Cryptocurrency Investment scams come in a variety of forms. Among the most typical are the following which highlight the common Cryptocurrency Investment scams in a recent couple of years after rising the popularity of this Industry:

Fake websites:

Scammers may make fake websites for trading the cryptocurrency or fake versions of real cryptocurrency wallets to trick their victims. These bogus websites often have domain names similar to those of the real websites they are meant to imitate. It may be hard to distinguish them from authentic websites since they closely resemble them.

One of two things happens when a webpage is a fake cryptocurrency:

• As with phishing sites

fraudsters get all the information you give them, including the password, recovery phrase, and other financial information for your crypto wallet.

• Straightforward Theft

You may be able to withdraw a small sum of money at first through the website. You may increase your investment in the site since your current assets are doing well. But when you try to get your money out later, the site either shuts down or denies your request.

Ponzi schemes

Online wallet information is a common target of cryptocurrency phishing schemes. Private keys for crypto wallets, which are needed to access the wallet’s money, are the target of scammers. They work like other phishing scams and are connected to the fake websites listed above. They send an email to entice users to a specifically designed website where they are asked to provide private key information. The hackers then steal the bitcoins from such wallets once they know this information.

Pump and dump Telegram Channels

Using an email blast or social media sites like Twitter, Facebook, or Telegram, con artists will excite a certain currency or token. Tradesmen hurry to purchase the coins because they want to ensure they get all the benefits, raising the cost. After successfully driving up the price, the con artists liquidate their shares, which leads to a collapse as the asset’s value rapidly drops. This may occur in a matter of minutes.

Scam applications

Scammers often use bogus applications that can be downloaded from Google Play and the Apple App Store to deceive Bitcoin investors. These fake applications are swiftly identified and taken down, but they still affect many bottom lines. Several individuals may have downloaded phony cryptocurrency applications.

Fake endorsements by celebrities

To get people to trust them, cryptocurrency fraudsters may pretend to be celebrities, corporations, or influential people or say that they have their support. This sometimes entails marketing fake cryptocurrency to unsophisticated investors. Sophisticated websites and pamphlets that purport to have celebrity endorsements from well-known figures like Elon Musk are often used in these frauds.

Giving-away fraud

In what is known as a “giveaway scam,” con artists claim to equal or double the bitcoin handed to them. Messages from what often looks like a real social media account can give a sense of urgency and legitimacy. People may send money rapidly, hoping to receive an immediate return since this opportunity is supposedly a “once in a lifetime” chance.

Extortion and blackmail schemes

Blackmail is another technique fraudsters use. They send emails threatening to reveal the user’s history of visiting pornographic websites unless the recipient shares their private keys or transfers money to the fraudster.

Fraudulent cloud mining

Cloud mining refers to businesses that let you rent mining equipment they run in return for a set charge and a percentage of the profits you will allegedly earn. Theoretically, this enables anyone to mine remotely without investing in costly mining gear. In contrast, many cloud mining businesses are frauds or, at best, unproductive, causing you to lose money or make less than expected.

Initial coin offers that are fake (ICOs)

Initial coin offerings, or ICOs, allow new cryptocurrency companies to ask potential customers for money. Customers can often transfer active cryptocurrencies like Bitcoin or another well-known cryptocurrency in exchange for a discount on new crypto coins. Several initial coin offerings (ICOs) have proven fraudulent, with criminals making elaborate efforts to defraud investors. Examples include hiring bogus offices and producing upscale marketing materials.

Conclusion:

In Conclusion, I would recommend doing proper research work before investing even a single cent in any project or any app. The most common scam is an airdrop scam in which you have to connect your wallet like a Trust wallet or Metamusk to a fraudulent website after they got access to your wallet, they can access your assets and can withdraw easily.