Don’t get Scammed Out of Your Crypto
Right now we are at a very unique time in history where people can make very pretty profits as crytpo is fastly emerging as one of the main currencues for future use in banking systems, governments and even for the everyday Joe.
Om March 2nd US President Donald Trump announced that certain crytpo currencies would become part of a strateig reserve currency.
Friends, we are at the forefront of a once in a lifetime opprutniy, one that many prophetic voices and financial strategistic analysts have been talking about. Crypto is fast becoming the future of finance.
You may be looking to invest in cryptocurrencies and becoming one of the first to profit from this upcoming digital world of wealth.
Or perhaps you are just curious about this buzz word that’s been popping up in social media feeds and news sources recently.
Whichever position you’re in right now, I’ve got some important information for you.
While the world of crypto can be exciting and lucrative, it’s also, just as in other areas of finance, filled with ruthless scammers wanting to snatch your crytpo-stash.
From fake YouTube videos to phising schemes, I am going to run through the top 5 cryptocurrency theft scams so you can avoid and identify them.
It is my hope to help you navigate this new world of finance, so you can come out with profits, not losses.
Knowledge is key- What you need to know about Crypto Scams
Knowledge is key, my friends, and it’s vital to arm yourself with information to protect your wealth.
For all the believers out there, you have probably heard of the Bible verse that warns us “My people are destroyed for lack of knowledge.” Hosea 4:6
By familiarizing yourself with these scams, you’ll be able to spot the warning signs and protect yourself from potential danger.
Next, always do your due diligence before investing in any cryptocurrency. Research the project.
Look for red flags such as promises of unrealistic returns, or an absence of transparency.
Remember, if something sounds too good to be true, it probably is.
And for you who are believers, at the forefront of everything- pray, listen and wait for the Lord of Heaven to guide you.
Always be cautious of unsolicited messages or emails from unknown individuals or platforms.
Scammers often use these methods to gain your trust and trick you into sharing your personal information or giving access to your crypto wallet.
NEVER, EVER share your private keys or seed phrases with anyone, no matter how legitimate they may seem.
Avoid looking up wallets that are not yours. Some scammers will pretend to be naive, giving you there seeding phrases. If you see this simply ignore them, and do not engage.
And as much as it’s fun to be part of the cyrtpo community, avoid answering questionnaires and polls asking how much crypto you own.
Lastly, take advantage of the security features provided by cryptocurrency exchanges and wallets.
I would encourage everyone to educate yourself.
This is a whole new world for most people, and I found doing a course was one of the best investments I have made in my crypto journey.
A very affordable course that I highly recommend is My DefiGuru’s Absolute Beginner’s Crytpo Course.
It teaches you all the basics of beginning in Crypto, and gives you more information on avoiding scams, and even gives you guided tour on setting up your first trading account.
One very important thing you will learn about how to, use hard wallets to store your coins offline, and regularly update your software to ensure you’re protected against the latest threats.
Our favorite cold wallet storage is Tangem.
It is secure, easy to use, affordable & one of my favorite things about this cold wallet- it looks sleek.
There are links ont eh website showing you how to transfer your assests onto the wallets.
Remember, in the world of cryptocurrencies, vigilance is everything.
Stay informed, stay cautious, and don’t let those scammers negatively impact your crypto journey.
Keep this in mind, and you’ll be well-prepared to dodge these top 5 cryptocurrency theft scams.
Now it’s time to dive into the first of our top 5 cryptocurrency theft scams:
1. Phishing attack scams
These sneaky scams rely on tricking you into revealing your sensitive information, such as your login credentials or private keys.
Phishing attacks can take many forms, such as fake websites that mimic legitimate cryptocurrency exchanges or wallets. They may send you emails or messages that appear to be from a trusted source, asking you to provide your personal details or click on suspicious links.
To avoid falling victim to phishing attacks, always double-check the URL of the website you’re visiting. Make sure it’s the official website and not a cleverly crafted fake one. Be skeptical of any unsolicited messages or emails, especially if they’re asking for your sensitive information.
Remember, a reputable cryptocurrency exchange or wallet provider will never ask for your private keys or seed phrases. Stay vigilant, my friends, and don’t let those phishing scammers reel you in.
2. Ponzi schemes
These schemes promise high returns on investment, luring unsuspecting individuals into parting with their hard-earned cryptocurrency. The way Ponzi schemes work is by using the funds from new investors to pay out the profits promised to earlier investors. This creates an illusion of a successful venture and entices more people to join.
One key red flag to watch out for is excessively high guaranteed returns or dividends that seem too good to be true.
Always do thorough research on any investment opportunity and verify the legitimacy of the company or individual offering it.
To protect yourself, never invest more than you can afford to lose and be wary of pressure tactics to invest quickly. If something feels off or you suspect you may be dealing with a Ponzi scheme, trust your instinct and stay away. Don’t let greed cloud your judgment and fall victim to these elaborate scams. Stay tuned as we reveal the remaining scams to be aware of in our next blog section.
3. Fake ICOs
Fake Initial Coin Offerings or ICOs. As the popularity of cryptocurrencies
has grown, so has the number of ICOs. These fundraising methods allow startups to raise funds by selling their own digital tokens or cryptocurrencies. While many ICOs are legitimate, there are also plenty of fraudulent ones to beware of.
Fake ICOs often use deceptive marketing tactics to attract investors. They may promise revolutionary products or services with huge potential returns. However, these promises are often empty and designed to dupe unsuspecting individuals into sending their hard-earned cryptocurrencies.
To protect yourself from fake ICOs, it’s important to do thorough research on the project and the team behind it. Look for red flags such as lack of transparency, unrealistic promises, or vague project details. Additionally, make sure to verify the credibility of the company or individual promoting the ICO.
Remember, investing in ICOs carries inherent risks, so it’s essential to exercise caution and only invest what you can afford to lose. Don’t be swayed by hype and always trust your instincts. Stay tuned for more cryptocurrency theft scams to dodge in our next blog section.
4. Malware and ransomware
Moving on to the next cryptocurrency theft scam, we have malware and ransomware attacks. These malicious software programs are designed by cybercriminals to gain unauthorized access to your computer or mobile device and steal your cryptocurrencies.
Malware can be spread through infected email attachments, fake software downloads, or even by visiting compromised websites. Once installed, it can give hackers remote control over your device, allowing them to steal your private keys or login credentials to your cryptocurrency wallets.
Ransomware, on the other hand, encrypts your files and holds them hostage until you pay a ransom in cryptocurrencies to the attacker. Even if you pay the ransom, there is no guarantee that you will regain access to your files.
To protect yourself from malware and ransomware, it’s important to practice good cybersecurity hygiene. Use reputable antivirus software, keep your operating system and applications updated, and avoid clicking on suspicious links or downloading unknown software.
Remember, prevention is key when it comes to avoiding cryptocurrency theft scams. Stay vigilant and stay informed. Stay tuned for the final section of our blog, where we will discuss the top cryptocurrency theft scam to dodge.
5. Airdrop or Giveaway Scams
Recently there has been a surge in deep fake/ scam vidoes via advertisements on Youtube and X platforms. These ads ask for an “airdrop” of the cryptocurrencies like Ethereum, Solana and XRP, featuring company SEO’s like Brad Garlinghouse, Anatoly Yakovenko, Vitalik Buterin etc. explaining how people can receive crypto coins for free if they just send a particular crypto wallet some of their own crypto first. THIS IS A SCAM, using previous footage, or deep fake AI technlogy to make it look like crypto CEO’s and “interviewers” are saying things they never actually said.
In November 2023, Brad Garlinghouse himself confirmed via a post tweeted on X that these posts and ads are scams.
He is quoted saying-
“There’s been an uptick in deepfake scam videos overlaying new words with old video footage from Ripple’s events. Reminder: don’t trust, verify.”
Below is an example of a giveaway scam video, and during Youtube vidoes, there can be ads that take you to a scam site if you click on them.
It is important to note: XRP/ Ripple DOES NOT HAVE A YOUTUBE CHANNEL.
Scammers often will set up fake channels using the names Ripple or XRPThese scammer channels will often have 100,000’s, somtimes millions of followers.
Do not send your crypto assests to ANYONE.
Sometimes you will also find that scammers will impersonate people who share on YouTube on social media via messaging platforms and Whatsapp asking you to send crtypt so they can up-trade it for you.
Again, do not send your crypto assests to ANYONE, or share your 12 phrase seed phrases or logins with anyone.
With crypto , and any financial assest, always err on the side of caution.
It’s Simple- Stay alert, stay safe!
Other attacks involve the scammer posing as a legitimate cryptocurrency exchange or wallet provider and sending out emails or messages that appear to be from these trusted sources. They’ll ask you to provide your login credentials or sensitive information, such as your private keys or recovery phrases.
Once they have this information, they can access your account and steal your cryptocurrency without you even knowing. It’s a downright dirty tactic, but unfortunately, it’s all too common in the world of cryptocurrencies.
To protect yourself from phishing attacks, always be cautious about the emails or messages you receive, especially if they’re unsolicited. Check the sender’s email address or the URL of the website to ensure it matches the official domain. Never click on suspicious links or download attachments from unknown sources.
Remember, the easiest way to avoid falling victim to phishing attacks is to be vigilant and trust your instincts. If something feels off or doesn’t seem right, it’s better to be safe than sorry. Stay tuned for the next section, where we’ll discuss the final cryptocurrency theft scam that you need to be aware of.
Crypot is a new and developing technolgoy and so it can be an overwhelming and risky path to take finacially, but if you stay informed, prudent & look out for the scams above you can navigate this new and exciting world, and make profits.
I believe the greatest protection we can have is it be patient, prayerful and lead by God, as opposed to pushed by fear or even greed.
Look out for more crypto blog post here and on my social media by following, and until then, take care and stay crypto- safe!
