How do Crypto Scammers Steal Money

Jasmine

VIP Contributor
Since the beginning of 2021, crypto scammers have stolen over $1 Billion from 46 thousand people in various countries. If you want to avoid getting scammed, you need to know what these crypto scammers do to steal your crypto assets.

Impersonation: Scammers will replicate influencers on social media (create fake account in a celebrity’s name) and repost their content. Their goal is to get you invest in fake projects.

Romance scams: Scammers will use dating apps to build relationship with their victims. After they develop close relationship, they will start telling stories about their financial misfortunes. Since crypto address is anonymous, it makes them easier to vanish.

Business scams: Scammers will call business owners to verify purchases or impersonate Credit Card Company or bank account to phish financial details.

P2P trading: Peer-to-Peer trading is also one way to scam people

The best way to avoid getting scammed, is trust no body online and do not pass your financial information online without verifying from your side.

 

cashisking149

Active member
The thing is in my opinion many of these scammers aren't very subtle and often stick out like sore thumbs, reaching out to you to invest or with some other mad offer. Just ignore them and remember that and practice the same online safety you would normally.
 

Vladv26

Member
The thing is in my opinion many of these scammers aren't very subtle and often stick out like sore thumbs, reaching out to you to invest or with some other mad offer. Just ignore them and remember that and practice the same online safety you would normally.
I wouldn't say that's the case with many scammers, only a few of them do it that way. Most scammers disguise their method of scamming people into something that seems real, like copying a real business website where they pretend to offer a service or open a new coin, a new business, a new mining company. And some people instead of checking if that website is actually real they just invest blindly because they are too lazy to do all the work. That's actually one of the most common reasons why people get scammed in crypto market, they don't spend the time required to analyze what they are investing their money into
 

Joelbrandton

New member
Always be ahead of them. Equip yourself with all necessary knowledge about everything in the crypto space. The one that stops learning is dead.
 

Suba

Moderator
Staff member
I agree with you to easily trust people, especially on the internet, don't be provoked by handsome or beautiful profile photos, because photos are easy to fake. The many new ways of scammers make us have to be more careful, such as the many scams in the GooglePlay cloud mining application. The scammers also use GoogleAds to get their main target victims of the famous crypto wallet users like Metamask, Phantom and Trust wallet they use phshing traps.
 

Ajebo25

Verified member
If you don't want your crypto to get stolen from your wallet or you don't want to get scammed online I suggest you know the basics of crypto before you go into things like crypto trading and other things you need to know how crypto market works because sometimes it goes up in the market and sometimes it goes down in value also, so investing at a bad time can make you lose all your money in a blink of an eye.

You should also be wary of all this crypto investment sites which promises to give you back the double of your investment daily for you should make a through research about the site make sure it is legit, it has been paying for a long time and more don't just jump into offers online.
 

Phytology

New member
Most crypto scammers come up with lucrative deals to attract traders to believe in their theories and expertise of making money. Some traders are too naïve to sense danger that they either share their wallet passwords or send the coins directly to the scammers. This requires a trader to be active and smart to ensure that no such scammer happens to draw money from you.
 

Hooligan

New member
Demanding crypto-only payments is the most common method scammers use to steal your money. Also, phishing technique is a very old technique the scammers use. Furthermore, Dating scams are also prevalent as scams like this involve long-distance or digital relationships in which one party pressures and convinces the other to buy or give money for some new crypto that’s really just a way to scam people out of their money.
 

btaliat

VIP Contributor
Ever since crypto has gained popularity, different people have come to the limelight. Some have come with the true intention to make money via this world newly found money making machine, while others have come to make sure they rub other sweat. Many have already fallen for the gimmicks adopted by the latter. They have lost almost their earning to them due to the fact that they are gullible or subtly newbies.

Romance scam is the most funny to me. How will you accept to the fact that someone that you never see claims he loves you and you start sending your crypto coin? I wonder what love turns people into. They have entangled themselves into blind dating that they always believe the beautiful lies of their partners.

Some may come that there is some business deals that he wants to do with you. They may even give you some kind to click on in a way of defrauding you of your money. A WhatsApp message was sent to me, the sender feigned ignorance and told me how much bitocin he has in a particular wallet. He thought whether I would be so curious to ask further questions on how to get the coin. I am wiser than that.
 

blockrat

New member
There are a few different ways they can do it but I believe the most popular one is through phishing scams. This is when a scammer pretends to be someone else (usually a famous crypto figure or exchange) in order to get you to send them your coins. They'll often create fake websites that look identical to the real thing, or they'll contact you directly via email or social media. Once they have your coins, they'll disappear and you'll never hear from them again.
 

Joelbrandton

New member
Do not invest with any so called investment platforms that promises after you deposit a particular amount it will get doubled over a period of time. This is their usual modis operandi, if you are lucky to get the first pay, it’s a bait for you to invest more. If you do, you’ll have yourself to blame. Use reputable platforms like binance, coinbase, Bybit etc to trade your coins yourself. Not you gifting a stranger your money in the name of you want to make profit, that’s no profit that’s you being greedy. Checkout scamsupdate group and page on Facebook to keep yourself informed. Their is a very interesting and important article that is important for newbies in the crypto world. He who fails to learn fails to live. Educate yourself.
 
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