Crypto Scams in 2022: How to Avoid Them

Crypto Scams in 2022: How to Avoid Them

Bitcoin and Ethereum are two examples of cryptocurrencies. It is almost probable that you are familiar with at least one of these alternative payment methods, regardless of whether or not you have invested in any of these cryptocurrencies.

These electronic payment methods aren’t going away any time soon, and neither are the cryptocurrency frauds that are linked with them because the total value of all cryptocurrencies currently exceeds one trillion dollars, and is still growing.

Taking on sufficient risk might be associated with financial investments. There is no requirement for there to be any element of gambling involved in your cybersecurity.

In light of this, this article is about how to spot some of the most common cryptocurrency scams to be aware of in 2022, as well as some recommendations to proceed with caution while doing transactions with cryptocurrencies.

Whether they want it or not, investors in cryptocurrencies expose themselves to a novel and constantly developing danger of fraud and frauds.

Here are some frequent scams and warning signs to look out for if you have cryptocurrency investments in your portfolio or are considering investing in Bitcoin or Ethereum in the future. If any of these apply to you, you should read until the end.

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Biggest Crypto Scams in 2022

Axie Infinity Hacked

Crypto Scams in 2022 - Axie Infinity

Hackers found a vulnerability in the Ronin blockchain in March. The Ronin blockchain is an Ethereum-based sidechain, and Axie Infinity operates on it.

To make matters more worse, the vulnerability that allowed the attack to occur was the consequence of a change that was meant to be a temporary adjustment that was implemented by Sky Mavis in December that weakened security procedures. Things were not put back the way they were, and a few months later, the hackers were able to exploit the vulnerability that had been created.

Before being able to participate in Axie Infinity’s play-to-earn cryptocurrency game, customers are required to first invest significant capital in the form of NFTs. After users have obtained those NFTs, they will be able to earn actual money in the form of cryptocurrency by playing the game.

Axie Infinity “scholarships”

However, due to the high cost of entry, users who are unable to afford the NFTs frequently find themselves entangled in exploitative “scholarships” that require them to split the profits with other users who lend out these expensive NFTs that are required to play. This is because the high cost of entry makes it necessary for users to have these expensive NFTs in order to participate in the game.

In spite of this, play-to-earn games like as Axie Infinity have gained popularity in certain nations, such as the Philippines, since players have the opportunity to earn sums of money that are comparable to the country’s median annual wage. Because of the hack, those users discovered, to their regret, that their profits were inaccessible to them.

Since then, Axie Infinity has managed to gather US$125 million in order to compensate its consumers for the cash that were fraudulently taken from them. On the other hand, that is a drop in the bucket compared to the $625 million that they lost.

Stolen Bored Ape

Crypto Scams in 2022 - Bored Ape

Seth Green suffered a loss that was far more than the projected hundreds of thousands of dollars in resale value of his NFTs. The comedian has been hard at work on a series called White Horse Tavern, which is a comedy and incorporates a number of different NFT characters during the course of the program.

However, Bored Ape #8398, who Green has given the moniker Fred Simian, is the one who steals the show in this series.

The owners of Bored Apes have a license to the intellectual property for their individual apes, which gives them the ability to do whatever they want with those apes, including selling merchandise, developing video games, and creating sitcoms.

And there was the crux of Green’s predicament. Someone took his Bored Ape and sold it on the aftermarket to a collector, which meant that Seth Green no longer had the rights to Fred Simian. He does not possess his ape anymore since the person who stole it sold it.

To Green’s good fortune, though, he was just just in a position to retrieve his Bored Ape, albeit at a price of $297,000. He shelled out a six-figure sum on two separate occasions to get his Bored Ape.

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Common Crypto Scams in 2022

Crypto Scams in 2022 - Scams

Investment scams

Investing and business opportunity scams sometimes start with an unsolicited offer, generally to become an investor in crypto, that directs you to a bogus website in order to obtain more information about the opportunity.

After you have logged in to the website, you will be encouraged to start investing right away so that you may start making money as soon as possible. There is a possibility that the website contains phony endorsements from celebrities as well as testimonies.

However, when you have finished your transaction, the offer will never be fulfilled, and you will never see your money again.

A multi-level marketing scheme or a Ponzi scheme are two examples of scams that are similar to the sort of cryptocurrency frauds being discussed here.

There are actually programs which claim that they can teach you how to invest in crypto, such as BitcoLoan, Crypto Crew University, and Crypto Cowboys.

Extortion scams

When you receive an email claiming that someone has compromising information about you and they request that you pay them money or else they will release it, this is an example of blackmail or extortion, which is one of the oldest scamming techniques in the book.

Extortion is one of the oldest scamming techniques in the book.

When the con artist asks for payment in crypto — which they almost always do since cryptocurrency transactions cannot be undone — the scheme transforms into a cryptocurrency scam.

It is in your best interest to remove these communications and make a report about the sender to the appropriate authorities.

Impostor scams

To pull off an imposter or impersonation fraud, a cybercriminal pretends as a reliable source in an effort to deceive potential victims into carrying out bitcoin transactions with them.

This may be done under the pretext of government agencies, credit card companies, banks, a service provider, or even a phony celebrity, and they will often make contact with you by email and suggest that you complete payment using cryptocurrencies.

Keep in mind that the government does not yet control cryptocurrencies, and that most businesses do not yet accept them as a form of payment, so you should proceed with care every time you receive an email requesting crypto payments.

Before proceeding with a transaction, it is a good idea to do a security check on the website you will be using and to conduct a second check with the origin of the information using a separate communication channel.

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Giveaway scams

Giveaway scams are a type of con that are similar to impersonation scams and social media cryptocurrency scams.

In a giveaway scam, the victim is given the option to contribute money to someone with the promise that the money would be multiplied by the recipient.

This may happen, for instance, if a false celebrity social media account posts a message stating that if followers pay them a specific amount of bitcoin, they will send back twice as much as the original amount.

In point of fact, followers will give money directly to the con artists, and they will never see their money or their investment again.

Social media scams

Frequently, this is accomplished through the use of a fake social media post or advertising that asks for payment in crypto. There’s a possibility that other people will comment to the post or leave feedback for it. It’s possible that they are automated programs.

There is a possibility that the post or message was sent by a friend whose account was hacked. Alternately, social media influencers may promote a new cryptocurrency that is rumored to be fraudulent and push consumers to sign up for the cryptocurrency or give the influencers funds that they could then multiply.

In some instances, influencers do little more than pocket the fees they get. This is what is known as an influencer cryptocurrency scam.

Recognize that crypto is not yet a commonly utilized mode of payment, and that any adamant requests to only pay with cryptocurrency are likely to be a hoax.

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