Cryptocurrency Scammer List
Crypto Knowledge

Cryptocurrency Scammer List

written by John Murphy | March 10, 2023

With money, scams follow! Similar is the case with cryptocurrency. Since its inception, the crypto world has had its fair share of scammers and cyber-attacks stealing millions of dollars. So, knowing the cryptocurrency scammer list can lead to developing measures to cater to them.

Scammers exploit numerous schemes and go to any length to lure victims. Imagine entering into a relationship with a swindler from a dating, only to lose your crypto investments. You must have heard headlines like “Crypto and Romance Scams Continue To Cost Victims Billions.” 

Only during 2022, crypto romance scammers looted a whopping $139 million. So, staying alert to such fraudsters is key to saving your digital assets. Although numerous actions can light a red signal, knowing scammers is also key to avoiding any interaction with them.

Here, we provide a cryptocurrency scammer list to check and take note of to safeguard your cryptocurrency.

1. Bitcoin Investment Schemes

Various schemes trick investors by presenting them as digital asset experts. Through this so-called scheme, the person introduces him as someone who has made millions with Bitcoin trade while promising victims they can also make similar if they listen to him.

Generally, they will ask you for an upfront fee. Moving forward, they may ask you to provide your identification details, claiming it is required to transfer your funds. 

Another famous scam form is to involve fake celebrity endorsements. Scammers use photoshopped photos of celebrities to interact with victims and try to steal their money.

2. Rug Pull Scams

The most common type of rug pull scam is to present a pump-up new project like an NFT coin to get funding. Once they get the money, they vanish in thin air.

After the famous Squid Games season, one of the most popular forms of this type of scam was called the Squid coin scam. Investors had to play to earn. Users purchased online coins for games, but there were no games to play. Interestingly, the token’s value raised from $1 to $90 per token.

Rug pull scams are associated with non-fungible tokens (NFTs).

3. Romance Scams

Dating apps are another source of getting victims for scammers. Usually, they develop long-distance and strictly online relationships and try to trick victims to provide their crypto wallet addresses. 

They vanish after transferring money to their crypto exchange and are commonly known as “pig butchering scams.”

4. Ponzi Schemes

Ponzi schemes are the age-old concept of tricking, where scammers pay old members with the money of new members. To get fresh investors, scammers use multiple sources to lure them. The scheme runs in a circle, and there is no end.

The main identification mark of a Ponzi scheme is that it always offers high returns with minimum to zero risk. So stay alert to the scheme as it is on the cryptocurrency scammer list.

5. Social Media Crypto Giveaways

Another famous way scammers trick users are by using social media cryptocurrency giveaways. Especially in groups, such scammers post frequent posts and try to convince users to pay small money in return for future returns.

Moreover, social media users use celebrity’s pictures and IDs to lure victims into their trap. Victims can lose money or, worse, click a malicious link and lose access to their digital wallets.

6. Phishing Scams

Although phishing scams have existed for quite some time, they are still very popular. Scammers send malicious links through emails to gather personal details like cryptocurrency wallet key information.

One of the easiest ways to avoid phishing scams is never to provide secure information through an email link rather than visit the website and transact only from there.

7. Man-in-the-middle Attack

Avoid using public networks to interact with your crypto exchange. Scammers can gather your personal information through a shared network. So, always try to use a private network when you must provide your personal information online.

A man-in-the-middle attack happens when a scammer intercepts Wi-Fi signals to access other users’ data or personal crypto wallets. The best way to avoid such scams is to use a VPN, especially on a public network.

8. Employment Offers

One of the oldest scamming tricks is to get money from people by promising them employment offers. They impersonate recruiters and job seekers to access their cryptocurrency accounts. They ask you to pay crypto coins for a job or training.

Similarly, there are scams for hiring workers for remote jobs. Similarly, freelancing IT companies have also used a name to lure people into the trick of gathering cryptocurrencies. The best way to avoid such scams is to check the employment firm’s background thoroughly.

9. Fake Cryptocurrency Exchange

With cryptocurrency reaching the trillion dollar mark, many fake cryptocurrency exchanges emerged in the crypto space, tricking people into stealing their cryptos. They may give you an extra Bitcoin to develop trust, but stay alert and run a thorough background check on the exchange.

Frequently Asked Questions

How to identify a crypto scammer?

  • A few red flags to identify a crypto scammer include the following.
  • · Poorly written white paper
  • · Excessive marketing
  • · High returns with little risk
  • · Asks for upfront money

Can I recover scammed crypto?

Suppose it is quite difficult to recover digital assets. Although many organizations serve recovery options, it is generally a lost cause.

Can I track a scammer?

You can track the location of a scammer through an IP address. However, if he uses a VPN to hide his location, it becomes difficult to trace the right location.

Parting Thoughts

The cryptocurrency scammer list is as long as the pine tree. Since the crypto market swelled to billions of dollars, scammers started targeting the crypto exchanges and users to trick them.

Although scammers have looted millions of dollars of digital assets alone during the last year, users started staying alert to all types of scamming activities. Popular methods used by scammers include Ponzi schemes, fake crypto exchanges, phishing, and romance scams.

So, being proactive and using appropriate safety measures, like using a VPN and avoiding clicking links received through emails. Moreover, users can easily identify a red flag about a scam if they are alert enough to keep an eye open.

We hope you are now equipped with possible ways scammers may attack you. So stay alert and safe.