them onto an investment scam.
Double-check DM messages on Twitter
It's best to double-check direct messages on Youtube to ensure it's coming from the right person to make sure you don't fall any scams requesting money in exchange for a prize or whatever else. Also, if their profile picture looks genuine, check their username on their profile to see if they are who they are saying they are.
Discord giveaway scam
A popular discord is when a private message is sent to you by an unknown user stating that you have won some crypto (e.g. 0.1 to 0.3 bitcoin), and you have to deposit your crypto into a scam exchange to claim your prize.
Defi investment scams
There are many Defi investment scam websites promising insane returns for your deposits. However, once you deposit your funds, they will be most likely locked by the scammers, and you won't be able to withdraw your funds.
Pump groups on Telegram and Discord
Many crypto pump groups on Telegram and Discord lure people looking to make quick money on exchanges. Some of these scammers charge a membership fee for access to their private group, which you will not get added to and may even block you from the block. This pump scam benefits the person/people who organise the pump because they choose the coin and invested early. However, most of the others will get wrekt especially if they buy at the top and sell at the bottom.
There is no such as free or easy money, and if it sounds too good to be true, it probably is.
These are just a handful of scams that I've discovered in my crypto journey so far, but new ones are popping up every day. Feel free to subscribe to my Crypto Scam Alerts Youtube channel to get more updates.
Check out my story here.