As cryptocurrency popularity rises, so do scams. This article discusses common risks and how to protect against them.
Phishing Attacks
Scammers create fake websites, emails, or DMs that mimic legitimate platforms. They aim to steal seed phrases, private keys, or login credentials. Always verify URLs and never click on unsolicited links.
Rug Pulls
A developer launches a project, collects liquidity, then suddenly withdraws all funds, leaving investors with worthless tokens. Common in meme coins or unverified DeFi projects. Research token contracts, check for locked liquidity, and avoid projects with anonymous teams.
Fake Airdrops and Giveaways
Many scams promise: “Send 1 ETH, get 2 ETH back.” No legitimate project will ask for upfront payment for an airdrop. Only trust verified sources and airdrop aggregators.
Cryptocurrency is built on self-custody and trustless systems, which means you are your own bank and security team. Learning to identify red flags can save you from devastating losses.
