3 common cryptocurrency scams and how to avoid them

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By Tokenize Xchange
June 23, 2021

Since cryptocurrency has become popular with stronger growth than ever, it raised concerns about digital security. Not only security holes but also the lack of vigilance can turn experienced investors into potential targets for scammers. In this article, Tokenize Exchange would introduce you to 3 common cryptocurrency scams to help you avoid them.

Cryptocurrency scams

Facebook giveaway

This kind of crypto scam may appear in the form of a fake Facebook page of MyEtherWallet or Coinbase Wallet. It may send you private messages to announce that you are one of the lucky ones who is chosen for a giveaway promotion. The only thing you need to do to claim the rewards is to click the link they send via a message that is usually a fake website that requires you to provide your private key or recovery phrase to your wallet.

facebook crypto scam

No need to say anything more, you can tell what will happen to your cryptocurrency wallet if you give them your private key.

Also, there is another trick that happens commonly on Facebook. A fake account of a cryptocurrency company or an influencer announces a giveaway. It sounds like a bargain: you just need to send them 1 BTC/ETH/BTC, and they will send you 10 coins! Unfortunately, after you send your coin, the profile will immediately block you and keep scamming other traders.

You can simply ignore them. But if you double-check these profiles, you will find out that they are fake accounts with fake avatars and information.

How to avoid them:

  • Our suggestion is to protect your private key at all costs and do not send it to anyone.
  • Watch out for any account that approaches you personally via messages. Check its identification carefully before making any transactions.
  • Don’t forget to report these fake accounts to Facebook and share your warnings of cryptocurrency scams with other investors

Follow Tokenize Exchange official Facebook pages

Imposter website

If you don’t look closely, you may mistake a fake website for the original one since they look surprisingly identical to the original websites. They may add a subdomain to the URL or use a similar domain name. If there’s no small lock icon and “https” on the URL bar, you should be careful.

website crypto scams

Even when the site address seems legit, but it directs you to another platform for payment, it can be a sign of cryptocurrency scams. These websites will try to steal your personal data: your telephone number, email address, and mostly your private key.

Here are some tips to save you from being the victim of phishing bitcoin scams:

  • Double-check the website URL. Do not click on links in suspected links
  • Bookmark our official websites: tokenize.exchange and tokenizemalyasia.com
  • Do not reveal your private keys to anyone

Telegram phishing

Remember that, any trouble related to your wallet or the platform can be handled without your private key. Hence, you should not reveal this personal information under any circumstances.

So, we suggest you a tip to avoid this Telegram cryptocurrency scam

  • Be alert when someone reaches out to you via messages on Telegram and asks for your private data
  • Report to the host of the group if you feel suspicious
  • If you have any problem, contact the customer service via the email address listed on the official website

Click here to join our official Telegram group: https://t.me/tkxannoucement

In conclusion, cryptocurrency scams have become more common these days with variable tricks. To avoid being security vulnerable and become the victims of scammers, investors and traders should be on guard to protect their assets.

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Cryptocurrencies are subjected to high market risk and volatility despite high growth potential. Users are strongly advised to do their research and invest at their own risk.

cryptocurrency scams