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A comprehensive list of common crypto scams

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by COINS NEWS 140 Views

I'm not sure if this has been posted already, but somebody shared this with me in the avatar trading sub and I thought it was an excellent summary of the most common crypto scams and how to avoid becoming a victim of them.

Whether a crypto noob who isn't even aware of such scams, or a crypto veteran who thinks they're too smart to fall for such a scam, all it takes is one moment of complacency- one click of a button- and all your funds can be gone. This happened recently to a big collector of reddit avatars who signed a malicious contract which led to his entire collection of NFTs worth around $50,000+ to be drained.

The fact that such scams exist isn't a reason to dismiss crypto as a whole. Scammers are relentless and will always find a way to exploit people, especially when new technology is involved. Somebody close to me recently lost their life savings to an online scam that had nothing to do with crypto. Their bank wasn't able to get them their money back. That doesn't mean that the internet was to blame, or their bank was to blame. It was their mistake, and they lost everything. And with crypto you have to be even more careful. Is this a barrier to mainstream adoption? Perhaps yes. But mainstream adoption isn't the point. This is about you as an individual taking responsibility for your assets. For those who don't want to do that, or are unable to do that, it's probably best to stick to traditional finance.

The article is about a 5 minute read and it might just save you from losing everything, so I highly recommend giving it a read. You may also want to share it with any friends/family who are involved with crypto. And if anyone here would like to add any other scams they're aware of, or an experience of being a victim of a scam, that would be helpful.

Stay safe!

Edit: Shout out to u/Maleficent_Plankton who is the author of the linked article!

submitted by /u/crypto_grandma
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