Beware of Crypto Scams!


Cryptocurrency scams are the order of the day, in a relatively young and dazzling business because of the profits it can generate, many try their luck without much knowledge and information and end up investing large sums of money in projects that turn out to be a scam.


Fraudulent ICOs.

In a study by Statis Group it was revealed that about 80% of ICOs carried out in 2017 were scams, which shows that cryptocurrency frauds have different forms, and that we must study very well before investing in any project

"By the NumbersOn the basis of the above classification, as a percentage of the total number of ICOs, we found that approximately 78% of ICO's were Identified Scams, ~ 4% Failed, ~ 3% had Gone Dead, and ~ 15% went on to tradeon an exchange. "

If we add to this a publication of China Money Network. which states that 90% of these projects fail after a year, so we must be very selective in the projects we choose to invest since the projects that succeed are very scarce.

"For the over 80,000 blockchain projects ever launched globally, only 8% are still being actively maintained and the average life span is only around 1.22 years, says an official at the China Academy of Information and Communications Technology (CAICT)."

Misleading offers.

This mode of scam is really attractive, much more when you just arrive in the world of cryptocurrencies and do not know the operation well, but you come dazzled with the expectation of sumptuous profits.

Recently I received a message informing me that I had won 0.25 BTC, after having done everything they asked me, the corresponding record found that to withdraw my prize I had to deposit the amount of 0.02 BTC in BTC, immediately consult some friends experienced and they advised me to stay away from such offers.

After a few days a dear friend sent me this link uk that took me to a story where they talk about a woman who was a victim of a scam where she lost all the savings of her life, a very tragic news for anyone who suffers it.

In my research for this publication I discovered that daily offers such as these reach thousands of users through different means on the Internet. So, if it seems too good to be true, it's better to run away.

Sound scams.

Scam stories abound with cryptocurrency projects on the web, either because the project failed, because of poor management of funds or because, it was simply designed for that purpose, so we can find some examples such as the following:


According to preliminary data police revealed in July 2019, this project would have scammed about 3,000 Millions of dollars in different cryptocurrencies.


Another emblematic case of the scams is the one whose leader was the so-called “cryptorein”, Ruja Ignatova, whose whereabouts have not been known since 2017, it is estimated that this project scammed the sum of 5,160 Million Dollars.

In November the company lawyer Mark Scott was found guilty of money laundering in the amount of 400 Million Dollars.


This to mention two of the emblematic cases of scams with cryptocurrencies, as I said at the beginning there are many cases of scams that we found on the Internet but in my opinion it is only the tip of the Iceberg, that is, there are many stories that are not disclosed , either because the loss is considered insignificant, out of fear or any other known cause.

Have you been the victim of a scam with crittocurrencies? Do you know someone who has suffered such a scam?

If so, I would like you to share your experience with us, to alert those who start in this medium and to reduce the number of scams.

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Greetings :)
@tipu curate


Thanks frien!

I was just thinking the other day that we're going to see more elaborate scams as blockchain becomes more mainstream and the technology pairs with conventional mediums.


Hi @machnbirdsparo, thanks for being here.

It is possible, everything is perfected with practice and as criminals continue to study these cases they will continue to perfect their technique, we still have to try to be cautious so as not to fall for deceptive offers.

hi dear @fucho80

The scams advance to the extent of the technology itself. Every time they are more sophisticated and more quantity, I think that what matters most here is to alert in time about these scams, to make them known and that other innocent users do not lose their money. Over time these scams will become useless, thank you very much for sharing this information.

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Hi @reinaldoverdu.

I think that what matters most here is to alert in time about these scams, to make them known and that other innocent users do not lose their money.

That's what friend is about, spreading information about it to alert and educate other people on this issue and thus avoid being deceived.

When one becomes a victim of a scam project it is really heart breaking, some people who are new to the cryptocurrency system decide to just quit after they get scammed.
My own scam story is not crypto related but I have a friend who was scammed on the crypto space and it was indeed painful.


Hello @oluwatobiloba, welcome.

My own scam story is not crypto related but I have a friend who was scammed on the crypto space and it was indeed painful.

Of course it is painful, many people see the world of cryptography as a fertile field for profit and in search of fortune they are sometimes obtained with malicious projects that end up stealing their money.

Thanks for sharing your experience.

I received a message informing me that I had won 0.25 BTC

I received approximately 15. I don't think I will buy ever a new crypto, or one which isn't on the list of the 100 largest ones by capitalization. Better I leave this business for people who are expert in cryptos, programming and similar industries.


Hi @deathcross, thanks for coming.

I received approximately 15.

Anyone who is not familiar with this medium is easy prey to scams like this, fortunately I have friends in the middle who advised me what I should do.

The skill and creativity of criminals really scares. Personally I have fallen into some minor scams that have cost me a little, luckily I have not suffered great losses, after all, I do not usually risk more than I can afford to lose.

Wow, what a great post buddy. You right about this the high rate Crypto Scams is get to much. Last night i was message on telagram and he was asking for my 12 passphase to my eos can you belive that, everyone should just be careful because of this scammer.

Dear @fucho80.

First some sayings:

"Not all that glitters is gold"
"If it is too good to be true, then it is not"
"When you see your neighbor's beards burn, put yours to soak"

Although when we think of scams, we relate it to money, there are also other types of scams that can take away even your own life.

  • Charles Manson, cheated his adepts.
  • James Warren Jim Jones was the leader of an American cult, founder of the People's Temple sect, famous for the collective suicide carried out on November 18, 1978 by 917 of its members in Jonestown (Guyana).

There are also many faucets that are scams. In this case, although you do not lose money, if it makes you waste your valuable time.

Anyway, we must take care and be alert.

Thank you for sharing this important post.

It's bad that those scammers are ruining the reputation of new technologies but on the other hand - scammers are there in real life too.
I guess you can never be too careful with what you're dealing with.

Have a productive day! I'm BOI, by the way.