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The most common form of cryptocurrency scam

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The most common form of cryptocurrency scam

The most common form of cryptocurrency scam

The popularity of Bitcoin and other cryptocurrencies has not only attracted investors to the virtual currency industry, but has also created opportunities for fraudsters. The number of known scams in the cryptocurrency industry is increasing. Many investors may blame the wrong people or information technology systems. What is more important is that we ourselves recognize and avoid scams when investing in Bitcoins and cryptocurrencies. So, in this article, let’s take a look at the most common forms of cryptocurrency scams and how to avoid them.



Ponzi scheme

Ponzi schemes work by borrowing money from one person to pay another person, but assuring participants that it is a return on their initial investment that they put into the scheme.

BitConnect is the most famous example of a Ponzi scheme. Launched in early 2017 with a promise of up to 40% returns per month. and in January 2018, BitConnect suddenly shut down, causing investors to lose all their assets.

So how do you avoid a Ponzi scheme?

  • Beware of high yield cryptocurrency investment projects.
  • Don’t invest in projects that promise high returns in a short time

ICO Project Scam (ICO Scam)

ICO scams are a form in which scammers create new cryptocurrencies, create promotional materials, even rent offices and advertise them in the media to attract investors. to buy.

Pincoin and Vietnam’s iFan are prime examples of ICO scams which are said to have defrauded over 30,000 investors out of over $660 million. iFan is said to be a social media platform for celebrities and Pincoin promises 40% monthly returns to investors.

So how do you avoid the ICO scam model?

  • Thoroughly research the ICO project before deciding to buy such as: B. the team behind the project, white paper, launch goals and underlying technology, and token sale details.

pump and drain

Pump & Dump is a term for the price of a coin that needs to be pumped (pumped) and then suddenly falls (thrown). The people behind this type of scam often conspire to manipulate the price of their coins through community groups. This practice is considered illegal in traditional financial markets.

So how do you avoid the pump-and-dump scam model?

  • Research parts information before making a purchase decision.
  • Beware of low market cap coins
  • Don’t be FOMO on social media messages


Phishing is a fake method of stealing accounts by sending emails to clients posing as exchange administrators and then stealing your account and all the money in it.

So how do you avoid phishing scams?

  • Make sure you visit the right website
  • Don’t click suspicious links in emails
  • Never give out your private keys and other private information


Malware is designed to access and withdraw funds from your hot wallet. Specifically, they monitor the Windows clipboard, which stores transaction information, and replace recipient addresses with other addresses.

So how do you avoid phishing malware?

  • Update your antivirus program regularly
  • Never download and install third party applications and software
  • Never open foreign attachments


WARNING: Investing in financial products involves a lot of risk and may not be suitable for all investors. Therefore, please think carefully and check yourself before you decide to link to this website.

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