Common Scams in Crypto


With time earning in every field became a tough work, we have to do lots of hard work and give lots of effort.

But besides this number of people are increasing in this field who giving efforts to scam people and make money rapidly with less investment. So let’s talk about such things which are going increasing day by day and we are facing these scams and also we get into many scams again and again by mistake.

Scam at Social Media

We see a number of posts on social media where scammers post that “invest $100 and get $110 or $200 or maybe high”, these are actually those people who got trust by having a Facebook group or another social media platform group crowd.

Usually, they took money from you by a high return gift promise. When the time comes to return the money with a reward then they will block you from every social media platform. Obviously, you can’t report anywhere rather than on your social media profile post where you have around 100 to 200 friends who are not interested that what happened with you.

Miners/ Mining Websites

At social media, we see numbers of posts and numbers of links for the mining of bitcoin or any other crypto asset. But what is the reality?

Actually, almost 99.99% are just techniques for Doing scam with newcomers/noobies in this field.

Usually, such a mining scammer gives a link to the mining website where we have to fill our details and purchase plans to make a decent amount of bitcoin or another coin to get payout monthly.

Actually, these websites take a deposit from everyone but never pays to anyone.

This is another matter that a person can show his earning of deposit and withdrawal from that mining website, there are lots of chances that, the website owned by that particular person or he is doing scam by getting into contact with the website owner.

Creating a website of such a mining scheme is not a big deal, so many scammers doing this with a very low amount of investment.

So don’t get into such kind of greed to make a high return with small or even big investment because these are only just an illusion to disable your thinking to think that money-making is a tedious task and in that situation, you will invest your money at those platforms blindly.

Direct mining in the Wallet

This scam is very famous on social media because people can easily get into such types of scams because they don’t have any need to pay money to anyone and in that situation investors become ready to do it and scammed by the scammer.

In the very starting scammer will post “DM/contact me for earning by mining directly in your wallet, no money deposit no website registration”.

With this line surely you will attract by the scammer because you don’t need to spend even a penny of money.

The scammer will ask your private key indirectly. He will say that you have to set up a setting in your Blockchain wallet. And then step by step he will tell you to show private key and in the end, he will ask for the photo or screenshot of the key and then that scammer will import that key in his own wallet.

After this, he will say, deposit any amount of money in your wallet to get mining directly in your wallet, obviously, if you don’t know about this scam technique then you will do the same and then after a deposit of every amount of bitcoin or another coin he will make a transfer to his own wallet.

That person will do a clever scam and you will never know about that, that who did this scam with you.

Usually, this scam happened with those people who are newcomers in this field and don’t know about private and public keys. If you are also a newcomer in this field then you can read an article about private key and safety about it at this website click here.

Ponzi scheme

This type of scam actually is an investment-related scam. The scammer usually caught those victims who have money and want to multiply it without risk.

The scammer gives you all the details about the website that gives a fixed return on your investment daily/weekly/monthly. They show you the previous withdrawal proof and testimonials.

The website gives withdrawal for some time and without prior notice or announcement went offline and never comes back. Only those invested at the launch will able to withdrawal their investment sometimes they also get some profit on the investment. Those joined later will only end up with a loss.

Pyramid Scheme

Actually, this is very similar to MLM (multi-level marketing) platforms but here a small another thing that adds, that is earning without referring, so in this situation, people easily get into it to make a profit but actually it is almost impossible to recover the initial investment of your money without referring, actually if you have the ability to refer and ability to force people to join then you can make earning otherwise you will end up with losing your money.

In this schemes, most of the time every victim will hide problems and that will create a new victim and that results into a chain where every person will make the new victim to just recover his investment and the rest of the profit will be taken by the website or owner who owned this program of the pyramid.

In actual in such programs you have to refer numbers of people to get an advantage, if you are limited to few friends then don’t go with such things otherwise you will only recover your investment and nothing. If you have a very big group of people then go with such things, but as most of us have not a lot of friends that ready to invest so we recommend you to avoid such programs.

Fake Apps

There are lots of applications available on social media or on unofficial websites to download without going through the play store or app store. Those apps are really harmful to your mobile’s privacy data and also they can control your mobile remotely.

In such cases, the harmful applications can change the copied crypto address and after the transaction is done you will not be able to reverse because of no existence of a reversal button in Crypto transaction.

So never download any application from a third-party platform, always download from a secure store or official website.


This is just like fishing, where a fisherman remains always calm and waiting for the fish caught in his hook.

Here also happened the same, phisher track almost all of your personal data and in that case, he can cheat you easily.

The main goal of phising is to get your personal data like passwords, credit card otps and CVV. The phisher can create a same website as of your bank or crypto exchange and you will receive a text message or a call to visit the website to update your details on the website. All your details are sent to the attacker server and then he can login in your bank or crypto exchange and withdrawal all the funds.

Even he can read your OTP or verification code that you receive in your mobile, so always get away from such things.

To keep yourself away from any type of phishing attack, never visit any unsafe link or any website that is not safe according to your mobile browser and never give any program to access permission without knowing.

Vanity address

We already mentioned about vanity address read about it here “what is vanity address“.

But in very short we can tell about it here, we can have a fancy looking bitcoin address. For example, if a simple-looking bitcoin address looks like “18cBEMRxXHqzWWCxZNtU91F5sbUNKhL5PX”.

Then through vanity website or platform use, you can get an address like “1BcoinikitxueGvLvSkqabHrbLd9CRK2WA”

Many people think that they can make such creative fancy-looking address and then they can create a better show off level in his friend circle but, unfortunately, they are wrong because everyone has the internet and everyone can do the same and also there is a big problem with it, that is a safety issue.

With limits of characters, you are able to get vanity address free of cost from some online websites, But in actual the private key that they will send you at your email address will be owned by them also and that private key is surely a high risky key for you because at one side you are using it and at another side same private key is using by vanity address creator. So don’t do this type of work.

Alternatively, you can get a vanity address manually by using your own pc power by running 4-12 hours to get such things safely.

Summary:  don’t remain a newbie in this field of cryptocurrency, know new tips, tricks, and safety ideas here.

Never go with a high return program blindly without knowing them. It remains better to study those things online and find some genuine reviews before investing.

You can see lots of security tips articles on this website to keep yourself away from any type of scam.