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Top 5 Scams to Watch Out for in 2023

February 28 at 13:40
Security, Education

Protect yourself from crypto scams in 2023 with our guide to the most common tricks and schemes used by scammers including Phishing Attacks, Fake Airdrops, and more.

Beware of these crypto con-artists! The crypto world is full of devious schemes and schemes, from $1 billion flash loans to North Korean hackers and high-tech brute-force hardware. But don't be fooled by the fancy tricks, there are also some tried and true scams that are still being used in 2023. 

Here are three of the most common ones to watch out for:

Fake Airdrops

Scammers will advertise on YouTube or Twitter that a famous celebrity, entrepreneur, or politician is giving away free cryptocurrency in a form of an Airdrop. All you have to do is send a deposit or your private keys to claim your "bonus." But in reality, you'll just be handing over your money or all the funds in your wallet. Protect yourself by never sending money to "airdrop organizers" or revealing your private keys.

Scammers to the Rescue

With so many hacks happening in 2022, scammers are taking advantage by pretending to offer compensation for lost funds. They'll ask for your seed phrases in exchange for "help," but all you'll be doing is handing over the keys to your own wallet.

Only trust official media channels of blockchains when it comes to news of hacks.

TrustWallet / MetaMask Phishing Attack

Scammers have created a fake website offering free Shiba Inu cryptocurrency, but their real intention is to steal your passphrase and empty your wallet. They send an email or message on Twitter pretending to be Trust Wallet, claiming your account needs verification.

I mean, look at all those automated scam-bots which appear whenever you mention Metamask, Trustwallet or other crypto wallet. 

Do not click on the provided link or enter your passphrase, as Trust Wallet will never ask for it through email or a website. Delete suspicious emails and always double check the URL before entering personal information.

Romance scams

Swipe left on crypto scammers! Dating apps can be a minefield for unsuspecting singletons, with scammers using long-distance online relationships to gain trust before convincing their victims to hand over cash in the form of cryptocurrency.

Don't fall for their tricks - remember, if it seems too good to be true, it probably is. Keep your wallet safe and your heart guarded against these "pig butchering scams".

DIY MEV Bots

These scammers offer tutorials on how to build your own "Maximal Extractable Value" bots to drain funds from Ethereum wallets. There is usually malicious code included in the repository or they have back doors to access your private keys.

Don't be tempted by these "easy money" schemes; avoid any "instant" MEV bot tutorials on YouTube.

Conclusion

The world of cryptocurrency is constantly evolving and with it come new and sophisticated scams. It is important to stay vigilant and be aware of the common scams, such as fake airdrops, scammers posing as rescuers, phishing attacks, romance scams, and DIY MEV bots. 

Remember to always do your own research, be sceptical of offers that seem too good to be true, and never give out your private keys or seed phrases. By following these guidelines, you can protect yourself and your investments in the crypto world.

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