Of course it doesn’t, I’m not giving away any free crypto, and why would I? But you clicked and that’s often all a scammer requires. Someone who is drawn in by an offer too good to be true, someone who is greedy, someone who wants something for nothing.
Someone who will click a random link on the chance they will get something for nothing.
Someone Is Always Trying To Take Your Money
Scams, confidence tricks, hustles, tricks, cons, whatever you want to call them they are all designed to do one thing… part you from your hard earned money.
You may think you are immune and would never fall for something so stupid. If a random bloke came up to you in the pub and said ‘give me a tenner and I’ll come back tomorrow give you £100 in return’ you’d probably tell him to go away’. I mean who would be stupid enough to blindly hand money over to an obvious scammer?
Amazingly this kind of thing happens all the time in crypto. Random people offer ridiculous returns for nothing and for some reason people don’t tell them to ‘go away’, they actually send them money.
Crazy.
Of course, it’s a bit more complicated than that (usually). Scams come in all shapes and sizes from the most basic to the outlandishly complicated. They are not always based on exploiting a victim’s greed. They can prey on those desperate for help, people’s kindness, or just because that person is a BAYC holder with a room temperature IQ.
A New Generation Of Scammer
Scams aren’t a new thing. They have been around for thousands of years and have taken many different forms but the rise of computers, crypto, and social media has given scammers access to marks on a scale like before.
Scams are now remote. They don’t require a face to face transaction. The victim and the scammer can be thousands of miles apart. It’s probably not even an individual scammer – it’s just as likely to be a company or Government state.
Crypto theft is a now multi-billion dollar business.
Popular Scams To Watch Out For
I can’t post all the scams. That would take forever. Instead I’ll just list some of the most popular scams to watch out for in your day to day crypto life.
I’ll double your money
One of the oldest and most common scams in crypto. How people still fall for this one is beyond me?
The scammer fakes a social media profile of a famous celebrity who promises that if you send them money they will send you back double or triple what you sent.
As the saying goes ‘a fool and his money are soon parted’, and this bottom shelf scam knows no greater fool.
How to avoid it?
Don’t get greedy and send your money to random people promising amazing returns (this goes for those 20% return staking contacts as well|)
Free Money – Just Give Me Your Wallet
The bane of BAYC holders everywhere. This scam usually involves the promise of a high value airdrop for holders of high value NFTs.
It’s simple enough. A scammer sets up a fake website and tells you to connect your wallet or enter your seed words to claim the airdrop.
The problem is that the contract you connect to via Metamask authorises the scammer to make transactions and before you know it all your crypto and NFTs are gone.
And if you enter your seed words or private key anywhere then quite honestly you are an idiot. Don’t do it.
How to avoid it?
Invest in a hardware wallet, use the lock button on Metamask, don’t click random links, and for goodness sake never, ever, enter your seed phrase or private key anywhere
Free Art
Wow, free NFTs, how nice of the artist, it must be my lucky day.
Don’t be so sure.
You would be forgiven for getting fooled by this one. Many do. You hear about a free mint for a new NFT collection and think who doesn’t like cool new art. So you visit the website, connect your wallet, and hit mint.
The problem is that the NFT contract gives the scammer control of your wallet so instead of a free NFT you lose everything.
This also goes for free NFTs dropped into your wallet without warning. They may just have a tricky bit of code attached designed to steal your money.
How to avoid it?
Don’t jump in without doing your due diligence, don’t interact with random NFTs, and don’t click links from random people.
Gone Phishing
Traditionally email was the weapon of choice, phishing is now a plague on Discord and Twitter.
Phishing takes many forms. Here are a just couple of examples.
Metamask Help
The mere mention of Metamask on Twitter will send phishing bots into a frenzy akin to piranhas when fresh meat has fallen in.
It’s a keyword that once detected sends the bots in with offers to help. They link to a document where you just have to enter your seed words or private key and tell you that someone from Metamask will help you.
Instead its not someone from Metamask, it’s a scammer, and they will empty your wallet faster than a piranha strips a body.
How to avoid it?
Don’t click those random links – if you need help go via the official support channels – no legitimate company will ever ask for your seed words or private key.
Discord Winners
Whoo-hoo you just got a direct message on Discord telling you that you have won something or that you get early access to an NFT whitelist or some other amazing prize.
No, you haven’t – it’s a trap.
How to avoid it?
Turn off Discord direct messages and if that’s too difficult for you just ignore, block, and report any DMs promising you something.
Its A Neverending War
Scammers have been around for millennia and will be around for millennia more (if we last that long) – it’s an evolving battle that takes different guises. Some clever, using complicated social engineering and code exploits to steal millions. Some are not so clever and just use sheer weight of numbers in the hope that someone will get greedy, wanting something for nothing, and will click on a spam link.
At the end of the day nobody can warn you about every scam – there are just too many and new ones appear every day – just be suspicious of anyone offering something for nothing.
You have been warned.
TL:DR be vigilant, don’t click on random links, don’t ever enter your seed phrase or private key, and if it seems too good to be true it probably is.
