Hesitating to invest due to bitcoin scams? Know how to spot them and detect compromised cryptocurrency accounts.

Here are top investment scams and how to spot them:

“Investment manager” 

An apparent “investment manager” makes unsolicited contact with you and promises to grow your money on the condition that you buy a cryptocurrency and transfer it into their online account. The investment website takes you to look genuine, but it is really not, and neither are the promises. Once you log into your “investment account,” you will not be able to get your money out of it unless you pay high fees. 


A “celebrity” who claims to have the potential to multiple any cryptocurrency you send them. But these scammers are veiled under the garb of celebrities and contact you through social media. And if you end up clicking on any link they have sent you or transfer cryptocurrency to the apparent celebrity’s QR code that money will go directly to the scammer. 

Read more

“Online partner”

A partner you met online asks for money or cryptocurrency to help you invest, and it is most definitely a scam. If someone you met online on a dating app or site asks money from you or offers you investment advice that is not someone who has your best interest in mind. The advices they offer you are nothing but the bitcoin scams. If you, however, end up sending them crypto or money, it will be gone, and it is quite unlikely that you will get it back.

“Guaranteed returns”

“Guaranteed returns” or promises of big payouts are nothing but scams. There’s no way someone can guarantee you returns that too in a short time. And nothing about cryptocurrency says “low risk.” So, if you are being guaranteed profit, it is a bitcoin scam. Do not trust someone based on celebrity endorsements or testimonials from happy investors either; they can easily fake it.

Promises of free money 

Promises of free money or cryptocurrency are simply scams. There’s no way someone wants to give out free cash for nothing. 

Exaggerated claims

Exaggerated claims with a lack of details or explanations. Regardless of the investment, research about it and know how it works, and ask questions about where your money is going. Genuine investment managers or advisors will share that information and back it up with details. 

Before you trust an investment, search the name of the company or person on the internet along with the name of the cryptocurrency with words like review, scam, or complaint. Look at the reviews and read about other common investment scams.

The scammer can also pretend to be someone you trust to lure you into sending them money by buying and sending cryptocurrency. They at times imitate well-known companies like Amazon, Microsoft, etc. They reach out through text, call, email, social media, or a pop-up alert on your computer. 

They might claim that there is a fraud on your account or your finances are being compromised and to secure it, you need to send them crypto. But it is a scam, and if you click on any link from the message or answer the call, you’ll get in touch with the scammer.

New or established businesses

Scammers pose as new or established businesses and offer fake crypto coins or tokens. They claim to be entering the crypto world by issuing their own coin or token. They will also do exhaustive marketing of the scam and create social media ads, news articles, or a real-looking website to back it all up and trick people into buying it. But these scams then end up stealing money from the people who buy them. Conduct online research to find out if a company has issued a coin or token; if it has, then it’ll be widely established in the media. 

Government agencies, law enforcement, or utility companies

Scammers also pose as government agencies, law enforcement, or utility companies. They might claim that there is a legal problem and you owe money or that your account is frozen as part of an investigation. And the solution is to buy a cryptocurrency and send it to them for “safe keeping.” Scammers might even guide you through the transaction on the phone with step-by-step instructions on how to insert money and convert it into crypto. They will ask you to send the crypto to a QR code, and then your money is gone. 

Fake jobs on job sites

At times, these con artists list fake jobs on job sites or send unsolicited job offers related to crypto, like jobs helping recruit investors, selling or mining cryptocurrency, or converting cash to crypto. But to claim these jobs, you need to pay a fee in cryptocurrency, which is almost always a scam.

Conclusion: There are things you need to know to avoid scams:

  • Genuine businesses or governments will never email, text, or message you on social media asking you for money. And that too with cryptocurrency. 
  • Never click on links from unsolicited messages and other forms of contact.
  • Do not give in to unexpected demands of payment with cryptocurrency. 
  • Do not pay a fee for a job.

Leave a Reply

Your email address will not be published. Required fields are marked *