As cryptocurrencies like Bitcoin and Ethereum grow in popularity, so do the scams targeting unsuspecting crypto investors. Staying informed about the latest crypto scam tactics can help you avoid falling victim. Here are some of the most common crypto scams making the rounds today.
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Fake Crypto Exchanges
One big crypto scam is fake exchanges that impersonate legitimate trading platforms. These sham sites are designed identically to real exchanges to trick users into creating accounts and depositing funds. However, once you deposit coins into a fake exchange, you’ll never see those funds again. Check an exchange’s domain registration details and online reviews before using it.
Pump and Dump Schemes
Bad actors will drive up hype for a specific crypto asset to inflate its price temporarily. Meanwhile, the scammers purchase the asset at lower prices. When the price peaks, they sell to turn huge profits, causing the price to plummet and leaving everyday investors holding
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