Types of Scams in Crypto - Awareness

[romero121]

Through different means scammers make fool of the common people and scam them. Different types of scams through which common people gets scammed are

Paid Signal Providers : Here people who weren't able to make money out of trading do this kind of scams. People are requested to subscribe their channels, so that you'll get daily trading signals. Further they do it as a paid service. Here if you're new to the cryptocurrency network, they easily scam you. Good is to do the best research of your own, because we've got lots and lots of legitimate platforms, YouTube channels are there using which you can know better about the market.

Money Doubling : In recent days this is done through YouTube channels and telegram channels. 2X bots were developed and those were promoted. If you invest $100, you'll receive $200 through the bot. Person who promote this will talk in a very pleasant manner. Don't fall for the words. Stay cautious with such schemes.

Indicators Scam : It is also a kind of scam in which people get scammed easily through trading indicators. Here scammers function as a group and promote the indicators. Our indicator have got accuracy and other additional features. If they can make big money out of those indicators why can't they do it and earn out of it. We need to think about it before going for such indicators. Learning the indicators of the exchanges is more than enough and through this one can easily know about trading analysis.

Pumping Teams : In this pattern of scams, about coin pumping will be announced. We've got information about specific coin that we're going to pump. If you invest/buy you can make good profit out of it. It gives 2X, 5X, 10X profits. Those are completely false statements. Don't fall for it, because they make you buy and further dumps the market.

MLM : This is a commonly known scam which is much seen on every form of businesses. It hasn't left cryptocurrency as well. Here based on the members added will be the commission and through this you can make big earning. One who is in the top order makes money scamming the down members. Even they'll say that you'll turn millionaire within few months. Most of the people who gets scammed on this schemes were the college students.

Apart from this you can see more and more forms of scams in the crypto market. As the market is widening scammers try different approaches. It is our responsibility to do the best research and move forward. Give awareness, it'll help someone and make the cryptospace scam free.

[Issa56]

Thanks for this post, I believe the post is very useful because on a daily basis people are getting scammed of their money which is very bad, scammers are going on research and trying to bring up new ideas which they will use to scam people, so I believe spreading this kind of post is very useful because I believe it will safe someone from been scammed.

[Hippocrypto]

Thanks for this post, I believe the post is very useful because on a daily basis people are getting scammed of their money which is very bad, scammers are going on research and trying to bring up new ideas which they will use to scam people, so I believe spreading this kind of post is very useful because I believe it will safe someone from been scammed.

I've been scammed last three years ago at telegram, and I failed on that situation but that doesn't mean I'm giving up. All mentioned types of scams should be avoided, and the help it provides to us is very useful on our daily living. Awareness is the most important in order to get rid of those potential victims, without that we won't have warnings and we might end up a victim of their traps.

[kevinovecka]

Hi, also don't forget to add ponzi schemes (freedogeon- exit scam and probably freebitco.in), resellers and scam QR (last one I would call unnecessary stuff, because things Bitcoin doesn't need itself are mostly scams)

I have something posted on bitcointalk so you can use something to make more scam possibilities.
https://bitcointalk.org/index.php?topic=5365189
https://bitcointalk.org/index.php?topic=5364414

Been scammed for sooo much crypto 

Also I would recommend people to use escrow in case they really need to try it...

Thanks for nice post helping beginners

[sheenshane]

It seems the same thought on this thread, Frequently Ask Questions(FAQ) & Answers about cryptocurrency scam.

Usually, people who get into traps and get scams are those newcomers in the crypto field.  I saw a different story on social media about the investment that has been scammed, a promise of a huge return upon investment.  Nowadays scammers are getting smarter, they always found ways how to trap naive and lazy people or even those greedy people that want to easy money. 

Recently I have heard many newbies asking a signal group which is obviously a pump and dump group.  Knowing the fact that this group potentially is slowly milking you, they made a group for their own interest.

[OgNasty]

MLM : This is a commonly known scam which is much seen on every form of businesses. It hasn't left cryptocurrency as well. Here based on the members added will be the commission and through this you can make big earning. One who is in the top order makes money scamming the down members. Even they'll say that you'll turn millionaire within few months. Most of the people who gets scammed on this schemes were the college students.

This is by far the most common scam I see around these parts.  Back when people used Bitcoin, I'd get hit with 2 or 3 of these attempts to scam users posing as my escrow service daily.  There are far too many stories of people losing their BTC this way.  Always make sure the people you are talking to are the people you think you are talking to.  Don't use outside websites when making transactions and never confuse one person's profile on one site with another profile on a different site just because they use the same name.  I'd even go as far as to say if you ever come across an OgNasty anywhere but bitcointalk, the odds are that it is not me.

[kevinovecka]

MLM : This is a commonly known scam which is much seen on every form of businesses. It hasn't left cryptocurrency as well. Here based on the members added will be the commission and through this you can make big earning. One who is in the top order makes money scamming the down members. Even they'll say that you'll turn millionaire within few months. Most of the people who gets scammed on this schemes were the college students.

This is by far the most common scam I see around these parts.  Back when people used Bitcoin, I'd get hit with 2 or 3 of these attempts to scam users posing as my escrow service daily.  There are far too many stories of people losing their BTC this way.  Always make sure the people you are talking to are the people you think you are talking to.  Don't use outside websites when making transactions and never confuse one person's profile on one site with another profile on a different site just because they use the same name.  I'd even go as far as to say if you ever come across an OgNasty anywhere but bitcointalk, the odds are that it is not me.

Yeaah you are here for a while in escrow service.
Trusted and known names are also very often used.
But sometimes it can be real, for example I followed Bitboy crypto on youtube and IG (before I realised he is famous only thanks to BitBoy name and has only mouth full of sh*t coming out) and then some of his cooperators wrote me and showed me video proofs Bitboy delegated him to find investors who will invest Bitcoin under some promisses.

They will try anything and I can say it is very Nasty
Btw you still do escrows? What was your fee? 1%?

[adzino]

Paid Signal Providers : Here people who weren't able to make money out of trading do this kind of scams. People are requested to subscribe their channels, so that you'll get daily trading signals. Further they do it as a paid service. Here if you're new to the cryptocurrency network, they easily scam you. Good is to do the best research of your own, because we've got lots and lots of legitimate platforms, YouTube channels are there using which you can know better about the market.

Those paid signal providers are indeed bunch of scammers that gives out random "signals". Most of the information they provide can be found easily on public. But I wouldn't suggest people to watch youtube to know better about the market. 99% of those videos are biased/paid.

Money Doubling : In recent days this is done through YouTube channels and telegram channels. 2X bots were developed and those were promoted. If you invest $100, you'll receive $200 through the bot. Person who promote this will talk in a very pleasant manner. Don't fall for the words. Stay cautious with such schemes.

You have to be really stupid to fall for a scam like this. I mean, those who get scammed, what were they thinking? Some random guy gonna make him rich? I don't feel bad for people that falls for scam like this.

MLM : This is a commonly known scam which is much seen on every form of businesses. It hasn't left cryptocurrency as well. Here based on the members added will be the commission and through this you can make big earning. One who is in the top order makes money scamming the down members. Even they'll say that you'll turn millionaire within few months. Most of the people who gets scammed on this schemes were the college students.

Those are not MLM. Those are ponzie schemes. As long as people keep on joining, they receive rewards and the scammers gain their trust. Once more people starts to join, the scammers make an exit, leaving everyone empty handed.

[oktana]

Money doubling is the most common of all! Majority of people fall for this when it obviously shows that it is scam. This even happened to bitcoin.org not quite long ago and when I saw it, I knew that it was definitely a scam! Most times, it takes only common sense to see it.

[batang_bitcoin]

I don't know how this scam being called but I've seen those people that have shared that they'll be giving you an airdrop. And for you to withdraw that sum and huge valued airdrop, you have to deposit on their website. I think it's not categorized with money doubling as it's more than the double so that the victim will be encouraged to deposit to their fake website that are looking like an exchange. I don't know specifically what's the name of this type of scam.

[kevinovecka]

I don't know how this scam being called but I've seen those people that have shared that they'll be giving you an airdrop. And for you to withdraw that sum and huge valued airdrop, you have to deposit on their website. I think it's not categorized with money doubling as it's more than the double so that the victim will be encouraged to deposit to their fake website that are looking like an exchange. I don't know specifically what's the name of this type of scam.

It sounds like "Lending" to me
You give somebody crypto so they can use it somehow (stake it, use for airdrops, futures etc)

[GreatArkansas]

Paid Signal Providers : Here people who weren't able to make money out of trading do this kind of scams. People are requested to subscribe their channels, so that you'll get daily trading signals. Further they do it as a paid service. Here if you're new to the cryptocurrency network, they easily scam you. Good is to do the best research of your own, because we've got lots and lots of legitimate platforms, YouTube channels are there using which you can know better about the market.

I believe that there some paid signal providers are legit or not scam, but I think it became a scam if they tell you that they guarantee gains or profits as you subscribe to them but they do not deliver it and you are losing money because of their trade signals. Some of the paid signal providers are also copying a signal from other paid signals too and they are owning it.

That's why a lot of traders always giving advice that learning trading by ourselves is good rather than relying on someone and you are paying them.

[DapanasFruit]

In my own estimate, only a few people who are in cryptocurrency have never been victimized by a scam in one form or another. And it s because these scammers are so experienced and even trained to really fool people. they usually designed programs that can convince anyone to shell out the money either in fiat or crypto in returned for promised high ROI. Of course, there is always that baptism of fire...the only thing we can do is to learn from the experience and move on. Right now, am always wary of programs promising profits even for doing nothing. And yes, it is always enticing as these programs appeal to our sense of greed. Anyway, that is life. Scams exist everywhere since time immemorial...and it started in the garden of Eden and the first scammer is the devil.

[bittraffic]

In my own estimate, only a few people who are in cryptocurrency have never been victimized by a scam in one form or another. And it s because these scammers are so experienced and even trained to really fool people. they usually designed programs that can convince anyone to shell out the money either in fiat or crypto in returned for promised high ROI. Of course, there is always that baptism of fire...the only thing we can do is to learn from the experience and move on. Right now, am always wary of programs promising profits even for doing nothing. And yes, it is always enticing as these programs appeal to our sense of greed. Anyway, that is life. Scams exist everywhere since time immemorial...and it started in the garden of Eden and the first scammer is the devil.

These are not very clever scams but the people who are scammed are just not very experienced. I'm sure it doesn't sound victim-blaming because, for the most part, it's also true. Even today the doublers in 2021 can still make money for these scammers, you got to wonder why they have not been warned before they send their coins.

MLM is obviously a scam and it exists long before BTC yet it still makes scammers money. They will not stop unless they won't.

[cryptoaddictchie]

Pumping Teams : In this pattern of scams, about coin pumping will be announced. We've got information about specific coin that we're going to pump. If you invest/buy you can make good profit out of it. It gives 2X, 5X, 10X profits. Those are completely false statements. Don't fall for it, because they make you buy and further dumps the market.

If the coin traded is listed on Binance or major exchange. I dont think this could be included as a scam cause they only providing signal where the tokens could do some 5x to 10x movement. Its more like a deceiving method in which they will let you win or lose based on their target.  But if you gave money to them for trading then they suddenly gone then thats completely scam.

[wajik-tempe]

I will add one more.
Youtube videos with "NFT 100x PRICE GROWTH IN 2 WEEKS MUST BUY NOW"
I see a lot of crypto youtubers add those clickbait on the thumbnail and the title. But they actually a paid youtubers that paid by the projects team to promote their projects.
Maybe it's not really a scam literally, but newbies who just joined crypto and already saw many tokens like shiba or doge, will trapped into this. So be careful if you're a newbie

[vv181]

~snip~Give awareness, it'll help someone and make the cryptospace scam free.

Not I'm being sceptical about it or didn't support giving awareness to the newcomers, but believing cryptocurrencies to be scam-free is nonsensical. The least we can do is to reduce it, I'm sure that there are some people who enter these spaces only to find a fortune, and are being affected by greediness, which is the vulnerable point other than lack of knowledge.

I didn't mean to discourage you rather I appreciate it. But personally, I think if people are entering these spaces by comprehending the basic benefit of what cryptocurrencies could give and achieve, I'm sure people are a lot be more careful and by that, it will reduce people being scammed.

[Oshosondy]

Many people have been scam through money doubling, pumping and dumping of a coin, people are greedy, the lack of knowledge about such with greed makes them to be scammed for doubling because it is normal that the easiest ways seen to get money will be such bonuses which is not bonus but a scam, the person will pay the scammers and the scammers will not pay anything back, not to talk of any doubling.

Paid Signal Providers :

Indicators Scam :

MLM : This is a commonly known scam which is much seen on every form of businesses. It hasn't left cryptocurrency as well. Here based on the members added will be the commission and through this you can make big earning. One who is in the top order makes money scamming the down members. Even they'll say that you'll turn millionaire within few months. Most of the people who gets scammed on this schemes were the college students.

I think paying signal scam and indicators should be the same thing or be considered the same? I may not the correct but what is the difference between the two? As for me, I see paying signals as indicators too.

Also I do not even in a bit understand what you meant by MLM.

[michellee]

Thank you for the scamming type that you share with us. We should stay away from that because I am sure the scammers will use the other ways and be different from what @OP describes. If you see that someone offers fast money to you, that will be a trick to scam you because there is no way to get fast money, especially if you do not. Money doubling can attract new people in crypto and will have a big expectation to make big money instantly so you must be careful and not get tempted because of that.

[Swapzone_pr]

I will add one more.
Youtube videos with "NFT 100x PRICE GROWTH IN 2 WEEKS MUST BUY NOW"
I see a lot of crypto youtubers add those clickbait on the thumbnail and the title. But they actually a paid youtubers that paid by the projects team to promote their projects.
Maybe it's not really a scam literally, but newbies who just joined crypto and already saw many tokens like shiba or doge, will trapped into this. So be careful if you're a newbie

This is a strange thing to call a scam, cause then even advertising can fall under the word, you have to always think properly and choose accurately who to trust when it comes to investment or exchange