Beware Crypto Giveaway Scams: Learn to Protect Yourself Now

Beware Crypto Giveaway Scams: Learn to Protect Yourself Now

written by John Murphy | April 15, 2023

With the increase of cryptocurrency, it has become a popular target for Scammer looking to earn a quick profit. One of the scams that are becoming increasingly prevalent is the crypto giveaway scam. 

Today we will explore what cryptocurrency giveaway scams are, their working, and how you can protect yourself from crypto Giveaway scams.

Key Takeaways:

  • Crypto giveaway scams offer free crypto for a small deposit.
  • Scammers impersonate known crypto companies to gain trust.
  • Victims are asked to send a small deposit to a provided wallet.
  • Scammers disappear after receiving the deposit, leaving the victim with nothing.
  • Protect yourself by being skeptical, verifying offers, and not sending money.

What Are Crypto Giveaway Scams?

This is a scam in which the Scammer impersonates a famous cryptocurrency company or any individual and offers free crypto in exchange for a small deposit. 

The typical way for scammers is that they promise you to send a large amount of cryptocurrency in return. Once the victim sends the deposit, they cannot find Scammers anymore. They leave the victim with nothing and disappear.

How to Do Crypto Giveaway Scams Work?

The Crypto giveaway scams typically work in a few simple steps:

Step 1: Impersonation

In this way, the Scammer creates a social media account or any website that looks like an honest company’s website. They use the same logos and branding to make it an identical account/website. This is how the Scammer impersonates a well-known cryptocurrency company or individual. 

Step 2: Contact

The next step is the Scammer contacts potential victims using social media platforms or email. After contacting the Scammer, offers them free crypto in exchange for a small deposit.

Step 3: Deposit

The next step is that the victim is asked to send a small deposit to a cryptocurrency wallet address the Scammer provided. It is done to verify the identity or cover transaction fees.

Moreover, this trick is used in which the amount is usually small, which agrees the victim to invest at low risk. However, once the victim sends the deposit, he is locked into the scam.

Step 4: Disappearance

After sending the deposit to the Scammer, the Scammer disappears in front of the victim and leaves him absolutely nothing. To avoid detection, the Scammer uses a variety of tactics.

 This includes using anonymous crypto wallets, sham accounts on social media, and sham email addresses. After receiving the money from the victim, it’s impossible to get it back to the victim. 

How to be Safe From Crypto Giveaway Scams?

Source: cryptonewsz

Suppose you are worried about how you can protect yourself from this scam. It’s relatively simple. If you follow our tips, these can help you in protecting from these scams.

Tip 1: Be Skeptical

Only follow free cryptocurrency offers even if they are found to be true. They can be accurate, but there are more chances of a scam Because Scammer often uses the promised trick. 

They promise free cryptocurrency as a way to lure victims and get them to send money. You should be aware and not trust such an offer that seems natural. 

Tip 2: Verify

The next tip is to verify the authenticity of any cryptocurrency giveaway offer. You should check the official platform accounts and website to ensure that the company or any individual offers the giveaway. 

Because scammers often use sham social platforms and websites to make them identical, you should double-check the information before taking action.

Tip 3: Don’t Send Money

In addition to tips, the next is only send money with trust. Suppose someone asks you to send cryptocurrency in exchange for a promise of a significant return.

It’s a scam. They use these types of ways to convince victims to send money. However, the victim earns nothing except fraud. 

Tip 4: Use Trusted Exchanges

To buy and sell crypto, use valid exchanges that are trusty. These exchanges have a measure that can protect their users from being used. They are also available to help customers and assist them with any issues. 

Tip 5: Educate Yourself

Education is a must in everything. It would help to educate yourself to protect yourself from crypto Giveaway scams, fraud, and losing money. By staying informed, following reputable crypto news sources, and staying up-to-date, you cannot fall into the arms of scammers. 

In addition, You should have information about the latest trends and threat’s in the industry. Additionally, you should join online communities of cryptocurrency enthusiasts to learn from others. 

What to Do If You’ve Been Scammed?

crypto giveaway scam
Source: securitybrief

If you have fallen victim to a crypto giveaway scam, you may consider following these measures. 

Report the Scam: 

First, report the same to the appropriate authorities. These authorities include police or  FTC. 

Block the Scammer: 

Block the Scammer on social media and email to prevent connection. 

Change Your Passwords: 

update your password instantly for all your accounts to prevent the Scammer from accessing your frauds.


Are crypto giveaways real?

Some Crypto giveaways are genuine and safe, but many are scams designed to steal money from victims.

How do I get my money back from crypto scams?

It’s difficult, and there is no guarantee. You can report to law enforcement and contact the exchange or wallet service. Prevention from these is the best protection. 


In sum, these Crypto giveaway scams are becoming increasingly prevalent, and knowing how to protect yourself from crypto Giveaway scams is essential. Following these tips, you can safeguard yourself against such fraudulent activities and keep your cryptocurrency safe. 

Remember to be skeptical of unsolicited offers, verify the authenticity of any bid, and never send money to someone you don’t know or trust. Stay informed and educated to stay one step ahead of scammers.