Dopamine - Crypto App
Dopamine - Crypto App 2 minutes reading from Bitcoin

5 (5) Red Flags That Can Help Identicate Crypto Scammers

Crypto scams πŸ”₯.

Here's a quick thread 🧡on how to recognize πŸ‘€ crypto scams.

Fraudsters target 🎯 crypto investors. Although crypto is decentralized, guaranteeing high levels of security and privacy, the asset class isn't free from criminals. BTC Ethereum dogecoin

Scammers use different means and tactics to persuade victims into fake crypto investments.

Therefore, crypto investors need to pay attention to these five (5) red flags in their crypto investment journey:


Pump and Dump scheme -)

This is a popular means scammers use in scamming crypto investors. Scammers inflate token prices to lure investors into investing in such tokens, after which the scammers disappear when the price is high, leaving investors at a loss.

2 Fake crypto wallets and exchanges -)

The internet is filled with many fake exchanges selling crypto coins like BTC, ETH, and others for ridiculously low prices. Once investors invest with them, they disappear.

3 Giveaway scams -) Many crypto investors have fallen victim to giveaway scams. Scammers often disguise as celebrities or authoritative figures in society.

The scammers then urge people to send some tokens to a wallet to qualify for a bigger reward, after which they disappear.

4 ICOs scams -) scammers use Initial coin offerings to raise money for fake crypto projects while failing to deliver the supposed minted tokens to the investors.

5 Rug Pull -) This is similar to ICO scams. Scammers pose as developers, convincing investors to release seed money for fake new coins. After gathering enough money, they disappear, leaving investors at loss. Source @CoinGapeMedia

BTC Ethereum

Anytime you see any of the above red flags 🚩 in your crypto investment journey. It’s better to flee from them.

To read the news in full or access more insightful web3 news, kindly download Dopamine App

This post is based on this twitter thread.


Please login to comment.