Daily Crypto News: Common Crypto Scams to Be Beware of in 2024


Scammers are constantly on the lookout for a new way to steal Cryptocurrencies from unsuspecting users. The Cryptocurrency industry is their favorite due to its decentralized nature. So, as we all are moving towards 2024, there are several mastermind scammers out there who can catch you off guard. So, to save you from all the trouble, let’s go through all the common scams of 2023.

Common scams of 2023

AI Crypto Scams:

Artificial intelligence is a powerful tool, and scammers are using it to develop new methods of fraud and deception. They employ AI chatbots or virtual assistants to engage with individuals to pretend that they are counseling you about investment or promote fake tokens and initial coin offerings. Moreover, they will even offer you fake high-yield investment opportunities. Moreover, by leveraging social media platforms and AI-generated content, scammers sell their holdings for significant profits. This technology has allowed the scammers to automate and scale fraudulent activities.

Fake Celebrity Endorsements:

Scammers have been misusing high-profile figures without their knowledge to coax fans and use their faces to promote face endorsement schemes related to Crypto projects. Scammers use their faces to trick you into thinking that your project is legit. There are celebs like Prince Harry, Megan Markle, Bill Gates, Mark Zuckerberg, and Sir Richard Branson. There’s even a deep fake video of Elon Musk promoting a scam project! To avoid falling for these traps, do thorough research before investing in anything. Make sure the project and endorsements are the real deal.

Romance Scams:

Crypto romance scams are another particularly deceptive scheme in which scammers establish romantic connections with you. The whole intention is to trick you into handing over your valuable Crypto assets. These fraudulent relationships often start on social media platforms or dating apps, where initial conversations are initiated. They play the long game by investing days, weeks, and sometimes even months in cultivating an emotional bond with their targets. By leveraging the fabricated romantic connection, they manipulate you to either send them Crypto payments or invest in fake projects.

Social Media Crypto Scams:

Social Media is a hub of Crypto Scams, and scammers use social media platforms to mimic famous brands or copy celebrities to promote their fake projects. It is common on platforms like Twitter, Instagram, and Tik-Tok. However, these platforms are taking measures to combat Crypto scams. They still create fake accounts and misguide you with fake promises. Therefore, to protect yourself against these scams, you need to be extra cautious on social media and be careful while interacting with Crypto projects trending on social media.

Investment Scams:

Investment scams involve promises of massive returns in exchange for early investment in a relatively new Crypto project. The scammers play different roles, such as investment managers of the yet-to-be-launched project, and make ill-founded promises about delivering huge returns. These scams often begin with an unsolicited offer that lures users to a fraudulent website to learn more about the opportunity. Therefore, keep in mind that Legitimate investments don’t usually come knocking on your door. Be cautious if you’re approached out of the blue, especially via email or social media.

Giveaway Scams: Crypto

Giveaway scams are when fraudsters guarantee you to match or multiply the amount of Crypto you sent them. These scams aim to deceive individuals into sending their funds to the scammers. As a result, it causes financial loss. You can easily identify this scam because all giveaway scam follows the same pattern of pretending to be a prominent individual or organization before asking unsuspecting users to send Crypto. Since Crypto transactions are irreversible, once you send it to a ‘giveaway’ address, it is gone forever. Therefore, raise your awareness about the fact that Legitimate giveaways never ask you to send funds or personal information in advance. If they do, it’s a scam.

In a Nutshell:

There is no doubt that the Crypto World is exciting, but it is also a playground for scammers. So, do your research before investing anything. If something seems too good to be true or feels fishy, it probably is. As you are stepping into 2024, protect your private information and data from scammers.