1. Be aware of the most common crypto scams
There are three main types of scams you will undoubtedly come across when starting out in the crypto space. It’s important to learn how to spot these scams before ending up a victim and potentially losing your assets.
Fake crypto giveaways
1-Trading bot scams
2-Phishing emails
3-Fake crypto giveaways
Crypto giveaway scams are online posts, usually on social media, that invite users to deposit crypto to an address with the promise the sender will receive double or more back. This type of fraud has been around since the initial coin offering boom of 2017 and tends to abide by a very rigid format. This makes fake crypto giveaway scams easy to spot once you know what to look for.
They use the identities of famous celebrities or business icons to promote the scam. Most of the time, this is done from fake social media profiles or imposter accounts (blue arrow.) With last year's Twitter hack, however, real accounts were used, so you always have to be on alert.
Crypto giveaway scams ALWAYS promise to send you back more funds than you deposit, but this is a completely false statement and you should never send any money to the address provided.
Scammers use other fake Twitter accounts to flood the comment sections with messages supporting the scam offer and confirming it works (red arrow.) This is just another tactic to convince genuine social media users to hand over their crypto funds. Shortly after, the fake user accounts are usually deleted.