I Wrote Out the Most Common Crypto Scams - So You don't Get Scammed

Many of y'all have been getting scammed recently. I wrote some of the most common scams with examples.

1. Phishing:

This is the most common scam, not even in crypto, just as a whole. You would get a weird random message / email out of nowhere asking for crypto or your seed phrase. There will be mimics of fake websites too, like a fake Pancakeswap, a fake Exodus wallet, etc. etc. Pretty simple to avoid if you proceed with caution and do your own research.

Example: ( Source: https://securelist.com/hot-and-cold-cryptowallet-phishing/110136/ )

Phishing scam targeting Coinbase users

1. Pig Butchering scam:

This is also a really common scam. Basically your general romance scam. Gullible victims are lured into making contributions to a fake crypto scheme. This scam is pretty popular on dating apps. They are sometimes in fiat too, but mainly in the forms of crypto.

Example: (Source: https://www.tn.gov/commerce/blog/2024/1/31/what-is-a-pig-butchering-scam.html )

Pig Butchering Scam Flow Chart

1. SIM swapping:

This is a pretty dangerous one. The scammer would somehow convince a mobile service provider that your phone number is actually theirs and transfer the number to their SIM. Now they have full control of your number. They can easily bypass your 2-Factor-Authentication (2FA). There was an amazing article yesterday in the Wall Street Journal about a teen who used this method to scam A LOT. It’s an amazing read. (Spoiler: He got caught):

Wall Street Journal: January 2nd 2025

1. Rug Pull:

“HAWWWWWWWWK TUAHHHHHHHH SPIT ON THAT THANG”

Now come on, who hasn’t heard of the Hawk Tuah memecoin rugpull. She’s even getting sued now. I don’t think I need to explain this any further but basically the owners do something called a pump and dump. They artificially inflate the value of the memecoin and then sell them at it's peak. Now boom, everybody is left with worthless assets.

Hawk Tuah memecoin collapse: ( https://www.unilad.com/technology/news/hawk-tuah-girl-crypto-accusations-response-645693-20241205 )

If you want to read more about rug pulls, I would highly recommend this article: https://www.coinbase.com/learn/tips-and-tutorials/what-is-a-rug-pull-and-how-to-avoid-it

1. Fake airdrop:

Pretty self-explanatory. You are promised to receive free coins from an airdrop, only to connect your wallet to “receive your funds” but your wallet ends up getting drained.

Example: (Image source: https://crypto.com/en/university/what-are-crypto-airdrop-scams-and-how-to-avoid-them )

$NIGI Fake Airdrop

1. Honeypot scam:

This is a newer scam in crypto. I honestly find this scam quite amusing. It targets wannabe scammers or just exceptionally greedy people. Basically the actual scammer acts like a newbie asking for "help" and shares the seed phrase of "their" wallet online. It has hundreds of dollars (usually in the form of a stable coin) in it. The wannabe scammer or victim cannot transfer the funds to his wallet as there is no ETH for gas fees. The victim adds some gas fees which are then immediately stolen by the scammer by a smart contract and transferred to the scammers wallet.

Example (image source: https://media.kasperskydaily.com/wp-content/uploads/sites/36/2024/12/23145256/cryptowallet-free-seed-phrase-scam-01-EN.jpg )

Scammer asking for \"help\" by sharing Seed Phrase online

Alright folks, that was about it. Please don’t fall for these stupid scams. I would hate to see your story on r/CryptoScams tomorrow. Just keep these scams in mind. If there are any other scams that I missed (which my dumbass probably did) , please tell me and I'll add it to this!