Cryptocurrency Scams - Deception Schemes in Cryptocurrency

The cryptocurrency market is growing every year, and along with it, the number of fraudulent schemes is increasing. If previously crypto scams looked obvious - "invest and get 200% profit" - today crypto scams have become much more sophisticated. Scammers use psychology, social networks, fake wallets, and even fake DeFi platforms to lure money from users.

The peculiarity of modern schemes is that they often do not look like scams. On the contrary, everything seems legitimate: the interface is neat, support responds, reviews are positive. But take a couple of steps - and you have already "fallen for a crypto scam," without even noticing where exactly.

Let's explore what crypto scams are, what types of fraud exist, how scammers operate, and what signs can help you stop in time.

What are Crypto Scams

Crypto scams are fraudulent schemes in the world of cryptocurrencies, the goal of which is to seize the user's funds. Deception can be disguised as an investment project, crypto game, airdrop, staking, or even an asset storage application.

Simply put, a crypto scam is when you are promised income, a bonus, or exclusive access, but in reality, your money or personal data is stolen.

Main types of crypto scams:

• Phishing. Fake websites that mimic interfaces of well-known exchanges or wallets.
• Token forgery. Creating fake coins under the guise of popular projects.
• Scam through investment platforms. "Guaranteed returns" from participating in fake funds.
• Fraud with NFTs and DeFi. Users are offered "unique" tokens or staking with high profitability, but the smart contract immediately transfers the money to the scammers.
• Social engineering. Deception through correspondence, promises of support, or "gifts."

Today, scammers act subtly: they create websites with licenses, advertise with bloggers, provide support chats on Telegram, and even post fake reviews on forums.

Scams in Telegram and Crypto Bots

The most common risk area is scam crypto bots on Telegram. Telegram has become a platform for thousands of projects, including legitimate DeFi tools and crypto games, but it is here that scammers are most active.

Typical schemes:

1. Fake bots for earning. Users are asked to deposit funds so that the bot can "trade" and generate profits. In the early stages, the bot actually pays small amounts to gain trust. Then the account disappears.
2. Fake airdrops. Bots pretend to distribute tokens and require users to "connect a wallet" or transfer a "minimum fee." After that, they steal private keys.
3. Fraudulent chats. Groups are created where they discuss "successful investments." Scammers use dozens of fake accounts to create an illusion of real activity.

Crypto scams on Telegram have become particularly dangerous due to the combination of a trusting atmosphere and the simplicity of payments. Scammers can create thousands of bots, simulate token verification, and even fake wallet interfaces.

Crypto Scams in Projects and Wallets

Another common type of deception is scam crypto projects and wallets. Some scammers go further, creating entire platforms with professional websites and even "technical support."

Examples:

• Fake crypto wallets. Users install an extension or application that looks like Metamask or Trust Wallet, but when entering the seed phrase, it is sent to the scammers.
• Fake DeFi projects. Websites are created with real contracts and even support for MetaMask. After the user deposits funds for "farming," the contract transfers them to hidden addresses.
• Scam through fake updates. Users receive an email or Telegram message: "your wallet is outdated, update the version." The link leads to a fake website.
• Clones of well-known projects. Copies of popular tokens (e.g., UNI or LINK) are created with minimal changes in the name. Investors buy the "new version" of the coin and lose their investments.

Among the victims are not only newcomers. Even experienced traders sometimes lose vigilance, relying on "official" links from groups or chats.

Examples of Non-Obvious Schemes

Modern non-obvious crypto scams are difficult to recognize because they masquerade as real products and services. Below are several examples that look quite credible but lead to losses in reality.

1. Pseudo investment funds with AI. The project claims to use "artificial intelligence to analyze the market." The user makes a deposit, sees beautiful graphs and "balance growth." After a couple of weeks, the site disappears.
2. Fake token sales. Scammers announce a pre-sale of coins supposedly from a well-known exchange. Everything on the site looks legitimate, but the tokens have no value.
3. NFT fraud. Users are offered to buy a "unique NFT" at a reduced price or "help test the marketplace." After confirming the transaction, their wallet is emptied.
4. Fake supports. Accounts appear on Telegram or Discord with names like "Binance Support." They offer to "return frozen funds" and require a private key.
5. Hidden subscriptions to smart contracts. The user connects the wallet to a new DApp and accidentally signs permission for unlimited token withdrawals.

Such schemes are not always obvious because everything looks professional. Sometimes even analytical sites do not have time to mark a project as suspicious - it closes a few days after launch.

How to Protect Yourself from Scams

It is impossible to completely eliminate the risk, but you can minimize it by following basic cybersecurity rules.

1. Check sources. Any link should lead to the official project website. Never click on addresses received in private messages.
2. Do not enter the seed phrase. No legitimate wallet or bot will ask for your secret phrase.
3. Study smart contracts. If the project offers staking or farming, check the contract on sites like Etherscan or BscScan.
4. Keep cold wallets separate. Use offline devices like Ledger or Trezor for storing large sums.
5. Do not trust "miraculous" offers. If you are promised income above 20-30% per month without risks, it is 100% a scam.
6. Check domains. Scammers often have differences in the site names: one letter, dot, or hyphen.
7. Monitor reviews. Searching for the project name on Twitter, Reddit, or CoinMarketCap will quickly help you understand if there are any complaints.

If you still fall for a crypto scam, do not hesitate to write about it in communities and forums. This will help others avoid the same mistakes. You can also contact the exchange support service if the transfer went through it, or law enforcement agencies with a detailed description of the incident.

Modern crypto scams are becoming more complex and technological. Scammers use the psychology of trust, fake interfaces, and even influencer advertising. But the main tool of protection is awareness. Understanding how scams in crypto projects on Telegram or fake wallets work helps to notice substitution in time.

Blockchain provides freedom, but along with it - responsibility. The higher the interest in cryptocurrencies, the more inventive fraudsters become. And although it is impossible to completely eliminate the risk, attentiveness, source verification, and caution can protect your funds from the most sophisticated schemes.