2021 has been an extremely profitable year for crypto investors. The two major players in the crypto space, Bitcoin and Ether (Ethereum) grew by 59.8% and 399.2% respectively, and some of the relatively smaller cryptocurrencies such as SOL (Solana) have returns well over Achieved 11,000%!
Unfortunately, however, it was also a very profitable year for crypto scammers, with a record $14 billion. Compared to the previous year, losses due to crypto-related crime increased by 79% in 2021 and cryptocurrency theft increased by 516%!
Obviously, if you’ve already invested in crypto or it’s something you’ve been thinking about, it’s essential to get wise to the scammers’ most popular tactics! Keep reading to learn how to avoid becoming another victim of crypto scams.
#1 – Withdrawal Scams
If you’ve ever visited a crypto exchange website or downloaded one of the services’ apps, you’ve almost certainly seen the “top movers” section. This is the area where the top performing cryptocurrencies are listed – and often with recent increases in value.
Although most of the cryptocurrencies available on crypto exchanges are legitimate, not all of them are. And those who don’t want to exploit people who don’t want to miss an opportunity to make a good profit.
Take the recent Squid Game token scandal for example. Late last year, Squid, a cryptocurrency based on the hugely popular TV series Squid Game, soared in value from about 1 cent to over $2,800 in just a few days, before falling back to effectively 0 overnight. The creators of the cryptocurrency – who were in no way affiliated with the TV show – banned investors from selling their cryptocurrency, before cashing out and walking away with $3.3 million!
#2 – Fake crypto sites
Scammers are smart, there’s no doubt about it. Many of them were able to produce almost indistinguishable copies of legitimate crypto websites. Check out the example below.
These fake websites will allow you to deposit money, buy cryptocurrency, and they may even allow you to withdraw it as well. However, once you and others start to trust the site, the scammers will jump the trap. They will shut down the site and get away with all the users’ funds.
See the end of the article for a list of known fake crypto sites.
Easily stay away from fake crypto sites with Trend Micro Check! Download today for FREE!
#3 — Crypto Phishing Scams (Ex: Binance, Trust Wallet)
Crypto phishing scams are one of the scammers’ favorite weapons. We are always detecting new and clever crypto-phishing scams that the scammers use to separate victims from their cryptocurrency.
Crypto-phishing scams are mostly sent to potential victims via email and text message. The messages will vary in content, but they will always contain a link or a link embedded in a button that takes you to a scammer-controlled website. The scammers’ goal is to get you to enter information that will allow them to access your cryptocurrency – whether it’s stored on a crypto exchange or in a crypto wallet. Below are two examples of crypto phishing scams.
Whether impersonating legitimate crypto companies or well-known celebrities, crypto scammers on social media are always praying for potential victims.
They will often hijack verified Twitter profiles (the ones with the blue ticks) and post about “crypto giveaways”. The posts contain links that people click on under the assumption that they are claiming their free crypto, but in reality the websites they are directed to are only designed to steal their crypto and personal information.
These types of scams can happen on any social media platform and can often be very expensive – one man lost a staggering $564,000 to a scammer pretending to be Elon Musk!
How to stay protected
Do not invest in newly launched cryptocurrencies. Do your research and stick to those that are established and trusted. Buy cryptocurrency only from reputable companies. Ignore and delete any messages instructing you to send cryptocurrency or enter any personal or crypto-related information. Be extra suspicious of crypto giveaways on social media. Generally, when things seem too good to be true, they are. Use Trend Micro Check to easily detect crypto-phishing and scam sites in real time.
Trend Micro Check is a completely free all-in-one browser extension to detect scams, phishing attacks, malware and dangerous links. Available for Safari, Google Chrome and Microsoft Edge.
Known fake crypto sites
btc[.]taker[.]cnimtokenhot[.]comimtoken[.]im1mt0kem[.]meimtoke-n[.]meapis glass[.]com[.]cnimtoken-lm[.]cnimtoikne[.]netapp imtoken[.]com[.]cnxz[.]app imtoken[.]only[.]cnxz[.]imtoken app[.]org[.]cnimtokenhk[.]comimtoken[.]only[.]imimtokenn[.]maybe not[.]msimtoken002[.]comimtoken006[.]comimtokenwallet[.]bizbgj[.]imirn token[.]com
green[.]im tokens[.]store metamasuk[.]iodapp[.]tokenpocket app[.]mewangshangtouzhuxianjinwang[.]sz51ly[.]comxn--metamask-ul5o017z[.]comrneta-rnask[.]comxn--metamsk-rgc[.]comapp token[.]imimtokenhot[.]in a coma[.]imtoken1[.]app app[.]tokenpro[.]protoken-lon[.]profacai[.]imbtc[.]taker[.]cnmax[.]water[.]comhnbaishihengtong[.]comwww[.]tp-imtoken[.]topdapp[.]tokenpocket-pro[.]orgdapp[.]token bags[.]pro
Disclaimer for Uncirculars, with a Touch of Personality:
While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.
And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.
Ultimately, any crypto adventure you embark on is yours alone. We’re just happy to be your crypto companion, cheering you on from the sidelines (and maybe sharing some snacks along the way). So research, explore, and remember, with a little knowledge and a lot of curiosity, you can navigate the crypto cosmos like a pro!
UnCirculars – Cutting through the noise, delivering unbiased crypto news
