It may have been posted on Twitter, Reddit, Bitcointalk, or they may have found it in an email, or in a Telegram channel they follow for example. There are a variety of reasons a victim may click on a phishing link. These fakes tend to do a fairly good job mimicking the real sources. Fake crypto exchange websites, fake Ledger websites, fake websites to (legitimate) web wallets, fake phone applications, among many others. Phishing involves scammers disguising electronic communication (such as a website) to appear as if it was from the legitimate source they are posing as. Cryptocurrency theft and hacking incidents are something we tackle in another article, List of Breach Vectors Hackers Exploit to Steal Cryptocurrency. In this article, we detail all the types of scams and frauds that involve cryptocurrency, we point out the warning signs and ways you can prevent yourselves from becoming a victim, and we provide some insight on what recourse you have should you ever fall a victim and whether or not it’s ever realistic to recover the applicable cryptocurrency. Given the number of investigations we’ve conducted into these types of scams, we feel we’re in an optimal position to help warn the public about the various scams in the cryptocurrency space. Indeed, some Bitcoin maximalists even consider Ethereum itself to be a scam. Other people use the term scam to simply describe anything they don’t like. This is what we consider to be the Soft Exit Scam. For example, there are cryptocurrency projects, often ICOs, that may be legitimate and well-intentioned at least at first (without fake ‘team members’), but slowly, over time, the project begins to fade away, before simply closing up shop entirely. The term scam typically constitutes most actions by a perpetrator(s) that are outright fraud or allow for theft of the cryptocurrency from the victim.
From fake phishing websites, to Ponzi Schemes, to fraudulent ICO’s to exchanges disappearing with people’s funds overnight, to Twitter and Telegram impersonation scammers to anonymous trading “gurus” that boast of how much money they’re making trading (and often solicit others ‘in’ before absconding with the funds), the list of scams involving cryptocurrency is a long one.
Ask anyone who has followed the cryptocurrency space for more than a few weeks and they’ll tell you that the industry is rife with scams and frauds everywhere you look.
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