Crypto scams flourish most during bull runs.

[Luffygroove]

In the world of crypto, sadly, scams are a common problem. All year round, there are people trying to trick others into giving them money. The real issue comes when a lot of new people join during exciting times. Some folks invest without really understanding how things work, just because others say it's a good idea. These newcomers, not knowing much about crypto, become easy targets for bad people. If you're already in the crypto world, it's important to help these newbies understand that they need to be careful. There are always dishonest people trying to take advantage of those who don't know much. So, stay alert and protect your money.

[Deva1290]

Although crypto scams are also happening when the market is bearish, but I really think that it's more possible when the market is experiencing a bull run. Probably because the market is very bullish and that everyone will expect that all good things will happen, and that's where scammers will also take advantage of the market by deceiving newbies and naive investors to invest or trade in their own scam projects.

Bull run is not only the best time to profit but it's certainly where people are also highly susceptible to losses as scamming is also rampant that time.

You're absolutely right, there are a lot of ways that things happen, and new ones get involved in crypto, and the market is now on a good move, and we hope that E.T. F has been approved and after that we will not get to see the right stuff and Protect From scammers and see on top of the upcoming regulation.
After ETF, many things that are now will go on a good path and the chances of the Scam will be very less and from which we both the new and the profitable investor can earn a good profit.

In the world of crypto, sadly, scams are a common problem. All year round, there are people trying to trick others into giving them money. The real issue comes when a lot of new people join during exciting times. Some folks invest without really understanding how things work, just because others say it's a good idea. These newcomers, not knowing much about crypto, become easy targets for bad people. If you're already in the crypto world, it's important to help these newbies understand that they need to be careful. There are always dishonest people trying to take advantage of those who don't know much. So, stay alert and protect your money.

I remember very well when I came into this market, I also had a scam of 600 dollars which happened in 2018, after that slowly I understood the market and invested in myself and after that I got into it after researching a lot of things, first of all there are many free and free websites and scan websites in the market that people invest in. Which I also did on a mining website and it caused us a lot of loss, And I assured the approval of ETF is also a good proof that all the investors can invest safely and we don't have to rely on any other site.

[Pi-network314159]

Scammers have been the more reason why most people refuse to invest in bitcoin, thinking that bitcoin is a scam. Its actually true that the bullish season and the ETF approval will increase the rate of scammers online, but that would not stop us from knowing their true identity. Like me I always know their activities especially on Facebook. Now the price of bitcoin is rising so do their activities on trying to scam people also increased. I see them on facebook always telling people that they are investment company which you will invest bitcoin or USDT with them and they will trade it for you and you will make x2 profit, and that is a big fat lie which implies that their motive is actually to scam people. So I believe it's only a fool will fall for such cheap lie or scam. How on earth will somebody send bitcoin to an unknown address or person hoping to make profit instead of seeking for knowledge on how to invest.

[abel1337]

Scammers have been the more reason why most people refuse to invest in bitcoin, thinking that bitcoin is a scam. Its actually true that the bullish season and the ETF approval will increase the rate of scammers online, but that would not stop us from knowing their true identity. Like me I always know their activities especially on Facebook. Now the price of bitcoin is rising so do their activities on trying to scam people also increased. I see them on facebook always telling people that they are investment company which you will invest bitcoin or USDT with them and they will trade it for you and you will make x2 profit, and that is a big fat lie which implies that their motive is actually to scam people. So I believe it's only a fool will fall for such cheap lie or scam. How on earth will somebody send bitcoin to an unknown address or person hoping to make profit instead of seeking for knowledge on how to invest.

Being scammed is easier to spread than having a good experience on bitcoin. It's true that there are still people up to this date that is still think that bitcoin is a scam even without even trying to use it or having it. They are scared of the unknown. This is why I think that if we want a true bitcoin adoption, we need to fill people with knowledge about bitcoin and cryptocurrency. This can reduce the victims of these scammers who are taking advantage of bitcoin and the whole cryptocurrency. Even having a basic knowledge of bitcoin can reduce the chance of you getting scammed. This is what happened way back when internet is still new, people are still skeptical about it and scared to use it. Things had change when people got the knowledge of how to use it and now, everyone use it. I believe that we will come to the point that it will happen to bitcoin and no one will become ignorant about it.


During a bull market, a massive flow of people will come to cryptocurrency. It is seen as an opportunity of scammers as the chance of them having a victim sky rocketed. I had experience various scam methods and it keeps evolving every bull market. Let's be careful because I'm sure that there will be new scam methods that will be executed during the bull market and also their good old scam methods that are still effective to newbies.

[Kelward]

I think it doesn't matter if we are in a bull run or bearish trend, scammers will be scammers. Although it is just magnified in the bull run as there are a lot of newbie investors and this is the target of this cyber criminals and scammers.

So it's very important and I think this is the number 1 thing that every crypto investors need, educate themselves on every project that they put their hard earn money. And as we have said before, “If it is too good to be true it probably is". Meaning, if the offer appear too ideal or promising, it's wise to approach them with a degree of skepticism and investigate further.

It's true that scammers don't take breaks they operate everyday of the year looking for victims to steal from, but Bitcoin bull run season is also a boom season for them to scam more people because many newbie investors will enter the market. As the OP has stated areas to watch out for it's important for anybody that's looking to make the most of the bull season to be very cautious and carry out thorough research before putting their money in any crypto projects, because scam projects will be on the increase. The Bitcoin ETF approval is a new angle that scammers will also utilize to scan victims because the concept is new to most crypto users, it is an area that should be very well researched so scammers will not tell you make believe stories to steal from you.

[Crypt0Gore]

The offers don't have to be good for rugpulls to happen, all those high yield projects still exists but a normal project with no stake feature will still scam anyone, all they have to do is confuse people that the project is the next best thing and the team or dev will slowly dump on investors.

If you have to go for alternative crypto coins, make sure the team is the best part, it's hard to get scam by teams that have good reputations in their past lives, like a project I invested some money on in 2022, the team are game builders from Activision and EA games, they are well known, and the risk was worth it after all, it's now one of the most performing in my crypto wallet. 

Bitcoin is the most reliable, less risky investment in crypto space, it's the only one I can recommend to anyone, but people cares more about how much they will make, that's why they want the next big thing.

[Alpha Marine]

Ponzi schemes and rug pills are some of the outdated scams that almost everyone is aware of, and scammers will not use them this time because they know they will not give them enough victims.

Ponzi may be outdated but not rug pulls. All I see are new shitcoin advertisement. Most of those coins will remain shitcoins and people will lose their money to the project owners.
So many different CEX advertising their business, and all these exchanges will just disappear with customers funds in the future. These are things that will keep happening because people don't learn.

[Zigabel]

With the SEC's approval of Bitcoin spot ETF and with the next Bitcoin halving around the corner, we will most likely witness a bull run that has already begun.
According to research, crypto scams flourish during bull runs. This may because the increase in price makes it easy to convince people and greed and FOMO are also other factors that make people to be easily deceived.

The flourishing of crypto scam during bull run is usually because that's the time people are most vulnerable because there's usually a lot to show such it will convince them to believing in the fact that what they have been exposed to is a figment of the actual truth, it's usually best to not try to hurriedly hop on the trends because you think you will get rich almost immediately by following the trend, another has to do with dealings with third party, because during the bull run the scammers will have what they can present as results over a short period, they claim to help trade portfolio and in short time it doubles up but unknown to the victims these guys may just be scammers.

It's usually better you do everything by yourself, don't get involved with third party transactions and don't give anybody your portfolio to trade or grow for you rather just accumulate as much coins as you can and just HODL mind you, be careful not every coin is worth HODL but you can be very sure with Bitcoin.

[lovesmayfamilis]

 
One thing is to create awareness of these scams, and another thing is to ask if these newbies in crypto who actually need to read about them will find the information educational, as it appears that most of them only come to this forum when they have successfully been scammed.

Completely agree. The advice on conducting one's investigation for a person coming to crypto for the first time looks like advice, of which a newcomer is not always aware. Beautiful promises, bright advertising, and many twisted reviews will create an impression about the legality of the company.
Therefore, we always advise those who create warning topics to conduct their investigations and to communicate more complete information on how to conduct these investigations properly. After all, in the eyes of newcomers, black can still be considered white.

[Taskford]

 
One thing is to create awareness of these scams, and another thing is to ask if these newbies in crypto who actually need to read about them will find the information educational, as it appears that most of them only come to this forum when they have successfully been scammed.

Completely agree. The advice on conducting one's investigation for a person coming to crypto for the first time looks like advice, of which a newcomer is not always aware. Beautiful promises, bright advertising, and many twisted reviews will create an impression about the legality of the company.

There's always like that since scam site always want to present good to their potential investor so that they can attract and convince them to invest on their project.

That's why its really better for newbies to do their own investigation and after that they should seek for proper guidance from those people which have a lot if experience in crypto investment and not asking anything in return because they want to help newbies like him.

Luckily we have this forum since there's a lot of generous forum members share their ideas that's why a lot of newbie here learn a lot and upgrade theirselves in investment matters.

[SOKO-DEKE]

According to research, crypto scams flourish during bull runs.

During the bull run in the crypto market, is the time more people start investing,because it is time many people make money, so Some bad people, called scammers, are always around, trying to trick others and take their money. But guess what? During the bull run, when many people are excited about making money, the scammers become even more sneaky. This happens because there are lots of new investors who might not know much about the things they want to invested on. They see a lot of different tokens, which are like special coins, and some of them might not be good. Scammers take advantage of this by creating fake projects that sound really exciting, and they trick new investors to invest in the projects. it's important to be careful and learn about what you're investing in, especially doing the bull run period.

Rug pulls and ponzi have been among the most popular forms of scams in these periods.

During a bull run, Ponzi schemes tend to increase as they take advantage of new projects to deceive people. These schemes often exaggerate and make big promises, enticing individuals with the prospect of significant returns. Therefore, in the excitement of a bull run, newcomers should exercise extra caution. It's important to be wary of new projects that make grand promises of high returns, as they could be potential scams. Keeping a watchful eye and being cautious about such tempting offers is crucial for safeguarding oneself from falling victim to these deceptive practices during the bullish market trend.

Some scammers come in the form of traders or trading companies and convince people to invest with them. Don't be naive.

Because of a lot people participate in the bull run, which is like a time when everyone is excited about trading, they often come across many signals that suggest when to buy or sell. Some folks use these signals to convince others to pay money and join a special group on an app called Telegram. In this group, they promise to share constant updates about what's happening in the market but all is fake. However, this approach is not really new or surprising anymore. It only works if someone is really eager to make money quickly in the world of cryptocurrency. So, it's important to be careful and not fall for tricks.

[Natalim]

I couldn't say YES but scammers have not stopped yet creating projects maybe if not every day. This is why every now and then we witness some investors suffer losses due to investing in scam projects as these scammers won't just come during a bull market but every day. Not to be surprised that the market has already been filled with these useless projects because the number of scammers is also increasing and at the same time, they are quite improving their dirty tactics which is why many newbies have fallen into their traps.

[sujonali1819]

According to research, crypto scams flourish during bull runs. This may because the increase in price makes it easy to convince people and greed and FOMO are also other factors that make people to be easily deceived.

Yes, you are right. The biggest reason scammers spread themself bigger during the bull run is that people don't care much about their money during the bull run. For example, someone has raised his fund 2-3x with some coins during the bull run and he can see a good investment opportunity, just invest there and start to think he can raise again some X of his investment. This is the chance scammers don't want to miss.

[cryptoaddictchie]

I think it doesn't matter if we are in a bull run or bearish trend, scammers will be scammers. Although it is just magnified in the bull run as there are a lot of newbie investors and this is the target of this cyber criminals and scammers.

Yes more reason to be active on bull run as people are engaging on investment. People or users who are into airdrops and investment must be cautious cause there are lots of scams lingering around especially on social media. On Twitter we can see those styles already when there are projects announcements and they pop up like the real one and youll get hit if you dont check it carefully.

[Bushdark]

I couldn't say YES but scammers have not stopped yet creating projects maybe if not every day. This is why every now and then we witness some investors suffer losses due to investing in scam projects as these scammers won't just come during a bull market but every day. Not to be surprised that the market has already been filled with these useless projects because the number of scammers is also increasing and at the same time, they are quite improving their dirty tactics which is why many newbies have fallen into their traps.

I have been in so many project community that do not really make sense at all especially when looking at the site of the project and their white paper. The road map of a project is open to the ways we could also determine whether the project looks like a scam or not.
People that buy tokens at presale need to be very careful because this is one of the ways scammers do an use to scam people.
Their are real presales too but we need to be very careful when making this kind of decision.

[The Sceptical Chymist]

Rug pulls and ponzi have been among the most popular forms of scams in these periods.

Yeah, you are right, rug pulling is a scam that is very popular during the bull run.

I don't know if this is a language issue or what, but a "rug pull" isn't a specific type of scam.  It's just two words that keep getting repeated by a generation of people who like to create new words to describe old phenomena--the same generation that took the word cringe and made it into a noun somehow.

I seriously hope most of you know this already and stop parroting stuff you hear on social media sites or wherever.  Be skeptical.  Think critically.

[SquirrelJulietGarden]

I don't know if this is a language issue or what, but a "rug pull" isn't a specific type of scam.  It's just two words that keep getting repeated by a generation of people who like to create new words to describe old phenomena--the same generation that took the word cringe and made it into a noun somehow.

I seriously hope most of you know this already and stop parroting stuff you hear on social media sites or wherever.  Be skeptical.  Think critically.

I only knew about rug pull since 2020 or 2021. It looks to be connected to DeFi projects because developers of those DeFi projects will create trading pair on DEX and it raises a need of Liquidity pool. Liquidity pool will be provided by developer team and contributions from users. If a trading pair's liquidity pool is mainly provided by the project team, if they are scammers, run with liquidity, we will have a scam calls as rug pull.

It is only restricted to DeFi and DEX if I am not missing any fact.

What Is a Rug Pull? How to Protect Yourself From Getting ‘Rugged’

What is a rug pull?

Ever heard of something being “too good to be true?”
The term “rug pull” comes from the phrase “pulling the rug out from underneath.” Many of these illegal schemes appear legitimate and enticing until the minds behind the project decide to suddenly drain investor funds.

Rug pulls have been observed across the crypto landscape in areas like decentralized finance (DeFi), non-fungible tokens (NFT), Web3 and various metaverse projects. In 2021, rug pulls took over $2.8 billion worth of cryptocurrency from victims, according to Chainalysis – accounting for 37% of all cryptocurrency scam revenue in 2021.

[Outhue]

With the SEC's approval of Bitcoin spot ETF and with the next Bitcoin halving around the corner, we will most likely witness a bull run that has already begun.
According to research, crypto scams flourish during bull runs.

It's good to invest but do it wisely and with the right knowledge. Make sure to carry out your own research before buying any coins.

Scam exists anytime in any market but it's true that in a bull market, new projects will be created with their smart contracts to scam investors.

You can use a combination of Coinmarketcap and Wayback Machine to check how many cryptocurrencies exist with each year.

2017 https://web.archive.org/web/20171231045102/https://coinmarketcap.com/ with 1514 cryptocurrencies
2018  https://web.archive.org/web/20181231023300/https://coinmarketcap.com/ with 2094 cryptocurrencies
2019 https://web.archive.org/web/20191231050641/https://coinmarketcap.com/ with 4986 cryptocurrencies
2020 https://web.archive.org/web/20201231174111/https://coinmarketcap.com/ with 8153 cryptocurrencies
2021 https://web.archive.org/web/20211231022251/https://coinmarketcap.com/ with 16224 cryptocurrencies
2022 https://web.archive.org/web/20221231010102/https://coinmarketcap.com/ with 22156 cryptocurrencies
2023 https://web.archive.org/web/20231231005016/https://coinmarketcap.com/ with 2M+ cryptocurrencies

Find old cryptocurrencies, Proof of Work if you want safety. If you are greed, want to find hidden gems, you must know that many of them are hidden scams too.

True hidden gems don't stay hidden for so long, if you got one and still stay hidden after several months it's probably a crappy hidden gem, when SEI was released, everyone thought it's another crappy one, but now it's looking tough like solana all over again in 2020.

You said proof of work is safe? Are you sure about that? Because there are many crappy PoW coins out there too, this was the same mindset that I had in 2018 when I started mining proof of work coins, only like 2 survived out of eight others, they mostly failed and some ends up losing value, now they are all abandoned projects.

You really have to be careful with all altcoins, just because Kaspa did amazingly well, many new Kaspa wannabe have been created by scam developers, there is one that share name with Kaspa with few extra words tweaking, kaspion? Or something, they are all trying to grab attention.

[Kingbtc2]

I think it doesn't matter if we are in a bull run or bearish trend, scammers will be scammers. Although it is just magnified in the bull run as there are a lot of newbie investors and this is the target of this cyber criminals and scammers.

So it's very important and I think this is the number 1 thing that every crypto investors need, educate themselves on every project that they put their hard earn money. And as we have said before, “If it is too good to be true it probably is". Meaning, if the offer appear too ideal or promising, it's wise to approach them with a degree of skepticism and investigate further.

Although this will be my first bull run experience and I know that because Bitcoin will be very profitable in this season, many newbies will want to be part of the profit experience so they will be looking out for any advice and opportunities to buy Bitcoin and be part of the bull run profit. Scammers will also increase their activities to scam as many of them. This forum is good for everyone who wants to be a Bitcoin investor or trader so that they will increase their knowledge about it, we need to do our own research on every investment opportunities that we hear on social media before we can trust whether it is genuine or scam, I have come to understand that there are many scams and hacks in crypto business.

[Taskford]

I think it doesn't matter if we are in a bull run or bearish trend, scammers will be scammers. Although it is just magnified in the bull run as there are a lot of newbie investors and this is the target of this cyber criminals and scammers.

So it's very important and I think this is the number 1 thing that every crypto investors need, educate themselves on every project that they put their hard earn money. And as we have said before, “If it is too good to be true it probably is". Meaning, if the offer appear too ideal or promising, it's wise to approach them with a degree of skepticism and investigate further.

Although this will be my first bull run experience and I know that because Bitcoin will be very profitable in this season, many newbies will want to be part of the profit experience so they will be looking out for any advice and opportunities to buy Bitcoin and be part of the bull run profit. Scammers will also increase their activities to scam as many of them. This forum is good for everyone who wants to be a Bitcoin investor or trader so that they will increase their knowledge about it, we need to do our own research on every investment opportunities that we hear on social media before we can trust whether it is genuine or scam, I have come to understand that there are many scams and hacks in crypto business.

Good to know that you are aware on those scams and for that you can avoid picking those unrealistic gain offered by scammer then get scam by them. Usually there's a lot of scam would came out once there's a hype coming by this bull run event since a lot of scammers think that people have a lot of money to release for their investment that's why they want to catch up and wait for their potential victims to get attracted by the offer they present that's why you or newbies should be careful on other upcoming attempts.

People need to know that if it is too good to be true then its not true, this word has been mentioned for many times here especially if other forum users want to warn newbies regarding on those investment scams.