Scammers are constantly looking for new ways to defraud investors in the crypto market, which means that protection against scammers needs to be constantly updated and relevant. In particular, if you use Telegram, you should be especially careful and cautious. In this article, we’ll look at several types of scams that are common in the crypto market and provide tips on how to avoid getting scammed.
Fake token
One of the most common types of scams in the crypto market is fake tokens. Scammers buy news or analytical channels with normal content, then buy advertising in the top channels and under the fresh audience publish signals calling to buy a fake token before listing on the main exchanges. Initially, the token is fake. The contract contains a feature that prohibits the sale of the token, so the price is forever rising, the scammer gets rich, and investors lose their money.
To avoid being scammed, check the token on CoinMarketCap and analyze its Twitter before buying it. Never buy tokens through contracts published in channels or chat rooms. All official contracts should be on CoinMarketCap or Coingecko.
Telegram Ads Scam
Telegram Ads are ads that pop up at the bottom of the channel. Telegram is solely responsible for these ads. Sometimes scammers advertise their channels through Telegram Ads, showing their successful signals. And after a while they scam subscribers through trust management (TM) or scam tokens.
Never trust channels that offer you to deposit money somewhere, buy signals or give money to a money management company. It is important to remember that the admins of the channels cannot influence the quality of advertising, and do not get any profit from it.
Phishing links in official social networks
There have been many cases when attackers hacked into Discord or Twitter pages of large projects and published phishing links to airdrops or NFT coins. Or they created fake social media accounts promising free tokens or NFTs on the site right now.
Once the user went to such sites and made transactions, the scammers would gain access to their wallet. This happens repeatedly.
Conclusion: Always have multiple wallets. The main wallet should be used to connect to trusted sites (OpenSea, Uniswap) and to store liquid assets. And secondary wallets should be used for dubious projects and riserch.
No one is immune from fraudsters. In order not to lose your assets, it is recommended to follow a simple rule: “Act slower when it comes to making money, and faster when you need to save your assets
