🕷️ Crawler Inspector

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Raw Queries and Responses

1. Shard Calculation

Query:

Response:

Calculated Shard: 182 (from laksa003)

2. Crawled Status Check

Query:

curl -X POST \
  'http://laksa182.int.ahrefs:8124/' \
  -H 'Content-Type: text/plain' \
  -H 'X-ClickHouse-Database: crawler3' \
  -H 'Authorization: Basic YXBpOg==' \
  -d 'SELECT getAhrefsURLFromUnparsed(src_unparsed) AS found_url, ifNull(toUnixTimestamp(download_stamp), 0) AS crawl_time, ifNull(toUnixTimestamp(props_url_first_seen), 0) AS first_indexed_time, download_http_code AS http_code, src_unparsed AS src_unparsed, src_root_hash AS src_root_hash, history_drop_reason AS history_drop_reason, meta_title AS meta_title, meta_descriptions AS meta_descriptions, attrs_boilerpipe_text AS attrs_boilerpipe_text, attrs_markdown AS attrs_markdown, attrs_readable_markdown AS attrs_readable_markdown, meta_canonical AS meta_canonical FROM crawler3.page_info_local FINAL PREWHERE (src_root_hash, src_unparsed) IN ((getAhrefsRootHashFromUnparsed(getAhrefsUnparsedNoserviceFromURL(\'https://www.techtarget.com/whatis/feature/Common-cryptocurrency-scams\')), getAhrefsUnparsedNoserviceFromURL(\'https://www.techtarget.com/whatis/feature/Common-cryptocurrency-scams\'))) FORMAT JSONEachRow'

Response:

{"found_url":"https:\/\/www.techtarget.com\/whatis\/feature\/Common-cryptocurrency-scams","crawl_time":1775992912,"first_indexed_time":1655135288,"http_code":200,"src_unparsed":"com,techtarget!www,\/whatis\/feature\/Common-cryptocurrency-scams s443","src_root_hash":"17789036595607440382","history_drop_reason":null,"meta_title":"Cryptocurrency scams: Common types and prevention","meta_descriptions":["Cryptocurrency and bitcoin scams are growing each year. Learn about the latest cryptocurrency scams to keep investments safe."],"attrs_boilerpipe_text":"Where money is concerned, scams always follow. And the same is true with cryptocurrency.\nIn 2024,\ncryptocurrency and bitcoin hit an all-time high\n. This will most likely create an urgency to invest in cryptocurrencies to make money along with a rise in scammers trying to take advantage of this craze. There was already a large increase in scams in 2023, and the FBI's Internet Crime Complaint Center\nestimates\n losses were more than $5.6 billion -- about half of all reported fraud losses. The total losses in 2023 increased 45% over 2022, and with prices soaring in 2024, scammers are finding new ways to take advantage of people looking to make money.\nDigital currency is a form of currency stored in a digital wallet, and the owner can turn currency into cash by transferring it to a bank account. Cryptocurrency, such as bitcoin, is\ndifferent from digital currency\n. It uses blockchain for verification and no central authority such as a bank, so it is harder to recover from theft.\nEven though cryptocurrency is a newer trend, thieves are using old methods to steal. Here are some of the common cryptocurrency scams to watch.\n1. Bitcoin investment schemes\nThe FBI stated investment schemes are the most reported type of fraud. In bitcoin investment schemes, scammers contact investors claiming to be seasoned \"investment managers.\" As part of the scheme, the so-called investment managers claim to have made millions investing in cryptocurrency and promise their victims that they will make money with investments.\nTo get started, the scammers request an upfront fee. Then, instead of making money, the thieves simply steal the upfront fees. The scammers might also request personal identification information, claiming it's to transfer or deposit funds, and thus gain access to a person's cryptocurrency.\nAnother type of investment scam involves using fake celebrity endorsements. Scammers take real photos and impose them on fake accounts, ads or articles to make it appear as though the celebrity is promoting a large financial gain from the investment. The sources for these claims appear to be legitimate, using reputable company names such as ABC or CBS with a professional-looking website and logos. However, the endorsement is fake.\n2. Rug pull scams\nRug pull scams involve investment scammers \"pumping up\" a new project, non-fungible token (\nNFT\n) or coin to get funding. After the scammers get the money, they disappear with it. The coding for these investments prevents people from selling the bitcoin after purchase, so investors are left with a valueless investment.\nA common type of rug pull scam is a fake initial coin offering (ICO), where scammers promote a non-existent project or coin. A popular version of this ICO scam was the Squid coin scam, named after the popular Netflix series\nSquid Game\n. Investors had to play to earn cryptocurrency: People would buy tokens for online games and earn more later to exchange for other cryptocurrencies. The price of the Squid token went from being worth 1 cent to about $90 per token.\nEventually, trading stopped and the money disappeared. The token value then reached zero as people attempted but failed to sell their tokens. The\nscammers made about $3 million\nfrom these investors.\nRug pull scams are also common for NFTs, which are one-of-a-kind digital assets.\n3. Romance scams\nDating apps are no stranger to crypto scams. These scams involve relationships -- typically long-distance and strictly online -- where one party takes time to gain the other party's trust. Over time, one party starts to convince the other to buy or give money in some form of cryptocurrency.\nAfter getting the money, the dating scammer disappears. These scams are also referred to as \"pig butchering scams.\"\nRomance scams cost consumers $1.179 billion in 2023, according to the\nFTC\n.\n4. Phishing scams\nPhishing\nscams have been around for some time but are still popular. Scammers send emails with malicious links to a fake website to gather personal details, such as\ncryptocurrency wallet\nkey information.\nUnlike passwords, users only get one unique private key to digital wallets. But if a private key is stolen, it is troublesome to change this key. Each key is unique to a wallet; so, to update this key, the person needs to create a new wallet.\nTo avoid phishing scams, never enter secure information from an email link. Always go directly to the site, no matter how legitimate the website or link appears.\n5. Man-in-the-middle attacks\nWhen users log in to a cryptocurrency account in a public location, scammers can steal their private, sensitive information. A scammer can intercept any information sent over a public network, including passwords, cryptocurrency wallet keys and account information.\nAnytime a user is logged in, a thief can gather this sensitive information by using the\nman-in-the-middle attack\napproach. This is done by intercepting Wi-Fi signals on trusted networks if they are in proximity.\nThe best way to avoid these attacks is to block the man in the middle by using a virtual private network (\nVPN\n). The VPN encrypts all the data being transmitted, so thieves cannot access personal information and steal cryptocurrency.\n6. Social media cryptocurrency giveaway scams\nThere are many fraudulent posts on social media outlets promising bitcoin giveaways. Some of these scams also include fake celebrity accounts promoting the giveaway to lure people in.\nHowever, when someone clicks on the giveaway, they are taken to a fraudulent site asking for verification to receive the bitcoin. The verification process includes making a payment to prove the account is legitimate.\nThe victim can lose this payment -- or, worse yet, click on a malicious link and have their personal information and cryptocurrency stolen.\n7. Ponzi schemes\nPonzi schemes pay older investors with the proceeds from new ones. To get fresh investors, cryptocurrency scammers will lure new investors with bitcoin. It's a scheme that runs in circles, because there are no legitimate investments; it is all about targeting new investors for money.\nThe main lure of a Ponzi scheme is the promise of huge profits with little risk. There are always risks with these investments, however, and there are no guaranteed returns.\nIn 2024, a Ponzi scheme led by brothers Jonathan and Tanner Adam lured investors by promising 13.5% monthly returns by claiming their bot could exploit price differences on cryptocurrency exchanges. However, the $60 million raised by this Ponzi scheme was used to buy luxury purchases. The SEC\ncharged\nthe brothers on Aug. 26, 2024, with violating antifraud provisions of the federal securities laws.\n8. Fake cryptocurrency exchanges\nScammers might lure investors in with promises of a great cryptocurrency exchange -- maybe even some additional bitcoin. But in reality, there is no exchange and the investor does not know it's fake until after they lose their deposit.\nStick to known crypto exchange markets -- such as Coinbase, Crypto.com and Cash App -- to avoid an unfamiliar exchange. Do some research and check industry sites for details about the exchange's reputation and legitimacy before entering any personal information.\n9. Employment offers and fraudulent employees\nScammers will also impersonate recruiters or job seekers to get access to cryptocurrency accounts. With this ploy, they offer an interesting job but require cryptocurrency as payment for job training.\nThere are also\nscams when hiring remote workers\n. For instance, North Korean IT freelancers are trying to capitalize on remote job opportunities by presenting impressive resumes and claiming to be based in the U.S. The U.S. Department of the Treasury issued a warning of this North Korean scam targeting cryptocurrency companies. This type of scam is called a shadow workforce.\nIn 2022, shadow workers targeted a Sky Mavis engineer by posing as a LinkedIn recruiter. The engineer had a phone interview with this shadow worker and gave him a document to review for the next step in the interview. This document contained malicious code that allowed the North Korean Lazarus group to steal $600 million in a bridge attack.\nThese IT freelancers seek projects involving virtual currency and use access for the currency exchanges. They then hack into the systems to raise money or steal information for the Democratic People's Republic of Korea (DPRK). These workers also engage in other skilled IT work and use their knowledge to gain insider access to enable the DPRK's malicious cyber attacks. With these scams, these shadow workers have stolen nearly $3 billion in the past year, according to\nChainalysis\n.\nLearn more about\ncontinuous employee background checks\nto protect organizations.\n10. Flash loan attack\nFlash loans are loans for short periods of time, such as seconds to make a trade. These loans are popular in the cryptocurrency market because traders use funds to buy tokens on one platform with a lower price, and then sell that asset immediately on a different platform to make money. These moneymaking trades are all done in one transaction and the flash loan is repaid.\nBecause flash loans are not collateralized and there are no credit checks involved, an attacker takes advantage of borrowing money and using these funds to manipulate pricing on a decentralized finance platform. To manipulate the pricing, the attacker creates several buy-and-sell orders to create an impression of high demand. The attacker then cancels orders after prices increase, which will cause the price to fall immediately. The attacker can then make a profit by buying at a lower price on a different platform.\nIn February 2023, Platypus Finance was victim to a flash loan attack, which resulted in an $8.5 million loss.\n11. AI scams\nWith the rise of artificial intelligence (\nAI\n), attackers are finding new ways to deceive the cryptocurrency market. Attackers can use AI chatbots to engage with users, providing advice and promoting fake tokens. Chatbots are programed to tell investors about high-yield investment opportunities that turn into pump-and-dump schemes to artificially inflate the token value before selling off.\nAI can also manipulate proof of work, which overexaggerates the cryptocurrency project to make it seem there are more loyal followers, and the token is legitimate. By inflating the followers, it makes it more difficult to research if a token is authentic.\nAttackers can also use high-profile celebrities or business professionals to promote fake endorsement schemes related to cryptocurrency projects. By using\ndeepfakes\n, attackers take the faces of famous individuals -- such as Bill Gates, Mark Zuckerberg and Elon Musk -- to say they are launching a new project. With the advancements of AI, the deep fakes look more realistic to dupe investors out of money by using someone they might trust for financial advice. A popular red flag in these deepfakes is the promise of a high rate of return in a short time.\n12. Bitcoin ATMs (or BTMs)\nWith the rise of ATMs -- or BTMs -- for bitcoin in convenience stores, gas stations and other areas to buy and send cryptocurrency, scammers are finding ways to use devices to steal. The FTC Consumer Sentinel Network states that fraud losses at BTMs are soaring with losses reaching $65 million in the first half of 2024 alone. Not all losses are reported, so this number may be much higher.\nThe scams at the BTMs start the same as other types with calls or messages of suspicious activity or unauthorized charges on an account. The scammers will impersonate large companies such as Apple or banks and say a person's money or identification is at risk. The scammer may even say the person's information has been tied to illegal activity and they need to get money from the bank before accounts are frozen.\nScammers claim that BTMs are \"safety lockers\" and have people take money out of their bank and deposit cash in the BTM. The scammer will text a QR code to scan at the machine for this deposit sending the money to the scammer's wallet.\nHow to protect bitcoin and cryptocurrency\nTo protect against\ncryptocurrency scams\n, some of the common red flags include the following:\nPromises of large gains or double the investment.\nOnly accepting cryptocurrency as payment.\nContractual obligations.\nMisspellings and grammatical errors in emails, social media posts or any other communication.\nManipulation tactics, such as extortion or blackmail.\nPromises of free money.\nFake influencers or celebrity endorsements that seem out of place.\nMinimal details about money movement and the investment.\nSeveral transactions in one day.\nProtect digital wallets from scammers by practicing good digital security habits such as\nstrong passwords\n, using only secured connections or VPNs and choosing safe storage. There are two types of wallets: digital and hardware. Digital wallets are hosted online and have a higher rate of getting hacked. Hardware wallets store information, such as the cryptocurrency wallet and keys, offline within a device.\nCryptocurrency is not insured by the Federal Deposit Insurance Corporation, so keeping it safe is vital. Never give wallet keys or access codes to anyone. If you receive a text or an email saying there is a problem with your cryptocurrency account or the owner's account has been compromised, go directly to the provider's website or use the trusted phone number on the site to ensure you are reaching a trusted source. Do not click on links or respond directly to those emails or text messages.\nHow to report a scam\nAnyone who believes they have seen a cryptocurrency scam or were part of a scam should report it immediately. Here are some organizations to report it to:\nCommodity Futures Trading Commission (CFTC):\nCFTC.gov\/complaint\n.\nFederal Trade Commission (FTC):\nReportFraud.ftc.gov.\nInternet Crime Complaint Center (IC3):\nic3.gov\n.\nU.S. Securities and Exchange Commission (SEC):\nsec.gov\/tcr\n.\nIn addition to the agencies listed above, the person should also immediately report to the cryptocurrency exchange used for the transaction.\nAmanda Hetler is a senior editor and writer for WhatIs where she writes technology explainer articles and works with freelancers.","attrs_markdown":"[WhatIs](https:\/\/www.techtarget.com\/)\n\nBrowse Definitions :\n\n- [A](https:\/\/www.techtarget.com\/whatis\/definitions\/A)\n- [B](https:\/\/www.techtarget.com\/whatis\/definitions\/B)\n- [C](https:\/\/www.techtarget.com\/whatis\/definitions\/C)\n- [D](https:\/\/www.techtarget.com\/whatis\/definitions\/D)\n- [E](https:\/\/www.techtarget.com\/whatis\/definitions\/E)\n- [F](https:\/\/www.techtarget.com\/whatis\/definitions\/F)\n- [G](https:\/\/www.techtarget.com\/whatis\/definitions\/G)\n- [H](https:\/\/www.techtarget.com\/whatis\/definitions\/H)\n- [I](https:\/\/www.techtarget.com\/whatis\/definitions\/I)\n- [J](https:\/\/www.techtarget.com\/whatis\/definitions\/J)\n- [K](https:\/\/www.techtarget.com\/whatis\/definitions\/K)\n- [L](https:\/\/www.techtarget.com\/whatis\/definitions\/L)\n- [M](https:\/\/www.techtarget.com\/whatis\/definitions\/M)\n- [N](https:\/\/www.techtarget.com\/whatis\/definitions\/N)\n- [O](https:\/\/www.techtarget.com\/whatis\/definitions\/O)\n- [P](https:\/\/www.techtarget.com\/whatis\/definitions\/P)\n- [Q](https:\/\/www.techtarget.com\/whatis\/definitions\/Q)\n- [R](https:\/\/www.techtarget.com\/whatis\/definitions\/R)\n- [S](https:\/\/www.techtarget.com\/whatis\/definitions\/S)\n- [T](https:\/\/www.techtarget.com\/whatis\/definitions\/T)\n- [U](https:\/\/www.techtarget.com\/whatis\/definitions\/U)\n- [V](https:\/\/www.techtarget.com\/whatis\/definitions\/V)\n- [W](https:\/\/www.techtarget.com\/whatis\/definitions\/W)\n- [X](https:\/\/www.techtarget.com\/whatis\/definitions\/X)\n- [Y](https:\/\/www.techtarget.com\/whatis\/definitions\/Y)\n- [Z](https:\/\/www.techtarget.com\/whatis\/definitions\/Z)\n- [\\#](https:\/\/www.techtarget.com\/whatis\/definitions\/0)\n\n[Login](https:\/\/www.techtarget.com\/login?fromURL=https%3A%2F%2Fwww.techtarget.com%2Fwhatis%2Ffeature%2FCommon-cryptocurrency-scams) [Register](https:\/\/www.techtarget.com\/register?fromURL=https%3A%2F%2Fwww.techtarget.com%2Fwhatis%2Ffeature%2FCommon-cryptocurrency-scams)\n\n- [TechTarget Network](https:\/\/www.techtarget.com\/)\n- [Tech Accelerator](https:\/\/www.techtarget.com\/whatis\/techaccelerators)\n- [News](https:\/\/www.techtarget.com\/news\/)\n\n[RSS](https:\/\/www.techtarget.com\/whatis\/rss)\n\n- [WhatIs](https:\/\/www.techtarget.com\/whatis\/)\n- [Browse Definitions Security Admin](https:\/\/www.techtarget.com\/whatis\/glossary\/Security-Management)\n  [Security](https:\/\/www.techtarget.com\/whatis\/glossary\/Security)  View All\n  \n  - 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[Programming](https:\/\/www.techtarget.com\/whatis\/glossary\/Programming)\n  \n  Please select a category\n  \n  - Business software\n  - Cloud computing\n  - Computer science\n  - Data analytics and AI\n  - Data centers\n  - IT management\n  - Networking\n  - Security\n  - Software development\n- [Browse Features Resources](https:\/\/www.techtarget.com\/whatis\/resources)\n  - [Business strategies](https:\/\/www.techtarget.com\/whatis\/resources\/Business-Strategies)\n  - [Career resources](https:\/\/www.techtarget.com\/whatis\/resources\/Career-Resources)\n  - [Emerging tech](https:\/\/www.techtarget.com\/whatis\/resources\/Emerging-Tech)\n  - [Tech explainers](https:\/\/www.techtarget.com\/whatis\/resources\/Tech-Explainers)\n\n- Follow:\n\n- [Home](https:\/\/www.techtarget.com\/whatis\/)\n- [Security management](https:\/\/www.techtarget.com\/whatis\/glossary\/Security-Management)\n\nTech Accelerator [Blockchain for businesses: The ultimate enterprise guide](https:\/\/www.techtarget.com\/searchcio\/Blockchain-for-businesses-The-ultimate-enterprise-guide)\n\n[Prev](https:\/\/www.techtarget.com\/whatis\/feature\/Compare-NFTs-vs-cryptocurrency-vs-digital-currency \"NFTs vs. cryptocurrency: Key differences and how they work\") [Next](https:\/\/www.techtarget.com\/whatis\/feature\/Decentralized-finance-vs-centralized-finance-Whats-the-difference \"Decentralized finance vs. centralized finance: What's the difference?\")\n\n[Download this guide1](https:\/\/www.techtarget.com\/searchcio\/pro\/Blockchain-for-Businesses-The-Ultimate-Enterprise-Guide?offer=Content_OTHR-PillarPage_Blockchainforbusinesses:Theultimateenterpriseguide)\n\n[Feature](https:\/\/www.techtarget.com\/whatis\/features)\n\n# Cryptocurrency scams: Common types and prevention\n## Cryptocurrency scams are rising, and thieves are using new and old techniques to steal money. Some of the latest scams involve rug pull scams, Ponzi schemes and phishing scams.\n\n- Share this item with your network:\n\n![Amanda Hetler](https:\/\/cdn.ttgtmedia.com\/rms\/onlineimages\/hetler_amanda.jpg)\n\nBy\n\n- [Amanda Hetler,](https:\/\/www.techtarget.com\/contributor\/Amanda-Hetler) Senior Editor\n\nPublished: 17 Dec 2024\n\nWhere money is concerned, scams always follow. And the same is true with cryptocurrency.\n\nIn 2024, [cryptocurrency and bitcoin hit an all-time high](https:\/\/www.techtarget.com\/whatis\/feature\/Why-is-cryptocurrency-rising-and-bitcoin-at-an-all-time-high). This will most likely create an urgency to invest in cryptocurrencies to make money along with a rise in scammers trying to take advantage of this craze. There was already a large increase in scams in 2023, and the FBI's Internet Crime Complaint Center [estimates](https:\/\/www.ic3.gov\/AnnualReport\/Reports\/2023_IC3CryptocurrencyReport.pdf) losses were more than \\$5.6 billion -- about half of all reported fraud losses. The total losses in 2023 increased 45% over 2022, and with prices soaring in 2024, scammers are finding new ways to take advantage of people looking to make money.\n\nDigital currency is a form of currency stored in a digital wallet, and the owner can turn currency into cash by transferring it to a bank account. Cryptocurrency, such as bitcoin, is [different from digital currency](https:\/\/www.techtarget.com\/whatis\/feature\/Compare-NFTs-vs-cryptocurrency-vs-digital-currency). It uses blockchain for verification and no central authority such as a bank, so it is harder to recover from theft.\n\nEven though cryptocurrency is a newer trend, thieves are using old methods to steal. Here are some of the common cryptocurrency scams to watch.\n\n## 1\\. Bitcoin investment schemes\nThe FBI stated investment schemes are the most reported type of fraud. In bitcoin investment schemes, scammers contact investors claiming to be seasoned \"investment managers.\" As part of the scheme, the so-called investment managers claim to have made millions investing in cryptocurrency and promise their victims that they will make money with investments.\n\nTo get started, the scammers request an upfront fee. Then, instead of making money, the thieves simply steal the upfront fees. The scammers might also request personal identification information, claiming it's to transfer or deposit funds, and thus gain access to a person's cryptocurrency.\n\nThis article is part of\n\n### [Blockchain for businesses: The ultimate enterprise guide](https:\/\/www.techtarget.com\/searchcio\/Blockchain-for-businesses-The-ultimate-enterprise-guide)\n- Which also includes:\n- [Top 10 benefits of blockchain for business](https:\/\/www.techtarget.com\/searchcio\/feature\/Top-10-benefits-of-blockchain-technology-for-business)\n- [What are the 4 different types of blockchain technology?](https:\/\/www.techtarget.com\/searchcio\/feature\/What-are-the-4-different-types-of-blockchain-technology)\n- [7 must-have blockchain developer skills](https:\/\/www.techtarget.com\/whatis\/feature\/6-must-have-blockchain-developer-skills)\n\n[Download1Download this entire guide for FREE now\\!](https:\/\/www.techtarget.com\/searchcio\/pro\/Blockchain-for-Businesses-The-Ultimate-Enterprise-Guide?offer=Content_OTHR-PillarPage_Blockchainforbusinesses:Theultimateenterpriseguide)\n\nAnother type of investment scam involves using fake celebrity endorsements. Scammers take real photos and impose them on fake accounts, ads or articles to make it appear as though the celebrity is promoting a large financial gain from the investment. The sources for these claims appear to be legitimate, using reputable company names such as ABC or CBS with a professional-looking website and logos. However, the endorsement is fake.\n\n## 2\\. Rug pull scams\nRug pull scams involve investment scammers \"pumping up\" a new project, non-fungible token ([NFT](https:\/\/www.techtarget.com\/whatis\/definition\/nonfungible-token-NFT)) or coin to get funding. After the scammers get the money, they disappear with it. The coding for these investments prevents people from selling the bitcoin after purchase, so investors are left with a valueless investment.\n\nA common type of rug pull scam is a fake initial coin offering (ICO), where scammers promote a non-existent project or coin. A popular version of this ICO scam was the Squid coin scam, named after the popular Netflix series *Squid Game*. Investors had to play to earn cryptocurrency: People would buy tokens for online games and earn more later to exchange for other cryptocurrencies. The price of the Squid token went from being worth 1 cent to about \\$90 per token.\n\nEventually, trading stopped and the money disappeared. The token value then reached zero as people attempted but failed to sell their tokens. The [scammers made about \\$3 million](https:\/\/www.nbcnews.com\/tech\/tech-news\/squid-game-crypto-collapse-pushes-investors-cry-scam-rcna4399) from these investors.\n\nRug pull scams are also common for NFTs, which are one-of-a-kind digital assets.\n\n## 3\\. Romance scams\nDating apps are no stranger to crypto scams. These scams involve relationships -- typically long-distance and strictly online -- where one party takes time to gain the other party's trust. Over time, one party starts to convince the other to buy or give money in some form of cryptocurrency.\n\nAfter getting the money, the dating scammer disappears. These scams are also referred to as \"pig butchering scams.\"\n\nRomance scams cost consumers \\$1.179 billion in 2023, according to the [FTC](https:\/\/public.tableau.com\/app\/profile\/federal.trade.commission\/viz\/shared\/4WS8HTYQ6).\n\n![Visual showing the types of cryptocurrency scams](https:\/\/www.techtarget.com\/rms\/onlineimages\/types_of_cryptocurrency_scams-h_half_column_mobile.png)\n\n## 4\\. Phishing scams\n[Phishing](https:\/\/www.techtarget.com\/searchsecurity\/definition\/phishing) scams have been around for some time but are still popular. Scammers send emails with malicious links to a fake website to gather personal details, such as [cryptocurrency wallet](https:\/\/www.techtarget.com\/searchsecurity\/definition\/crypto-wallet-cryptocurrency-wallet) key information.\n\nUnlike passwords, users only get one unique private key to digital wallets. But if a private key is stolen, it is troublesome to change this key. Each key is unique to a wallet; so, to update this key, the person needs to create a new wallet.\n\nTo avoid phishing scams, never enter secure information from an email link. Always go directly to the site, no matter how legitimate the website or link appears.\n\n## 5\\. Man-in-the-middle attacks\nWhen users log in to a cryptocurrency account in a public location, scammers can steal their private, sensitive information. A scammer can intercept any information sent over a public network, including passwords, cryptocurrency wallet keys and account information.\n\nAnytime a user is logged in, a thief can gather this sensitive information by using the [man-in-the-middle attack](https:\/\/www.techtarget.com\/iotagenda\/definition\/man-in-the-middle-attack-MitM) approach. This is done by intercepting Wi-Fi signals on trusted networks if they are in proximity.\n\nThe best way to avoid these attacks is to block the man in the middle by using a virtual private network ([VPN](https:\/\/www.techtarget.com\/searchnetworking\/definition\/virtual-private-network)). The VPN encrypts all the data being transmitted, so thieves cannot access personal information and steal cryptocurrency.\n\n## 6\\. Social media cryptocurrency giveaway scams\nThere are many fraudulent posts on social media outlets promising bitcoin giveaways. Some of these scams also include fake celebrity accounts promoting the giveaway to lure people in.\n\nHowever, when someone clicks on the giveaway, they are taken to a fraudulent site asking for verification to receive the bitcoin. The verification process includes making a payment to prove the account is legitimate.\n\nThe victim can lose this payment -- or, worse yet, click on a malicious link and have their personal information and cryptocurrency stolen.\n\n## 7\\. Ponzi schemes\nPonzi schemes pay older investors with the proceeds from new ones. To get fresh investors, cryptocurrency scammers will lure new investors with bitcoin. It's a scheme that runs in circles, because there are no legitimate investments; it is all about targeting new investors for money.\n\nThe main lure of a Ponzi scheme is the promise of huge profits with little risk. There are always risks with these investments, however, and there are no guaranteed returns.\n\nIn 2024, a Ponzi scheme led by brothers Jonathan and Tanner Adam lured investors by promising 13.5% monthly returns by claiming their bot could exploit price differences on cryptocurrency exchanges. However, the \\$60 million raised by this Ponzi scheme was used to buy luxury purchases. The SEC [charged](https:\/\/www.sec.gov\/newsroom\/press-releases\/2024-107) the brothers on Aug. 26, 2024, with violating antifraud provisions of the federal securities laws.\n\n## 8\\. Fake cryptocurrency exchanges\nScammers might lure investors in with promises of a great cryptocurrency exchange -- maybe even some additional bitcoin. But in reality, there is no exchange and the investor does not know it's fake until after they lose their deposit.\n\nStick to known crypto exchange markets -- such as Coinbase, Crypto.com and Cash App -- to avoid an unfamiliar exchange. Do some research and check industry sites for details about the exchange's reputation and legitimacy before entering any personal information.\n\n## 9\\. Employment offers and fraudulent employees\nScammers will also impersonate recruiters or job seekers to get access to cryptocurrency accounts. With this ploy, they offer an interesting job but require cryptocurrency as payment for job training.\n\nThere are also [scams when hiring remote workers](https:\/\/www.theserverside.com\/tip\/How-developers-can-avoid-remote-work-scams). For instance, North Korean IT freelancers are trying to capitalize on remote job opportunities by presenting impressive resumes and claiming to be based in the U.S. The U.S. Department of the Treasury issued a warning of this North Korean scam targeting cryptocurrency companies. This type of scam is called a shadow workforce.\n\nIn 2022, shadow workers targeted a Sky Mavis engineer by posing as a LinkedIn recruiter. The engineer had a phone interview with this shadow worker and gave him a document to review for the next step in the interview. This document contained malicious code that allowed the North Korean Lazarus group to steal \\$600 million in a bridge attack.\n\nThese IT freelancers seek projects involving virtual currency and use access for the currency exchanges. They then hack into the systems to raise money or steal information for the Democratic People's Republic of Korea (DPRK). These workers also engage in other skilled IT work and use their knowledge to gain insider access to enable the DPRK's malicious cyber attacks. With these scams, these shadow workers have stolen nearly \\$3 billion in the past year, according to [Chainalysis](https:\/\/blog.chainalysis.com\/reports\/2022-biggest-year-ever-for-crypto-hacking\/).\n\n*Learn more about* [*continuous employee background checks*](https:\/\/www.techtarget.com\/searchhrsoftware\/news\/252514924\/Employment-background-checks-shift-to-continuous) *to protect organizations.*\n\n## 10\\. Flash loan attack\nFlash loans are loans for short periods of time, such as seconds to make a trade. These loans are popular in the cryptocurrency market because traders use funds to buy tokens on one platform with a lower price, and then sell that asset immediately on a different platform to make money. These moneymaking trades are all done in one transaction and the flash loan is repaid.\n\nBecause flash loans are not collateralized and there are no credit checks involved, an attacker takes advantage of borrowing money and using these funds to manipulate pricing on a decentralized finance platform. To manipulate the pricing, the attacker creates several buy-and-sell orders to create an impression of high demand. The attacker then cancels orders after prices increase, which will cause the price to fall immediately. The attacker can then make a profit by buying at a lower price on a different platform.\n\nIn February 2023, Platypus Finance was victim to a flash loan attack, which resulted in an \\$8.5 million loss.\n\n## 11\\. AI scams\nWith the rise of artificial intelligence ([AI](https:\/\/www.techtarget.com\/searchenterpriseai\/definition\/AI-Artificial-Intelligence)), attackers are finding new ways to deceive the cryptocurrency market. Attackers can use AI chatbots to engage with users, providing advice and promoting fake tokens. Chatbots are programed to tell investors about high-yield investment opportunities that turn into pump-and-dump schemes to artificially inflate the token value before selling off.\n\nAI can also manipulate proof of work, which overexaggerates the cryptocurrency project to make it seem there are more loyal followers, and the token is legitimate. By inflating the followers, it makes it more difficult to research if a token is authentic.\n\nAttackers can also use high-profile celebrities or business professionals to promote fake endorsement schemes related to cryptocurrency projects. By using [deepfakes](https:\/\/www.techtarget.com\/whatis\/definition\/deepfake), attackers take the faces of famous individuals -- such as Bill Gates, Mark Zuckerberg and Elon Musk -- to say they are launching a new project. With the advancements of AI, the deep fakes look more realistic to dupe investors out of money by using someone they might trust for financial advice. A popular red flag in these deepfakes is the promise of a high rate of return in a short time.\n\n## 12\\. Bitcoin ATMs (or BTMs)\nWith the rise of ATMs -- or BTMs -- for bitcoin in convenience stores, gas stations and other areas to buy and send cryptocurrency, scammers are finding ways to use devices to steal. The FTC Consumer Sentinel Network states that fraud losses at BTMs are soaring with losses reaching \\$65 million in the first half of 2024 alone. Not all losses are reported, so this number may be much higher.\n\nThe scams at the BTMs start the same as other types with calls or messages of suspicious activity or unauthorized charges on an account. The scammers will impersonate large companies such as Apple or banks and say a person's money or identification is at risk. The scammer may even say the person's information has been tied to illegal activity and they need to get money from the bank before accounts are frozen.\n\nScammers claim that BTMs are \"safety lockers\" and have people take money out of their bank and deposit cash in the BTM. The scammer will text a QR code to scan at the machine for this deposit sending the money to the scammer's wallet.\n\n## How to protect bitcoin and cryptocurrency\nTo protect against [cryptocurrency scams](https:\/\/www.techtarget.com\/searchsecurity\/feature\/Cryptocurrency-cyber-attacks-on-the-rise-as-industry-expands), some of the common red flags include the following:\n\n- Promises of large gains or double the investment.\n- Only accepting cryptocurrency as payment.\n- Contractual obligations.\n- Misspellings and grammatical errors in emails, social media posts or any other communication.\n- Manipulation tactics, such as extortion or blackmail.\n- Promises of free money.\n- Fake influencers or celebrity endorsements that seem out of place.\n- Minimal details about money movement and the investment.\n- Several transactions in one day.\n\nProtect digital wallets from scammers by practicing good digital security habits such as [strong passwords](https:\/\/www.techtarget.com\/searchsecurity\/tip\/Top-5-password-hygiene-tips-and-best-practices), using only secured connections or VPNs and choosing safe storage. There are two types of wallets: digital and hardware. Digital wallets are hosted online and have a higher rate of getting hacked. Hardware wallets store information, such as the cryptocurrency wallet and keys, offline within a device.\n\nCryptocurrency is not insured by the Federal Deposit Insurance Corporation, so keeping it safe is vital. Never give wallet keys or access codes to anyone. If you receive a text or an email saying there is a problem with your cryptocurrency account or the owner's account has been compromised, go directly to the provider's website or use the trusted phone number on the site to ensure you are reaching a trusted source. Do not click on links or respond directly to those emails or text messages.\n\n## How to report a scam\nAnyone who believes they have seen a cryptocurrency scam or were part of a scam should report it immediately. Here are some organizations to report it to:\n\n- Commodity Futures Trading Commission (CFTC): [CFTC.gov\/complaint](https:\/\/www.cftc.gov\/complaint).\n- Federal Trade Commission (FTC): [ReportFraud.ftc.gov.](https:\/\/www.reportfraud.ftc.gov\/)\n- Internet Crime Complaint Center (IC3): [ic3.gov](https:\/\/www.ic3.gov\/).\n- U.S. Securities and Exchange Commission (SEC): [sec.gov\/tcr](https:\/\/www.sec.gov\/tcr).\n\nIn addition to the agencies listed above, the person should also immediately report to the cryptocurrency exchange used for the transaction.\n\n*Amanda Hetler is a senior editor and writer for WhatIs where she writes technology explainer articles and works with freelancers.*\n\n#### Next Steps\n[The best cross-chain bridges](https:\/\/www.techtarget.com\/whatis\/feature\/The-best-cross-chain-bridges)\n\n[How is cryptocurrency valued?](https:\/\/www.techtarget.com\/whatis\/feature\/How-is-cryptocurrency-valued)\n\n[NFT wash trading explained](https:\/\/www.techtarget.com\/whatis\/feature\/NFT-wash-trading-explained)\n\n[Cryptocurrency and taxes explained: What you need to know](https:\/\/www.techtarget.com\/whatis\/feature\/Cryptocurrency-and-taxes-explained-What-you-need-to-know)\n\n#### Related Resources\n- [From Hardware to Outcomes – How Dell Enables the Modern Workplace](https:\/\/www.brighttalk.com\/webcast\/13935\/665273) –Talk\n- [API Security: Monitoring and Securing Application Programming Interfaces](https:\/\/www.brighttalk.com\/webcast\/17608\/664650) –Akamai Technologies\n- [Shadow AI and the new security blind spots MSPs can’t ignore](https:\/\/www.barracuda.com\/campaigns\/barracuda-brighttalk?commid=666017) –Barracuda\n- [How To Implement Zero Trust Device Security With Trusted Zero Clients And The ...](https:\/\/www.techtarget.com\/hub\/asset\/1775112357_590) –HP & Intel\n\n#### Dig Deeper on Security management\n- [![]() Pig butchering scam explained: Everything you need to know ![AmandaHetler](https:\/\/www.techtarget.com\/rms\/onlineimages\/hetler_amanda.jpg) By: Amanda Hetler](https:\/\/www.techtarget.com\/whatis\/feature\/Pig-butchering-scam-explained-Everything-you-need-to-know)\n- [![]() 10 social media scams and how to avoid them ![SamanthaPoutre](https:\/\/www.techtarget.com\/rms\/onlineimages\/poutre_samantha.jpg) By: Samantha Poutre](https:\/\/www.techtarget.com\/whatis\/feature\/Social-media-scams-and-how-to-avoid-them)\n- [![]() Proofpoint exposes AFF scammers’ piano gambit ![AlexScroxton](https:\/\/www.techtarget.com\/rms\/computerweekly\/Alex-Scroxton-CW-Contributor-2022.jpg) By: Alex Scroxton](https:\/\/www.computerweekly.com\/news\/366586694\/Proofpoint-exposes-AFF-scammers-piano-gambit)\n- [![]() Lloyds Bank warns over rising threat of crypto scams](https:\/\/www.computerweekly.com\/news\/366559256\/Lloyds-Bank-warns-over-rising-threat-of-crypto-scams)\n\nSponsored News\n\n- [A spotlight on food is medicine: Creating sustainable programs](https:\/\/www.techtarget.com\/healthcarepayers\/ZelisHealthcare\/A-spotlight-on-food-is-medicine-Creating-sustainable-programs) –Zelis Healthcare\n- [3 Strategies to Enhance Healthcare Financial Experiences](https:\/\/www.techtarget.com\/healthcarepayers\/ZelisHealthcare\/3-Strategies-to-Enhance-Healthcare-Financial-Experiences) –Zelis Healthcare\n- [Four Reasons Health Plans Need Scalable Payment Solutions](https:\/\/www.techtarget.com\/healthcarepayers\/ZelisHealthcare\/Four-Reasons-Health-Plans-Need-Scalable-Payment-Solutions) –Zelis Healthcare\n\nRelated Content\n\n- [NatWest introduces limits on crypto trading to ...](https:\/\/www.computerweekly.com\/news\/365532556\/NatWest-introduces-limits-on-crypto-trading-to-prevent-fraud) – ComputerWeekly.com\n- [8 ways to avoid NFT scams](https:\/\/www.techtarget.com\/whatis\/feature\/8-ways-to-avoid-NFT-scams) – WhatIs\n- [Unregulated DeFi services abused in latest pig ...](https:\/\/www.computerweekly.com\/news\/366552414\/Unregulated-DeFi-services-abused-in-latest-pig-butchering-twist) – ComputerWeekly.com\n\nLatest TechTarget resources\n\n- [Networking](https:\/\/www.techtarget.com\/whatis\/feature\/Common-cryptocurrency-scams)\n- [Security](https:\/\/www.techtarget.com\/whatis\/feature\/Common-cryptocurrency-scams)\n- [CIO](https:\/\/www.techtarget.com\/whatis\/feature\/Common-cryptocurrency-scams)\n- [HR Software](https:\/\/www.techtarget.com\/whatis\/feature\/Common-cryptocurrency-scams)\n- [Customer Experience](https:\/\/www.techtarget.com\/whatis\/feature\/Common-cryptocurrency-scams)\n\n[Search Networking](https:\/\/www.techtarget.com\/searchnetworking\/)\n\n- [What is multi-access edge computing? 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[Copyright 1999 - 2026](https:\/\/www.informatechtarget.com\/terms-of-use), TechTarget  \n   \n  [Privacy Policy](https:\/\/www.informatechtarget.com\/privacy-policy\/)    \n  [Cookie Preferences](https:\/\/www.techtarget.com\/whatis\/feature\/Common-cryptocurrency-scams)    \n   [Cookie Preferences](https:\/\/www.techtarget.com\/whatis\/feature\/Common-cryptocurrency-scams)    \n   [Do Not Sell or Share My Personal Information](https:\/\/techtarget.zendesk.com\/hc\/en-us\/requests\/new?ticket_form_id=360004852434)\n\nClose\n\n![](https:\/\/go.techtarget.com\/clicktrack-r\/activity\/activity.gif?activityTypeId=16&t=2240113827&t2=252509044&a=2026-04-11%2011:46:05&g=252521392&c=normal&auid=87869405-fa59-4198-bcde-b8fe75895d57&r=350887)","attrs_readable_markdown":"Where money is concerned, scams always follow. And the same is true with cryptocurrency.\n\nIn 2024, [cryptocurrency and bitcoin hit an all-time high](https:\/\/www.techtarget.com\/whatis\/feature\/Why-is-cryptocurrency-rising-and-bitcoin-at-an-all-time-high). This will most likely create an urgency to invest in cryptocurrencies to make money along with a rise in scammers trying to take advantage of this craze. There was already a large increase in scams in 2023, and the FBI's Internet Crime Complaint Center [estimates](https:\/\/www.ic3.gov\/AnnualReport\/Reports\/2023_IC3CryptocurrencyReport.pdf) losses were more than \\$5.6 billion -- about half of all reported fraud losses. The total losses in 2023 increased 45% over 2022, and with prices soaring in 2024, scammers are finding new ways to take advantage of people looking to make money.\n\nDigital currency is a form of currency stored in a digital wallet, and the owner can turn currency into cash by transferring it to a bank account. Cryptocurrency, such as bitcoin, is [different from digital currency](https:\/\/www.techtarget.com\/whatis\/feature\/Compare-NFTs-vs-cryptocurrency-vs-digital-currency). It uses blockchain for verification and no central authority such as a bank, so it is harder to recover from theft.\n\nEven though cryptocurrency is a newer trend, thieves are using old methods to steal. Here are some of the common cryptocurrency scams to watch.\n\n## 1\\. Bitcoin investment schemes\nThe FBI stated investment schemes are the most reported type of fraud. In bitcoin investment schemes, scammers contact investors claiming to be seasoned \"investment managers.\" As part of the scheme, the so-called investment managers claim to have made millions investing in cryptocurrency and promise their victims that they will make money with investments.\n\nTo get started, the scammers request an upfront fee. Then, instead of making money, the thieves simply steal the upfront fees. The scammers might also request personal identification information, claiming it's to transfer or deposit funds, and thus gain access to a person's cryptocurrency.\n\nAnother type of investment scam involves using fake celebrity endorsements. Scammers take real photos and impose them on fake accounts, ads or articles to make it appear as though the celebrity is promoting a large financial gain from the investment. The sources for these claims appear to be legitimate, using reputable company names such as ABC or CBS with a professional-looking website and logos. However, the endorsement is fake.\n\n## 2\\. Rug pull scams\nRug pull scams involve investment scammers \"pumping up\" a new project, non-fungible token ([NFT](https:\/\/www.techtarget.com\/whatis\/definition\/nonfungible-token-NFT)) or coin to get funding. After the scammers get the money, they disappear with it. The coding for these investments prevents people from selling the bitcoin after purchase, so investors are left with a valueless investment.\n\nA common type of rug pull scam is a fake initial coin offering (ICO), where scammers promote a non-existent project or coin. A popular version of this ICO scam was the Squid coin scam, named after the popular Netflix series *Squid Game*. Investors had to play to earn cryptocurrency: People would buy tokens for online games and earn more later to exchange for other cryptocurrencies. The price of the Squid token went from being worth 1 cent to about \\$90 per token.\n\nEventually, trading stopped and the money disappeared. The token value then reached zero as people attempted but failed to sell their tokens. The [scammers made about \\$3 million](https:\/\/www.nbcnews.com\/tech\/tech-news\/squid-game-crypto-collapse-pushes-investors-cry-scam-rcna4399) from these investors.\n\nRug pull scams are also common for NFTs, which are one-of-a-kind digital assets.\n\n## 3\\. Romance scams\nDating apps are no stranger to crypto scams. These scams involve relationships -- typically long-distance and strictly online -- where one party takes time to gain the other party's trust. Over time, one party starts to convince the other to buy or give money in some form of cryptocurrency.\n\nAfter getting the money, the dating scammer disappears. These scams are also referred to as \"pig butchering scams.\"\n\nRomance scams cost consumers \\$1.179 billion in 2023, according to the [FTC](https:\/\/public.tableau.com\/app\/profile\/federal.trade.commission\/viz\/shared\/4WS8HTYQ6).\n\n![Visual showing the types of cryptocurrency scams](https:\/\/www.techtarget.com\/rms\/onlineimages\/types_of_cryptocurrency_scams-h_half_column_mobile.png)\n\n## 4\\. Phishing scams\n[Phishing](https:\/\/www.techtarget.com\/searchsecurity\/definition\/phishing) scams have been around for some time but are still popular. Scammers send emails with malicious links to a fake website to gather personal details, such as [cryptocurrency wallet](https:\/\/www.techtarget.com\/searchsecurity\/definition\/crypto-wallet-cryptocurrency-wallet) key information.\n\nUnlike passwords, users only get one unique private key to digital wallets. But if a private key is stolen, it is troublesome to change this key. Each key is unique to a wallet; so, to update this key, the person needs to create a new wallet.\n\nTo avoid phishing scams, never enter secure information from an email link. Always go directly to the site, no matter how legitimate the website or link appears.\n\n## 5\\. Man-in-the-middle attacks\nWhen users log in to a cryptocurrency account in a public location, scammers can steal their private, sensitive information. A scammer can intercept any information sent over a public network, including passwords, cryptocurrency wallet keys and account information.\n\nAnytime a user is logged in, a thief can gather this sensitive information by using the [man-in-the-middle attack](https:\/\/www.techtarget.com\/iotagenda\/definition\/man-in-the-middle-attack-MitM) approach. This is done by intercepting Wi-Fi signals on trusted networks if they are in proximity.\n\nThe best way to avoid these attacks is to block the man in the middle by using a virtual private network ([VPN](https:\/\/www.techtarget.com\/searchnetworking\/definition\/virtual-private-network)). The VPN encrypts all the data being transmitted, so thieves cannot access personal information and steal cryptocurrency.\n\n## 6\\. Social media cryptocurrency giveaway scams\nThere are many fraudulent posts on social media outlets promising bitcoin giveaways. Some of these scams also include fake celebrity accounts promoting the giveaway to lure people in.\n\nHowever, when someone clicks on the giveaway, they are taken to a fraudulent site asking for verification to receive the bitcoin. The verification process includes making a payment to prove the account is legitimate.\n\nThe victim can lose this payment -- or, worse yet, click on a malicious link and have their personal information and cryptocurrency stolen.\n\n## 7\\. Ponzi schemes\nPonzi schemes pay older investors with the proceeds from new ones. To get fresh investors, cryptocurrency scammers will lure new investors with bitcoin. It's a scheme that runs in circles, because there are no legitimate investments; it is all about targeting new investors for money.\n\nThe main lure of a Ponzi scheme is the promise of huge profits with little risk. There are always risks with these investments, however, and there are no guaranteed returns.\n\nIn 2024, a Ponzi scheme led by brothers Jonathan and Tanner Adam lured investors by promising 13.5% monthly returns by claiming their bot could exploit price differences on cryptocurrency exchanges. However, the \\$60 million raised by this Ponzi scheme was used to buy luxury purchases. The SEC [charged](https:\/\/www.sec.gov\/newsroom\/press-releases\/2024-107) the brothers on Aug. 26, 2024, with violating antifraud provisions of the federal securities laws.\n\n## 8\\. Fake cryptocurrency exchanges\nScammers might lure investors in with promises of a great cryptocurrency exchange -- maybe even some additional bitcoin. But in reality, there is no exchange and the investor does not know it's fake until after they lose their deposit.\n\nStick to known crypto exchange markets -- such as Coinbase, Crypto.com and Cash App -- to avoid an unfamiliar exchange. Do some research and check industry sites for details about the exchange's reputation and legitimacy before entering any personal information.\n\n## 9\\. Employment offers and fraudulent employees\nScammers will also impersonate recruiters or job seekers to get access to cryptocurrency accounts. With this ploy, they offer an interesting job but require cryptocurrency as payment for job training.\n\nThere are also [scams when hiring remote workers](https:\/\/www.theserverside.com\/tip\/How-developers-can-avoid-remote-work-scams). For instance, North Korean IT freelancers are trying to capitalize on remote job opportunities by presenting impressive resumes and claiming to be based in the U.S. The U.S. Department of the Treasury issued a warning of this North Korean scam targeting cryptocurrency companies. This type of scam is called a shadow workforce.\n\nIn 2022, shadow workers targeted a Sky Mavis engineer by posing as a LinkedIn recruiter. The engineer had a phone interview with this shadow worker and gave him a document to review for the next step in the interview. This document contained malicious code that allowed the North Korean Lazarus group to steal \\$600 million in a bridge attack.\n\nThese IT freelancers seek projects involving virtual currency and use access for the currency exchanges. They then hack into the systems to raise money or steal information for the Democratic People's Republic of Korea (DPRK). These workers also engage in other skilled IT work and use their knowledge to gain insider access to enable the DPRK's malicious cyber attacks. With these scams, these shadow workers have stolen nearly \\$3 billion in the past year, according to [Chainalysis](https:\/\/blog.chainalysis.com\/reports\/2022-biggest-year-ever-for-crypto-hacking\/).\n\n*Learn more about* [*continuous employee background checks*](https:\/\/www.techtarget.com\/searchhrsoftware\/news\/252514924\/Employment-background-checks-shift-to-continuous) *to protect organizations.*\n\n## 10\\. Flash loan attack\nFlash loans are loans for short periods of time, such as seconds to make a trade. These loans are popular in the cryptocurrency market because traders use funds to buy tokens on one platform with a lower price, and then sell that asset immediately on a different platform to make money. These moneymaking trades are all done in one transaction and the flash loan is repaid.\n\nBecause flash loans are not collateralized and there are no credit checks involved, an attacker takes advantage of borrowing money and using these funds to manipulate pricing on a decentralized finance platform. To manipulate the pricing, the attacker creates several buy-and-sell orders to create an impression of high demand. The attacker then cancels orders after prices increase, which will cause the price to fall immediately. The attacker can then make a profit by buying at a lower price on a different platform.\n\nIn February 2023, Platypus Finance was victim to a flash loan attack, which resulted in an \\$8.5 million loss.\n\n## 11\\. AI scams\nWith the rise of artificial intelligence ([AI](https:\/\/www.techtarget.com\/searchenterpriseai\/definition\/AI-Artificial-Intelligence)), attackers are finding new ways to deceive the cryptocurrency market. Attackers can use AI chatbots to engage with users, providing advice and promoting fake tokens. Chatbots are programed to tell investors about high-yield investment opportunities that turn into pump-and-dump schemes to artificially inflate the token value before selling off.\n\nAI can also manipulate proof of work, which overexaggerates the cryptocurrency project to make it seem there are more loyal followers, and the token is legitimate. By inflating the followers, it makes it more difficult to research if a token is authentic.\n\nAttackers can also use high-profile celebrities or business professionals to promote fake endorsement schemes related to cryptocurrency projects. By using [deepfakes](https:\/\/www.techtarget.com\/whatis\/definition\/deepfake), attackers take the faces of famous individuals -- such as Bill Gates, Mark Zuckerberg and Elon Musk -- to say they are launching a new project. With the advancements of AI, the deep fakes look more realistic to dupe investors out of money by using someone they might trust for financial advice. A popular red flag in these deepfakes is the promise of a high rate of return in a short time.\n\n## 12\\. Bitcoin ATMs (or BTMs)\nWith the rise of ATMs -- or BTMs -- for bitcoin in convenience stores, gas stations and other areas to buy and send cryptocurrency, scammers are finding ways to use devices to steal. The FTC Consumer Sentinel Network states that fraud losses at BTMs are soaring with losses reaching \\$65 million in the first half of 2024 alone. Not all losses are reported, so this number may be much higher.\n\nThe scams at the BTMs start the same as other types with calls or messages of suspicious activity or unauthorized charges on an account. The scammers will impersonate large companies such as Apple or banks and say a person's money or identification is at risk. The scammer may even say the person's information has been tied to illegal activity and they need to get money from the bank before accounts are frozen.\n\nScammers claim that BTMs are \"safety lockers\" and have people take money out of their bank and deposit cash in the BTM. The scammer will text a QR code to scan at the machine for this deposit sending the money to the scammer's wallet.\n\n## How to protect bitcoin and cryptocurrency\nTo protect against [cryptocurrency scams](https:\/\/www.techtarget.com\/searchsecurity\/feature\/Cryptocurrency-cyber-attacks-on-the-rise-as-industry-expands), some of the common red flags include the following:\n\n- Promises of large gains or double the investment.\n- Only accepting cryptocurrency as payment.\n- Contractual obligations.\n- Misspellings and grammatical errors in emails, social media posts or any other communication.\n- Manipulation tactics, such as extortion or blackmail.\n- Promises of free money.\n- Fake influencers or celebrity endorsements that seem out of place.\n- Minimal details about money movement and the investment.\n- Several transactions in one day.\n\nProtect digital wallets from scammers by practicing good digital security habits such as [strong passwords](https:\/\/www.techtarget.com\/searchsecurity\/tip\/Top-5-password-hygiene-tips-and-best-practices), using only secured connections or VPNs and choosing safe storage. There are two types of wallets: digital and hardware. Digital wallets are hosted online and have a higher rate of getting hacked. Hardware wallets store information, such as the cryptocurrency wallet and keys, offline within a device.\n\nCryptocurrency is not insured by the Federal Deposit Insurance Corporation, so keeping it safe is vital. Never give wallet keys or access codes to anyone. If you receive a text or an email saying there is a problem with your cryptocurrency account or the owner's account has been compromised, go directly to the provider's website or use the trusted phone number on the site to ensure you are reaching a trusted source. Do not click on links or respond directly to those emails or text messages.\n\n## How to report a scam\nAnyone who believes they have seen a cryptocurrency scam or were part of a scam should report it immediately. Here are some organizations to report it to:\n\n- Commodity Futures Trading Commission (CFTC): [CFTC.gov\/complaint](https:\/\/www.cftc.gov\/complaint).\n- Federal Trade Commission (FTC): [ReportFraud.ftc.gov.](https:\/\/www.reportfraud.ftc.gov\/)\n- Internet Crime Complaint Center (IC3): [ic3.gov](https:\/\/www.ic3.gov\/).\n- U.S. Securities and Exchange Commission (SEC): [sec.gov\/tcr](https:\/\/www.sec.gov\/tcr).\n\nIn addition to the agencies listed above, the person should also immediately report to the cryptocurrency exchange used for the transaction.\n\n*Amanda Hetler is a senior editor and writer for WhatIs where she writes technology explainer articles and works with freelancers.*","meta_canonical":null}

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Boilerpipe Text	Where money is concerned, scams always follow. And the same is true with cryptocurrency. In 2024, cryptocurrency and bitcoin hit an all-time high . This will most likely create an urgency to invest in cryptocurrencies to make money along with a rise in scammers trying to take advantage of this craze. There was already a large increase in scams in 2023, and the FBI's Internet Crime Complaint Center estimates losses were more than $5.6 billion -- about half of all reported fraud losses. The total losses in 2023 increased 45% over 2022, and with prices soaring in 2024, scammers are finding new ways to take advantage of people looking to make money. Digital currency is a form of currency stored in a digital wallet, and the owner can turn currency into cash by transferring it to a bank account. Cryptocurrency, such as bitcoin, is different from digital currency . It uses blockchain for verification and no central authority such as a bank, so it is harder to recover from theft. Even though cryptocurrency is a newer trend, thieves are using old methods to steal. Here are some of the common cryptocurrency scams to watch. 1. Bitcoin investment schemes The FBI stated investment schemes are the most reported type of fraud. In bitcoin investment schemes, scammers contact investors claiming to be seasoned "investment managers." As part of the scheme, the so-called investment managers claim to have made millions investing in cryptocurrency and promise their victims that they will make money with investments. To get started, the scammers request an upfront fee. Then, instead of making money, the thieves simply steal the upfront fees. The scammers might also request personal identification information, claiming it's to transfer or deposit funds, and thus gain access to a person's cryptocurrency. Another type of investment scam involves using fake celebrity endorsements. Scammers take real photos and impose them on fake accounts, ads or articles to make it appear as though the celebrity is promoting a large financial gain from the investment. The sources for these claims appear to be legitimate, using reputable company names such as ABC or CBS with a professional-looking website and logos. However, the endorsement is fake. 2. Rug pull scams Rug pull scams involve investment scammers "pumping up" a new project, non-fungible token ( NFT ) or coin to get funding. After the scammers get the money, they disappear with it. The coding for these investments prevents people from selling the bitcoin after purchase, so investors are left with a valueless investment. A common type of rug pull scam is a fake initial coin offering (ICO), where scammers promote a non-existent project or coin. A popular version of this ICO scam was the Squid coin scam, named after the popular Netflix series Squid Game . Investors had to play to earn cryptocurrency: People would buy tokens for online games and earn more later to exchange for other cryptocurrencies. The price of the Squid token went from being worth 1 cent to about $90 per token. Eventually, trading stopped and the money disappeared. The token value then reached zero as people attempted but failed to sell their tokens. The scammers made about $3 million from these investors. Rug pull scams are also common for NFTs, which are one-of-a-kind digital assets. 3. Romance scams Dating apps are no stranger to crypto scams. These scams involve relationships -- typically long-distance and strictly online -- where one party takes time to gain the other party's trust. Over time, one party starts to convince the other to buy or give money in some form of cryptocurrency. After getting the money, the dating scammer disappears. These scams are also referred to as "pig butchering scams." Romance scams cost consumers $1.179 billion in 2023, according to the FTC . 4. Phishing scams Phishing scams have been around for some time but are still popular. Scammers send emails with malicious links to a fake website to gather personal details, such as cryptocurrency wallet key information. Unlike passwords, users only get one unique private key to digital wallets. But if a private key is stolen, it is troublesome to change this key. Each key is unique to a wallet; so, to update this key, the person needs to create a new wallet. To avoid phishing scams, never enter secure information from an email link. Always go directly to the site, no matter how legitimate the website or link appears. 5. Man-in-the-middle attacks When users log in to a cryptocurrency account in a public location, scammers can steal their private, sensitive information. A scammer can intercept any information sent over a public network, including passwords, cryptocurrency wallet keys and account information. Anytime a user is logged in, a thief can gather this sensitive information by using the man-in-the-middle attack approach. This is done by intercepting Wi-Fi signals on trusted networks if they are in proximity. The best way to avoid these attacks is to block the man in the middle by using a virtual private network ( VPN ). The VPN encrypts all the data being transmitted, so thieves cannot access personal information and steal cryptocurrency. 6. Social media cryptocurrency giveaway scams There are many fraudulent posts on social media outlets promising bitcoin giveaways. Some of these scams also include fake celebrity accounts promoting the giveaway to lure people in. However, when someone clicks on the giveaway, they are taken to a fraudulent site asking for verification to receive the bitcoin. The verification process includes making a payment to prove the account is legitimate. The victim can lose this payment -- or, worse yet, click on a malicious link and have their personal information and cryptocurrency stolen. 7. Ponzi schemes Ponzi schemes pay older investors with the proceeds from new ones. To get fresh investors, cryptocurrency scammers will lure new investors with bitcoin. It's a scheme that runs in circles, because there are no legitimate investments; it is all about targeting new investors for money. The main lure of a Ponzi scheme is the promise of huge profits with little risk. There are always risks with these investments, however, and there are no guaranteed returns. In 2024, a Ponzi scheme led by brothers Jonathan and Tanner Adam lured investors by promising 13.5% monthly returns by claiming their bot could exploit price differences on cryptocurrency exchanges. However, the $60 million raised by this Ponzi scheme was used to buy luxury purchases. The SEC charged the brothers on Aug. 26, 2024, with violating antifraud provisions of the federal securities laws. 8. Fake cryptocurrency exchanges Scammers might lure investors in with promises of a great cryptocurrency exchange -- maybe even some additional bitcoin. But in reality, there is no exchange and the investor does not know it's fake until after they lose their deposit. Stick to known crypto exchange markets -- such as Coinbase, Crypto.com and Cash App -- to avoid an unfamiliar exchange. Do some research and check industry sites for details about the exchange's reputation and legitimacy before entering any personal information. 9. Employment offers and fraudulent employees Scammers will also impersonate recruiters or job seekers to get access to cryptocurrency accounts. With this ploy, they offer an interesting job but require cryptocurrency as payment for job training. There are also scams when hiring remote workers . For instance, North Korean IT freelancers are trying to capitalize on remote job opportunities by presenting impressive resumes and claiming to be based in the U.S. The U.S. Department of the Treasury issued a warning of this North Korean scam targeting cryptocurrency companies. This type of scam is called a shadow workforce. In 2022, shadow workers targeted a Sky Mavis engineer by posing as a LinkedIn recruiter. The engineer had a phone interview with this shadow worker and gave him a document to review for the next step in the interview. This document contained malicious code that allowed the North Korean Lazarus group to steal $600 million in a bridge attack. These IT freelancers seek projects involving virtual currency and use access for the currency exchanges. They then hack into the systems to raise money or steal information for the Democratic People's Republic of Korea (DPRK). These workers also engage in other skilled IT work and use their knowledge to gain insider access to enable the DPRK's malicious cyber attacks. With these scams, these shadow workers have stolen nearly $3 billion in the past year, according to Chainalysis . Learn more about continuous employee background checks to protect organizations. 10. Flash loan attack Flash loans are loans for short periods of time, such as seconds to make a trade. These loans are popular in the cryptocurrency market because traders use funds to buy tokens on one platform with a lower price, and then sell that asset immediately on a different platform to make money. These moneymaking trades are all done in one transaction and the flash loan is repaid. Because flash loans are not collateralized and there are no credit checks involved, an attacker takes advantage of borrowing money and using these funds to manipulate pricing on a decentralized finance platform. To manipulate the pricing, the attacker creates several buy-and-sell orders to create an impression of high demand. The attacker then cancels orders after prices increase, which will cause the price to fall immediately. The attacker can then make a profit by buying at a lower price on a different platform. In February 2023, Platypus Finance was victim to a flash loan attack, which resulted in an $8.5 million loss. 11. AI scams With the rise of artificial intelligence ( AI ), attackers are finding new ways to deceive the cryptocurrency market. Attackers can use AI chatbots to engage with users, providing advice and promoting fake tokens. Chatbots are programed to tell investors about high-yield investment opportunities that turn into pump-and-dump schemes to artificially inflate the token value before selling off. AI can also manipulate proof of work, which overexaggerates the cryptocurrency project to make it seem there are more loyal followers, and the token is legitimate. By inflating the followers, it makes it more difficult to research if a token is authentic. Attackers can also use high-profile celebrities or business professionals to promote fake endorsement schemes related to cryptocurrency projects. By using deepfakes , attackers take the faces of famous individuals -- such as Bill Gates, Mark Zuckerberg and Elon Musk -- to say they are launching a new project. With the advancements of AI, the deep fakes look more realistic to dupe investors out of money by using someone they might trust for financial advice. A popular red flag in these deepfakes is the promise of a high rate of return in a short time. 12. Bitcoin ATMs (or BTMs) With the rise of ATMs -- or BTMs -- for bitcoin in convenience stores, gas stations and other areas to buy and send cryptocurrency, scammers are finding ways to use devices to steal. The FTC Consumer Sentinel Network states that fraud losses at BTMs are soaring with losses reaching $65 million in the first half of 2024 alone. Not all losses are reported, so this number may be much higher. The scams at the BTMs start the same as other types with calls or messages of suspicious activity or unauthorized charges on an account. The scammers will impersonate large companies such as Apple or banks and say a person's money or identification is at risk. The scammer may even say the person's information has been tied to illegal activity and they need to get money from the bank before accounts are frozen. Scammers claim that BTMs are "safety lockers" and have people take money out of their bank and deposit cash in the BTM. The scammer will text a QR code to scan at the machine for this deposit sending the money to the scammer's wallet. How to protect bitcoin and cryptocurrency To protect against cryptocurrency scams , some of the common red flags include the following: Promises of large gains or double the investment. Only accepting cryptocurrency as payment. Contractual obligations. Misspellings and grammatical errors in emails, social media posts or any other communication. Manipulation tactics, such as extortion or blackmail. Promises of free money. Fake influencers or celebrity endorsements that seem out of place. Minimal details about money movement and the investment. Several transactions in one day. Protect digital wallets from scammers by practicing good digital security habits such as strong passwords , using only secured connections or VPNs and choosing safe storage. There are two types of wallets: digital and hardware. Digital wallets are hosted online and have a higher rate of getting hacked. Hardware wallets store information, such as the cryptocurrency wallet and keys, offline within a device. Cryptocurrency is not insured by the Federal Deposit Insurance Corporation, so keeping it safe is vital. Never give wallet keys or access codes to anyone. If you receive a text or an email saying there is a problem with your cryptocurrency account or the owner's account has been compromised, go directly to the provider's website or use the trusted phone number on the site to ensure you are reaching a trusted source. Do not click on links or respond directly to those emails or text messages. How to report a scam Anyone who believes they have seen a cryptocurrency scam or were part of a scam should report it immediately. Here are some organizations to report it to: Commodity Futures Trading Commission (CFTC): CFTC.gov/complaint . Federal Trade Commission (FTC): ReportFraud.ftc.gov. Internet Crime Complaint Center (IC3): ic3.gov . U.S. Securities and Exchange Commission (SEC): sec.gov/tcr . In addition to the agencies listed above, the person should also immediately report to the cryptocurrency exchange used for the transaction. Amanda Hetler is a senior editor and writer for WhatIs where she writes technology explainer articles and works with freelancers.
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[Download this guide1](https://www.techtarget.com/searchcio/pro/Blockchain-for-Businesses-The-Ultimate-Enterprise-Guide?offer=Content_OTHR-PillarPage_Blockchainforbusinesses:Theultimateenterpriseguide) [Feature](https://www.techtarget.com/whatis/features) # Cryptocurrency scams: Common types and prevention ## Cryptocurrency scams are rising, and thieves are using new and old techniques to steal money. Some of the latest scams involve rug pull scams, Ponzi schemes and phishing scams. - Share this item with your network: ![Amanda Hetler](https://cdn.ttgtmedia.com/rms/onlineimages/hetler_amanda.jpg) By - [Amanda Hetler,](https://www.techtarget.com/contributor/Amanda-Hetler) Senior Editor Published: 17 Dec 2024 Where money is concerned, scams always follow. And the same is true with cryptocurrency. In 2024, [cryptocurrency and bitcoin hit an all-time high](https://www.techtarget.com/whatis/feature/Why-is-cryptocurrency-rising-and-bitcoin-at-an-all-time-high). This will most likely create an urgency to invest in cryptocurrencies to make money along with a rise in scammers trying to take advantage of this craze. There was already a large increase in scams in 2023, and the FBI's Internet Crime Complaint Center [estimates](https://www.ic3.gov/AnnualReport/Reports/2023_IC3CryptocurrencyReport.pdf) losses were more than \$5.6 billion -- about half of all reported fraud losses. The total losses in 2023 increased 45% over 2022, and with prices soaring in 2024, scammers are finding new ways to take advantage of people looking to make money. Digital currency is a form of currency stored in a digital wallet, and the owner can turn currency into cash by transferring it to a bank account. Cryptocurrency, such as bitcoin, is [different from digital currency](https://www.techtarget.com/whatis/feature/Compare-NFTs-vs-cryptocurrency-vs-digital-currency). It uses blockchain for verification and no central authority such as a bank, so it is harder to recover from theft. Even though cryptocurrency is a newer trend, thieves are using old methods to steal. Here are some of the common cryptocurrency scams to watch. ## 1\. Bitcoin investment schemes The FBI stated investment schemes are the most reported type of fraud. In bitcoin investment schemes, scammers contact investors claiming to be seasoned "investment managers." As part of the scheme, the so-called investment managers claim to have made millions investing in cryptocurrency and promise their victims that they will make money with investments. To get started, the scammers request an upfront fee. Then, instead of making money, the thieves simply steal the upfront fees. The scammers might also request personal identification information, claiming it's to transfer or deposit funds, and thus gain access to a person's cryptocurrency. This article is part of ### [Blockchain for businesses: The ultimate enterprise guide](https://www.techtarget.com/searchcio/Blockchain-for-businesses-The-ultimate-enterprise-guide) - Which also includes: - [Top 10 benefits of blockchain for business](https://www.techtarget.com/searchcio/feature/Top-10-benefits-of-blockchain-technology-for-business) - [What are the 4 different types of blockchain technology?](https://www.techtarget.com/searchcio/feature/What-are-the-4-different-types-of-blockchain-technology) - [7 must-have blockchain developer skills](https://www.techtarget.com/whatis/feature/6-must-have-blockchain-developer-skills) [Download1Download this entire guide for FREE now\!](https://www.techtarget.com/searchcio/pro/Blockchain-for-Businesses-The-Ultimate-Enterprise-Guide?offer=Content_OTHR-PillarPage_Blockchainforbusinesses:Theultimateenterpriseguide) Another type of investment scam involves using fake celebrity endorsements. Scammers take real photos and impose them on fake accounts, ads or articles to make it appear as though the celebrity is promoting a large financial gain from the investment. The sources for these claims appear to be legitimate, using reputable company names such as ABC or CBS with a professional-looking website and logos. However, the endorsement is fake. ## 2\. Rug pull scams Rug pull scams involve investment scammers "pumping up" a new project, non-fungible token ([NFT](https://www.techtarget.com/whatis/definition/nonfungible-token-NFT)) or coin to get funding. After the scammers get the money, they disappear with it. The coding for these investments prevents people from selling the bitcoin after purchase, so investors are left with a valueless investment. A common type of rug pull scam is a fake initial coin offering (ICO), where scammers promote a non-existent project or coin. A popular version of this ICO scam was the Squid coin scam, named after the popular Netflix series Squid Game. Investors had to play to earn cryptocurrency: People would buy tokens for online games and earn more later to exchange for other cryptocurrencies. The price of the Squid token went from being worth 1 cent to about \$90 per token. Eventually, trading stopped and the money disappeared. The token value then reached zero as people attempted but failed to sell their tokens. The [scammers made about \$3 million](https://www.nbcnews.com/tech/tech-news/squid-game-crypto-collapse-pushes-investors-cry-scam-rcna4399) from these investors. Rug pull scams are also common for NFTs, which are one-of-a-kind digital assets. ## 3\. Romance scams Dating apps are no stranger to crypto scams. These scams involve relationships -- typically long-distance and strictly online -- where one party takes time to gain the other party's trust. Over time, one party starts to convince the other to buy or give money in some form of cryptocurrency. After getting the money, the dating scammer disappears. These scams are also referred to as "pig butchering scams." Romance scams cost consumers \$1.179 billion in 2023, according to the [FTC](https://public.tableau.com/app/profile/federal.trade.commission/viz/shared/4WS8HTYQ6). ![Visual showing the types of cryptocurrency scams](https://www.techtarget.com/rms/onlineimages/types_of_cryptocurrency_scams-h_half_column_mobile.png) ## 4\. Phishing scams [Phishing](https://www.techtarget.com/searchsecurity/definition/phishing) scams have been around for some time but are still popular. Scammers send emails with malicious links to a fake website to gather personal details, such as [cryptocurrency wallet](https://www.techtarget.com/searchsecurity/definition/crypto-wallet-cryptocurrency-wallet) key information. Unlike passwords, users only get one unique private key to digital wallets. But if a private key is stolen, it is troublesome to change this key. Each key is unique to a wallet; so, to update this key, the person needs to create a new wallet. To avoid phishing scams, never enter secure information from an email link. Always go directly to the site, no matter how legitimate the website or link appears. ## 5\. Man-in-the-middle attacks When users log in to a cryptocurrency account in a public location, scammers can steal their private, sensitive information. A scammer can intercept any information sent over a public network, including passwords, cryptocurrency wallet keys and account information. Anytime a user is logged in, a thief can gather this sensitive information by using the [man-in-the-middle attack](https://www.techtarget.com/iotagenda/definition/man-in-the-middle-attack-MitM) approach. This is done by intercepting Wi-Fi signals on trusted networks if they are in proximity. The best way to avoid these attacks is to block the man in the middle by using a virtual private network ([VPN](https://www.techtarget.com/searchnetworking/definition/virtual-private-network)). The VPN encrypts all the data being transmitted, so thieves cannot access personal information and steal cryptocurrency. ## 6\. Social media cryptocurrency giveaway scams There are many fraudulent posts on social media outlets promising bitcoin giveaways. Some of these scams also include fake celebrity accounts promoting the giveaway to lure people in. However, when someone clicks on the giveaway, they are taken to a fraudulent site asking for verification to receive the bitcoin. The verification process includes making a payment to prove the account is legitimate. The victim can lose this payment -- or, worse yet, click on a malicious link and have their personal information and cryptocurrency stolen. ## 7\. Ponzi schemes Ponzi schemes pay older investors with the proceeds from new ones. To get fresh investors, cryptocurrency scammers will lure new investors with bitcoin. It's a scheme that runs in circles, because there are no legitimate investments; it is all about targeting new investors for money. The main lure of a Ponzi scheme is the promise of huge profits with little risk. There are always risks with these investments, however, and there are no guaranteed returns. In 2024, a Ponzi scheme led by brothers Jonathan and Tanner Adam lured investors by promising 13.5% monthly returns by claiming their bot could exploit price differences on cryptocurrency exchanges. However, the \$60 million raised by this Ponzi scheme was used to buy luxury purchases. The SEC [charged](https://www.sec.gov/newsroom/press-releases/2024-107) the brothers on Aug. 26, 2024, with violating antifraud provisions of the federal securities laws. ## 8\. Fake cryptocurrency exchanges Scammers might lure investors in with promises of a great cryptocurrency exchange -- maybe even some additional bitcoin. But in reality, there is no exchange and the investor does not know it's fake until after they lose their deposit. Stick to known crypto exchange markets -- such as Coinbase, Crypto.com and Cash App -- to avoid an unfamiliar exchange. Do some research and check industry sites for details about the exchange's reputation and legitimacy before entering any personal information. ## 9\. Employment offers and fraudulent employees Scammers will also impersonate recruiters or job seekers to get access to cryptocurrency accounts. With this ploy, they offer an interesting job but require cryptocurrency as payment for job training. There are also [scams when hiring remote workers](https://www.theserverside.com/tip/How-developers-can-avoid-remote-work-scams). For instance, North Korean IT freelancers are trying to capitalize on remote job opportunities by presenting impressive resumes and claiming to be based in the U.S. The U.S. Department of the Treasury issued a warning of this North Korean scam targeting cryptocurrency companies. This type of scam is called a shadow workforce. In 2022, shadow workers targeted a Sky Mavis engineer by posing as a LinkedIn recruiter. The engineer had a phone interview with this shadow worker and gave him a document to review for the next step in the interview. This document contained malicious code that allowed the North Korean Lazarus group to steal \$600 million in a bridge attack. These IT freelancers seek projects involving virtual currency and use access for the currency exchanges. They then hack into the systems to raise money or steal information for the Democratic People's Republic of Korea (DPRK). These workers also engage in other skilled IT work and use their knowledge to gain insider access to enable the DPRK's malicious cyber attacks. With these scams, these shadow workers have stolen nearly \$3 billion in the past year, according to [Chainalysis](https://blog.chainalysis.com/reports/2022-biggest-year-ever-for-crypto-hacking/). Learn more about [continuous employee background checks](https://www.techtarget.com/searchhrsoftware/news/252514924/Employment-background-checks-shift-to-continuous) to protect organizations. ## 10\. Flash loan attack Flash loans are loans for short periods of time, such as seconds to make a trade. These loans are popular in the cryptocurrency market because traders use funds to buy tokens on one platform with a lower price, and then sell that asset immediately on a different platform to make money. These moneymaking trades are all done in one transaction and the flash loan is repaid. Because flash loans are not collateralized and there are no credit checks involved, an attacker takes advantage of borrowing money and using these funds to manipulate pricing on a decentralized finance platform. To manipulate the pricing, the attacker creates several buy-and-sell orders to create an impression of high demand. The attacker then cancels orders after prices increase, which will cause the price to fall immediately. The attacker can then make a profit by buying at a lower price on a different platform. In February 2023, Platypus Finance was victim to a flash loan attack, which resulted in an \$8.5 million loss. ## 11\. AI scams With the rise of artificial intelligence ([AI](https://www.techtarget.com/searchenterpriseai/definition/AI-Artificial-Intelligence)), attackers are finding new ways to deceive the cryptocurrency market. Attackers can use AI chatbots to engage with users, providing advice and promoting fake tokens. Chatbots are programed to tell investors about high-yield investment opportunities that turn into pump-and-dump schemes to artificially inflate the token value before selling off. AI can also manipulate proof of work, which overexaggerates the cryptocurrency project to make it seem there are more loyal followers, and the token is legitimate. By inflating the followers, it makes it more difficult to research if a token is authentic. Attackers can also use high-profile celebrities or business professionals to promote fake endorsement schemes related to cryptocurrency projects. By using [deepfakes](https://www.techtarget.com/whatis/definition/deepfake), attackers take the faces of famous individuals -- such as Bill Gates, Mark Zuckerberg and Elon Musk -- to say they are launching a new project. With the advancements of AI, the deep fakes look more realistic to dupe investors out of money by using someone they might trust for financial advice. A popular red flag in these deepfakes is the promise of a high rate of return in a short time. ## 12\. Bitcoin ATMs (or BTMs) With the rise of ATMs -- or BTMs -- for bitcoin in convenience stores, gas stations and other areas to buy and send cryptocurrency, scammers are finding ways to use devices to steal. The FTC Consumer Sentinel Network states that fraud losses at BTMs are soaring with losses reaching \$65 million in the first half of 2024 alone. Not all losses are reported, so this number may be much higher. The scams at the BTMs start the same as other types with calls or messages of suspicious activity or unauthorized charges on an account. The scammers will impersonate large companies such as Apple or banks and say a person's money or identification is at risk. The scammer may even say the person's information has been tied to illegal activity and they need to get money from the bank before accounts are frozen. Scammers claim that BTMs are "safety lockers" and have people take money out of their bank and deposit cash in the BTM. The scammer will text a QR code to scan at the machine for this deposit sending the money to the scammer's wallet. ## How to protect bitcoin and cryptocurrency To protect against [cryptocurrency scams](https://www.techtarget.com/searchsecurity/feature/Cryptocurrency-cyber-attacks-on-the-rise-as-industry-expands), some of the common red flags include the following: - Promises of large gains or double the investment. - Only accepting cryptocurrency as payment. - Contractual obligations. - Misspellings and grammatical errors in emails, social media posts or any other communication. - Manipulation tactics, such as extortion or blackmail. - Promises of free money. - Fake influencers or celebrity endorsements that seem out of place. - Minimal details about money movement and the investment. - Several transactions in one day. Protect digital wallets from scammers by practicing good digital security habits such as [strong passwords](https://www.techtarget.com/searchsecurity/tip/Top-5-password-hygiene-tips-and-best-practices), using only secured connections or VPNs and choosing safe storage. There are two types of wallets: digital and hardware. Digital wallets are hosted online and have a higher rate of getting hacked. Hardware wallets store information, such as the cryptocurrency wallet and keys, offline within a device. Cryptocurrency is not insured by the Federal Deposit Insurance Corporation, so keeping it safe is vital. Never give wallet keys or access codes to anyone. If you receive a text or an email saying there is a problem with your cryptocurrency account or the owner's account has been compromised, go directly to the provider's website or use the trusted phone number on the site to ensure you are reaching a trusted source. Do not click on links or respond directly to those emails or text messages. ## How to report a scam Anyone who believes they have seen a cryptocurrency scam or were part of a scam should report it immediately. Here are some organizations to report it to: - Commodity Futures Trading Commission (CFTC): [CFTC.gov/complaint](https://www.cftc.gov/complaint). - Federal Trade Commission (FTC): [ReportFraud.ftc.gov.](https://www.reportfraud.ftc.gov/) - Internet Crime Complaint Center (IC3): [ic3.gov](https://www.ic3.gov/). - U.S. Securities and Exchange Commission (SEC): [sec.gov/tcr](https://www.sec.gov/tcr). In addition to the agencies listed above, the person should also immediately report to the cryptocurrency exchange used for the transaction. Amanda Hetler is a senior editor and writer for WhatIs where she writes technology explainer articles and works with freelancers. #### Next Steps [The best cross-chain bridges](https://www.techtarget.com/whatis/feature/The-best-cross-chain-bridges) [How is cryptocurrency valued?](https://www.techtarget.com/whatis/feature/How-is-cryptocurrency-valued) [NFT wash trading explained](https://www.techtarget.com/whatis/feature/NFT-wash-trading-explained) [Cryptocurrency and taxes explained: What you need to know](https://www.techtarget.com/whatis/feature/Cryptocurrency-and-taxes-explained-What-you-need-to-know) #### Related Resources - [From Hardware to Outcomes – How Dell Enables the Modern Workplace](https://www.brighttalk.com/webcast/13935/665273) –Talk - [API Security: Monitoring and Securing Application Programming Interfaces](https://www.brighttalk.com/webcast/17608/664650) –Akamai Technologies - [Shadow AI and the new security blind spots MSPs can’t ignore](https://www.barracuda.com/campaigns/barracuda-brighttalk?commid=666017) –Barracuda - [How To Implement Zero Trust Device Security With Trusted Zero Clients And The ...](https://www.techtarget.com/hub/asset/1775112357_590) –HP & Intel #### Dig Deeper on Security management - [![]() Pig butchering scam explained: Everything you need to know ![AmandaHetler](https://www.techtarget.com/rms/onlineimages/hetler_amanda.jpg) By: Amanda Hetler](https://www.techtarget.com/whatis/feature/Pig-butchering-scam-explained-Everything-you-need-to-know) - [![]() 10 social media scams and how to avoid them ![SamanthaPoutre](https://www.techtarget.com/rms/onlineimages/poutre_samantha.jpg) By: Samantha Poutre](https://www.techtarget.com/whatis/feature/Social-media-scams-and-how-to-avoid-them) - [![]() Proofpoint exposes AFF scammers’ piano gambit ![AlexScroxton](https://www.techtarget.com/rms/computerweekly/Alex-Scroxton-CW-Contributor-2022.jpg) By: Alex Scroxton](https://www.computerweekly.com/news/366586694/Proofpoint-exposes-AFF-scammers-piano-gambit) - [![]() Lloyds Bank warns over rising threat of crypto scams](https://www.computerweekly.com/news/366559256/Lloyds-Bank-warns-over-rising-threat-of-crypto-scams) Sponsored News - [A spotlight on food is medicine: Creating sustainable programs](https://www.techtarget.com/healthcarepayers/ZelisHealthcare/A-spotlight-on-food-is-medicine-Creating-sustainable-programs) –Zelis Healthcare - [3 Strategies to Enhance Healthcare Financial Experiences](https://www.techtarget.com/healthcarepayers/ZelisHealthcare/3-Strategies-to-Enhance-Healthcare-Financial-Experiences) –Zelis Healthcare - [Four Reasons Health Plans Need Scalable Payment Solutions](https://www.techtarget.com/healthcarepayers/ZelisHealthcare/Four-Reasons-Health-Plans-Need-Scalable-Payment-Solutions) –Zelis Healthcare Related Content - [NatWest introduces limits on crypto trading to ...](https://www.computerweekly.com/news/365532556/NatWest-introduces-limits-on-crypto-trading-to-prevent-fraud) – ComputerWeekly.com - [8 ways to avoid NFT scams](https://www.techtarget.com/whatis/feature/8-ways-to-avoid-NFT-scams) – WhatIs - [Unregulated DeFi services abused in latest pig ...](https://www.computerweekly.com/news/366552414/Unregulated-DeFi-services-abused-in-latest-pig-butchering-twist) – ComputerWeekly.com Latest TechTarget resources - [Networking](https://www.techtarget.com/whatis/feature/Common-cryptocurrency-scams) - [Security](https://www.techtarget.com/whatis/feature/Common-cryptocurrency-scams) - [CIO](https://www.techtarget.com/whatis/feature/Common-cryptocurrency-scams) - [HR Software](https://www.techtarget.com/whatis/feature/Common-cryptocurrency-scams) - [Customer Experience](https://www.techtarget.com/whatis/feature/Common-cryptocurrency-scams) [Search Networking](https://www.techtarget.com/searchnetworking/) - [What is multi-access edge computing? 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Readable Markdown	Where money is concerned, scams always follow. And the same is true with cryptocurrency. In 2024, [cryptocurrency and bitcoin hit an all-time high](https://www.techtarget.com/whatis/feature/Why-is-cryptocurrency-rising-and-bitcoin-at-an-all-time-high). This will most likely create an urgency to invest in cryptocurrencies to make money along with a rise in scammers trying to take advantage of this craze. There was already a large increase in scams in 2023, and the FBI's Internet Crime Complaint Center [estimates](https://www.ic3.gov/AnnualReport/Reports/2023_IC3CryptocurrencyReport.pdf) losses were more than \$5.6 billion -- about half of all reported fraud losses. The total losses in 2023 increased 45% over 2022, and with prices soaring in 2024, scammers are finding new ways to take advantage of people looking to make money. Digital currency is a form of currency stored in a digital wallet, and the owner can turn currency into cash by transferring it to a bank account. Cryptocurrency, such as bitcoin, is [different from digital currency](https://www.techtarget.com/whatis/feature/Compare-NFTs-vs-cryptocurrency-vs-digital-currency). It uses blockchain for verification and no central authority such as a bank, so it is harder to recover from theft. Even though cryptocurrency is a newer trend, thieves are using old methods to steal. Here are some of the common cryptocurrency scams to watch. ## 1\. Bitcoin investment schemes The FBI stated investment schemes are the most reported type of fraud. In bitcoin investment schemes, scammers contact investors claiming to be seasoned "investment managers." As part of the scheme, the so-called investment managers claim to have made millions investing in cryptocurrency and promise their victims that they will make money with investments. To get started, the scammers request an upfront fee. Then, instead of making money, the thieves simply steal the upfront fees. The scammers might also request personal identification information, claiming it's to transfer or deposit funds, and thus gain access to a person's cryptocurrency. Another type of investment scam involves using fake celebrity endorsements. Scammers take real photos and impose them on fake accounts, ads or articles to make it appear as though the celebrity is promoting a large financial gain from the investment. The sources for these claims appear to be legitimate, using reputable company names such as ABC or CBS with a professional-looking website and logos. However, the endorsement is fake. ## 2\. Rug pull scams Rug pull scams involve investment scammers "pumping up" a new project, non-fungible token ([NFT](https://www.techtarget.com/whatis/definition/nonfungible-token-NFT)) or coin to get funding. After the scammers get the money, they disappear with it. The coding for these investments prevents people from selling the bitcoin after purchase, so investors are left with a valueless investment. A common type of rug pull scam is a fake initial coin offering (ICO), where scammers promote a non-existent project or coin. A popular version of this ICO scam was the Squid coin scam, named after the popular Netflix series Squid Game. Investors had to play to earn cryptocurrency: People would buy tokens for online games and earn more later to exchange for other cryptocurrencies. The price of the Squid token went from being worth 1 cent to about \$90 per token. Eventually, trading stopped and the money disappeared. The token value then reached zero as people attempted but failed to sell their tokens. The [scammers made about \$3 million](https://www.nbcnews.com/tech/tech-news/squid-game-crypto-collapse-pushes-investors-cry-scam-rcna4399) from these investors. Rug pull scams are also common for NFTs, which are one-of-a-kind digital assets. ## 3\. Romance scams Dating apps are no stranger to crypto scams. These scams involve relationships -- typically long-distance and strictly online -- where one party takes time to gain the other party's trust. Over time, one party starts to convince the other to buy or give money in some form of cryptocurrency. After getting the money, the dating scammer disappears. These scams are also referred to as "pig butchering scams." Romance scams cost consumers \$1.179 billion in 2023, according to the [FTC](https://public.tableau.com/app/profile/federal.trade.commission/viz/shared/4WS8HTYQ6). ![Visual showing the types of cryptocurrency scams](https://www.techtarget.com/rms/onlineimages/types_of_cryptocurrency_scams-h_half_column_mobile.png) ## 4\. Phishing scams [Phishing](https://www.techtarget.com/searchsecurity/definition/phishing) scams have been around for some time but are still popular. Scammers send emails with malicious links to a fake website to gather personal details, such as [cryptocurrency wallet](https://www.techtarget.com/searchsecurity/definition/crypto-wallet-cryptocurrency-wallet) key information. Unlike passwords, users only get one unique private key to digital wallets. But if a private key is stolen, it is troublesome to change this key. Each key is unique to a wallet; so, to update this key, the person needs to create a new wallet. To avoid phishing scams, never enter secure information from an email link. Always go directly to the site, no matter how legitimate the website or link appears. ## 5\. Man-in-the-middle attacks When users log in to a cryptocurrency account in a public location, scammers can steal their private, sensitive information. A scammer can intercept any information sent over a public network, including passwords, cryptocurrency wallet keys and account information. Anytime a user is logged in, a thief can gather this sensitive information by using the [man-in-the-middle attack](https://www.techtarget.com/iotagenda/definition/man-in-the-middle-attack-MitM) approach. This is done by intercepting Wi-Fi signals on trusted networks if they are in proximity. The best way to avoid these attacks is to block the man in the middle by using a virtual private network ([VPN](https://www.techtarget.com/searchnetworking/definition/virtual-private-network)). The VPN encrypts all the data being transmitted, so thieves cannot access personal information and steal cryptocurrency. ## 6\. Social media cryptocurrency giveaway scams There are many fraudulent posts on social media outlets promising bitcoin giveaways. Some of these scams also include fake celebrity accounts promoting the giveaway to lure people in. However, when someone clicks on the giveaway, they are taken to a fraudulent site asking for verification to receive the bitcoin. The verification process includes making a payment to prove the account is legitimate. The victim can lose this payment -- or, worse yet, click on a malicious link and have their personal information and cryptocurrency stolen. ## 7\. Ponzi schemes Ponzi schemes pay older investors with the proceeds from new ones. To get fresh investors, cryptocurrency scammers will lure new investors with bitcoin. It's a scheme that runs in circles, because there are no legitimate investments; it is all about targeting new investors for money. The main lure of a Ponzi scheme is the promise of huge profits with little risk. There are always risks with these investments, however, and there are no guaranteed returns. In 2024, a Ponzi scheme led by brothers Jonathan and Tanner Adam lured investors by promising 13.5% monthly returns by claiming their bot could exploit price differences on cryptocurrency exchanges. However, the \$60 million raised by this Ponzi scheme was used to buy luxury purchases. The SEC [charged](https://www.sec.gov/newsroom/press-releases/2024-107) the brothers on Aug. 26, 2024, with violating antifraud provisions of the federal securities laws. ## 8\. Fake cryptocurrency exchanges Scammers might lure investors in with promises of a great cryptocurrency exchange -- maybe even some additional bitcoin. But in reality, there is no exchange and the investor does not know it's fake until after they lose their deposit. Stick to known crypto exchange markets -- such as Coinbase, Crypto.com and Cash App -- to avoid an unfamiliar exchange. Do some research and check industry sites for details about the exchange's reputation and legitimacy before entering any personal information. ## 9\. Employment offers and fraudulent employees Scammers will also impersonate recruiters or job seekers to get access to cryptocurrency accounts. With this ploy, they offer an interesting job but require cryptocurrency as payment for job training. There are also [scams when hiring remote workers](https://www.theserverside.com/tip/How-developers-can-avoid-remote-work-scams). For instance, North Korean IT freelancers are trying to capitalize on remote job opportunities by presenting impressive resumes and claiming to be based in the U.S. The U.S. Department of the Treasury issued a warning of this North Korean scam targeting cryptocurrency companies. This type of scam is called a shadow workforce. In 2022, shadow workers targeted a Sky Mavis engineer by posing as a LinkedIn recruiter. The engineer had a phone interview with this shadow worker and gave him a document to review for the next step in the interview. This document contained malicious code that allowed the North Korean Lazarus group to steal \$600 million in a bridge attack. These IT freelancers seek projects involving virtual currency and use access for the currency exchanges. They then hack into the systems to raise money or steal information for the Democratic People's Republic of Korea (DPRK). These workers also engage in other skilled IT work and use their knowledge to gain insider access to enable the DPRK's malicious cyber attacks. With these scams, these shadow workers have stolen nearly \$3 billion in the past year, according to [Chainalysis](https://blog.chainalysis.com/reports/2022-biggest-year-ever-for-crypto-hacking/). Learn more about [continuous employee background checks](https://www.techtarget.com/searchhrsoftware/news/252514924/Employment-background-checks-shift-to-continuous) to protect organizations. ## 10\. Flash loan attack Flash loans are loans for short periods of time, such as seconds to make a trade. These loans are popular in the cryptocurrency market because traders use funds to buy tokens on one platform with a lower price, and then sell that asset immediately on a different platform to make money. These moneymaking trades are all done in one transaction and the flash loan is repaid. Because flash loans are not collateralized and there are no credit checks involved, an attacker takes advantage of borrowing money and using these funds to manipulate pricing on a decentralized finance platform. To manipulate the pricing, the attacker creates several buy-and-sell orders to create an impression of high demand. The attacker then cancels orders after prices increase, which will cause the price to fall immediately. The attacker can then make a profit by buying at a lower price on a different platform. In February 2023, Platypus Finance was victim to a flash loan attack, which resulted in an \$8.5 million loss. ## 11\. AI scams With the rise of artificial intelligence ([AI](https://www.techtarget.com/searchenterpriseai/definition/AI-Artificial-Intelligence)), attackers are finding new ways to deceive the cryptocurrency market. Attackers can use AI chatbots to engage with users, providing advice and promoting fake tokens. Chatbots are programed to tell investors about high-yield investment opportunities that turn into pump-and-dump schemes to artificially inflate the token value before selling off. AI can also manipulate proof of work, which overexaggerates the cryptocurrency project to make it seem there are more loyal followers, and the token is legitimate. By inflating the followers, it makes it more difficult to research if a token is authentic. Attackers can also use high-profile celebrities or business professionals to promote fake endorsement schemes related to cryptocurrency projects. By using [deepfakes](https://www.techtarget.com/whatis/definition/deepfake), attackers take the faces of famous individuals -- such as Bill Gates, Mark Zuckerberg and Elon Musk -- to say they are launching a new project. With the advancements of AI, the deep fakes look more realistic to dupe investors out of money by using someone they might trust for financial advice. A popular red flag in these deepfakes is the promise of a high rate of return in a short time. ## 12\. Bitcoin ATMs (or BTMs) With the rise of ATMs -- or BTMs -- for bitcoin in convenience stores, gas stations and other areas to buy and send cryptocurrency, scammers are finding ways to use devices to steal. The FTC Consumer Sentinel Network states that fraud losses at BTMs are soaring with losses reaching \$65 million in the first half of 2024 alone. Not all losses are reported, so this number may be much higher. The scams at the BTMs start the same as other types with calls or messages of suspicious activity or unauthorized charges on an account. The scammers will impersonate large companies such as Apple or banks and say a person's money or identification is at risk. The scammer may even say the person's information has been tied to illegal activity and they need to get money from the bank before accounts are frozen. Scammers claim that BTMs are "safety lockers" and have people take money out of their bank and deposit cash in the BTM. The scammer will text a QR code to scan at the machine for this deposit sending the money to the scammer's wallet. ## How to protect bitcoin and cryptocurrency To protect against [cryptocurrency scams](https://www.techtarget.com/searchsecurity/feature/Cryptocurrency-cyber-attacks-on-the-rise-as-industry-expands), some of the common red flags include the following: - Promises of large gains or double the investment. - Only accepting cryptocurrency as payment. - Contractual obligations. - Misspellings and grammatical errors in emails, social media posts or any other communication. - Manipulation tactics, such as extortion or blackmail. - Promises of free money. - Fake influencers or celebrity endorsements that seem out of place. - Minimal details about money movement and the investment. - Several transactions in one day. Protect digital wallets from scammers by practicing good digital security habits such as [strong passwords](https://www.techtarget.com/searchsecurity/tip/Top-5-password-hygiene-tips-and-best-practices), using only secured connections or VPNs and choosing safe storage. There are two types of wallets: digital and hardware. Digital wallets are hosted online and have a higher rate of getting hacked. Hardware wallets store information, such as the cryptocurrency wallet and keys, offline within a device. Cryptocurrency is not insured by the Federal Deposit Insurance Corporation, so keeping it safe is vital. Never give wallet keys or access codes to anyone. If you receive a text or an email saying there is a problem with your cryptocurrency account or the owner's account has been compromised, go directly to the provider's website or use the trusted phone number on the site to ensure you are reaching a trusted source. Do not click on links or respond directly to those emails or text messages. ## How to report a scam Anyone who believes they have seen a cryptocurrency scam or were part of a scam should report it immediately. Here are some organizations to report it to: - Commodity Futures Trading Commission (CFTC): [CFTC.gov/complaint](https://www.cftc.gov/complaint). - Federal Trade Commission (FTC): [ReportFraud.ftc.gov.](https://www.reportfraud.ftc.gov/) - Internet Crime Complaint Center (IC3): [ic3.gov](https://www.ic3.gov/). - U.S. Securities and Exchange Commission (SEC): [sec.gov/tcr](https://www.sec.gov/tcr). In addition to the agencies listed above, the person should also immediately report to the cryptocurrency exchange used for the transaction. Amanda Hetler is a senior editor and writer for WhatIs where she writes technology explainer articles and works with freelancers.
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