How do Crypto Scammers Steal Money

[InvestmentGuru]

Between 2021-2023 more than $1 billion was swiped by crypto scammers from around 46,000 people in different countries. To steer clear of these scams, you should know how these tricky scammers try to snatch your crypto money.

1. Impersonation: Scammers pretend to be famous people on social media by creating fake accounts. They repost the celeb's stuff to trick you into investing in fake projects.
2. Romance scams: Scammers use dating apps to get close to people. Once they've built a connection, they spin stories about money troubles. Because crypto addresses are anonymous, they can vanish without a trace.
3. Business scams: Scammers call business owners, pretending to verify purchases or posing as a Credit Card Company or bank. Their goal is to trick you into giving away your financial details.
4. P2P trading: Peer-to-Peer trading is another way scammers can trick people.

To avoid getting scammed, the best rule is to trust nobody online and never share your financial info without double-checking on your own.

 

[deucher]

I don't know much about the first three methods, but I understand the last method. In my opinion, there is not so much fraud of this kind because the exchanges where such operations are carried out have protected buyers very much, so it will not be possible to deceive just like that. Of course, if people do it on unknown exchanges or generally outside its borders, then in my opinion, this responsibility lies with the people themselves.

 

[Maria2]

Crypto scammers employ various tactics to steal money, including phishing emails or websites that mimic legitimate platforms to trick users into revealing private keys or login credentials. Fake initial coin offerings (ICOs) lure investors with promises of high returns before disappearing with funds. Pump-and-dump schemes artificially inflate the price of a cryptocurrency through false information, allowing scammers to sell at a profit before crashing the market. Social engineering involves manipulating individuals into transferring funds. Additionally, malware and ransomware can compromise wallets and extort users. Vigilance, secure practices, and verifying sources can help prevent falling victim to crypto scams

 

[Timgab]

Totally agree, these are popular method scammer use to dupe innocent ones off their finance in the online space. The 2 and 4 are very swift and easy to fall for and can worth you more pain than expected.

 

[Jojo]

Crypto scammers steal money through various tactics such as phishing, Ponzi schemes, and fake ICOs. They create fraudulent websites or emails resembling legitimate platforms to trick users into revealing sensitive information like private keys or passwords. For instance, fake ICOs promise high returns but vanish after collecting funds. Ponzi schemes use new investors' money to pay returns to earlier investors, collapsing when new investments dry up.

 

[BigBull]

Crypto scammers steal money through phishing, Ponzi schemes, and fake exchanges. For instance, phishing sites mimic legitimate ones to steal private keys. Ponzi schemes promise high returns, paying earlier investors with new funds until collapsing. Fake exchanges entice users to deposit funds, then vanish. Notable examples include the BitConnect scam and phishing attacks targeting Binance users. Vigilance and education are crucial for protection.

 

[Heatman]

I make use of peer-to-peer trading in cryptocurrency almost everyday and you are always advised to make sure that you have received your payment before you release your cryptocurrency to anybody that you are transacting a trade with.

If you never received your payment and they mark your transaction paid or completed, make sure that you confirm your payment and if you don't confirm it, never release your coin and appeal it so that the system will take care of it otherwise you're going to end up losing your coin and your money.