Hello from the other side — Adele-style. I’ve been writing about crypto since way back in 2017. And despite all these years of researching, publishing, and following crypto trends, guess what? I’ve made absolutely zero profit. Not even a single coin. Why?
Well, it all comes down to fear — fear of scams.
After hearing countless horror stories about crypto fraud, I started to feel more and more hesitant about investing. Ironically, the more I learned about cryptocurrency, the more I backed away from putting my money into it. I convinced myself that staying out completely was safer than risking getting tricked.
But recently, my team asked me to tackle the very topic I’ve been avoiding: crypto scams. So, here I am — finally facing my fears head-on. I decided to dig deep and find out if enough research and preparation could actually help me feel more confident in this space.
Because let’s be real — in the world of cryptocurrency, knowledge truly is power. The more you know, the better your chances of surviving the dangers out there.
$68 Million Gone in One Transaction
Were you hit by the Bybit hack? I hope not — but if you were, feel free to share your experience on Volet.com’s socials. That was a tough one.
The truth is, phishing scams have become the top threat to crypto investors. In 2024 alone, cybercriminals stole over $1 billion worth of digital assets in just 296 phishing attacks. That’s not just a big number — it’s a warning sign flashing in red.
And these scams aren’t just simple email tricks anymore. Scammers have upgraded. They’re using newer, more advanced methods like address poisoning and a sinister scheme called “pig butchering.” These tactics are all about building trust first, then hitting you when you least expect it — just like a con artist in a movie.
Take what happened in May 2024: one trader accidentally sent $68 million to a fake address that looked almost exactly like a legitimate one. Thankfully, the funds were recovered — but it was a close call. And a powerful reminder: anyone can fall victim if they’re not careful.
The Harsh Truth: If You Got Scammed, It’s on You
This may sound a bit blunt, but it’s important to face reality. Most crypto scams happen because of a mix of psychological manipulation and technical tricks — and when they succeed, it often means the victim wasn’t careful enough.
We can’t keep blaming our parents or other people when we’re the ones clicking suspicious links or sharing sensitive info. At some point, it’s on us to take responsibility and be smarter with our digital money.
Many scams start with social engineering — where fraudsters pretend to be trustworthy people. They might create fake Twitter or LinkedIn accounts, pose as well-known crypto influencers, or pretend to be technical experts. Once they gain your trust, they use phishing links, fake websites, or direct messages to steal your private keys or login credentials.
Here’s how it works: imagine a scammer pretending to be a famous crypto trader on Instagram or Telegram. They offer a secret investment opportunity and send you to a website that looks just like Binance or Coinbase. You log in, thinking it’s real — and boom. They have access to your funds.
It’s that fast. And once it happens, there’s little you can do. So instead of blaming others, we all need to stay alert — especially when it comes to securing our wallets.
Crypto Scams in 2025: AI Is Now a Double-Edged Sword
Feeling nervous? That’s totally fair. AI has been a game-changer for students and content creators — but it’s also become a powerful tool for scammers. Hackers now use AI to build incredibly convincing fake personas, platforms, and projects.
Here are some scary trends we’re seeing in 2025:
AI-Generated Fake Projects – Scammers use artificial intelligence to create realistic fake websites, influencers, and even entire teams via deepfake video calls.
False DeFi Promises – Some decentralized finance (DeFi) projects promise ridiculously high APYs to lure investors — only to disappear overnight with your funds.
Backdoored Smart Contracts – Some projects include hidden code that allows the developers to drain funds later on.
Copycat Tokens & Fake Exchanges – These scams clone legitimate tokens or platforms, tricking people into using fake versions that steal their money.
Pro tip: Always double-check tokens on sites like CoinMarketCap, read some articles from reputable sources like CoinDesk or Cointelegraph, and don’t fall for magical promises of 10x returns in a week. If it sounds too good to be true — it is.
Also, if you’re using a Layer 2 like Arbitrum, make sure it’s not a scam version like “Arbitrom” or “Arbitram.” These tiny misspellings are designed to trick your eyes.
Types of Crypto Scams: Some of the Darkest Tales
Crypto scams are no longer limited to sketchy emails or pop-ups. Now, we’re seeing deeply personal scams that use human emotions like love, hope, and desperation to trap people.
1. Social Engineering: “Pig Butchering” Scams
Lisa, a 38-year-old marketing professional, was feeling isolated and lonely. She matched on Tinder with “Jason,” a kind and charismatic man claiming to be a successful crypto trader in France.
They talked every day. He made promises of love and a future together. He even convinced her to invest in his “private” crypto platform.
Lisa trusted him. She sent money. But when she tried to withdraw her funds, the site froze. Jason vanished. Lisa was heartbroken and broke. She had been targeted in a pig butchering scam — a cruel strategy where the scammer builds emotional trust before robbing you blind.
2. Ponzi & Pyramid Schemes
Tom, a 45-year-old father of two with a third child on the way, was desperate to find a financial breakthrough. He came across a sleek-looking trading site that promised huge, easy returns.
At first, everything looked perfect. His dashboard showed growing profits. He started to believe this was his way out.
But then came the red flags. Withdrawals didn’t work. Excuses started piling up: “maintenance mode,” “server update,” and eventually… silence. The site disappeared — along with all his money.
3. Fake Crypto Exchanges
Samantha, a 32-year-old graphic designer, was curious about crypto but unsure where to begin. One day, she stumbled upon an ad for a new exchange. It looked professional, almost identical to a legit platform.
She made a small deposit. Everything looked normal at first. But when she tried to cash out, the excuses began. Soon the site went offline, and she was locked out — her funds gone.
These are just three examples of how scams prey on emotions, confusion, and hope.
Red Flags: Learn to Spot the Warning Signs Early
Before you invest in any project, take a step back and look for these common red flags. If you see more than one — run!
Anonymous Teams – If the founders don’t reveal their identities or background, that’s a bad sign. Real teams are transparent and easy to verify.
No Clear Use Case – If a token’s only goal is to “go up in price,” that’s not a real project — it’s a scam.
Ridiculous Returns – Any project promising massive returns (like 1000% APY or 10x in a week) is likely lying. Safe investments come with realistic gains.
No Security Audit – Serious crypto projects get their code audited by firms like CertiK or OpenZeppelin. If there’s no audit, skip it.
Unfair Tokenomics – If most of the tokens are owned by insiders or developers, they can dump the price and walk away.
High Centralization – If one wallet controls most of the liquidity, the project can rug pull in seconds.
Fake Hype – Watch out for fake followers or bots. A real community has honest discussions, not just emojis and hype posts.
Lack of 2FA – Always activate two-factor authentication on your accounts. This extra step can save you from being hacked, even if your password is leaked.
On-Chain Analysis: Your Secret Weapon
Want to take your scam-detection skills to the next level? Start learning on-chain analysis.
A rug pull is when developers remove all the funds from a liquidity pool and vanish — leaving investors stuck with worthless tokens. Think of it like buying a house only to find the builder took off with all the bricks.
But blockchain doesn’t lie. You can track suspicious activity if you know where to look.
Top On-Chain Tools:
Etherscan / BscScan – Check wallet activity and token distribution.
DeBank / Zerion – Analyze wallet histories and track connections.
Token Sniffer – Scan for cloned or risky tokens.
DEXTools / PooCoin – Review liquidity, trading volume, and token launches.
How to Use These Tools:
Check Token Holders – If a few wallets hold most tokens, it’s risky.
Review Liquidity Pools – No locked liquidity = higher chance of rug pull.
Scan Transaction History – Look for big sell-offs or weird wallet movements.
Study Smart Contracts – Does the contract let developers mint unlimited tokens? That’s a red flag.
Biggest Rug Pulls of 2024: What We Should Learn
Here are some of last year’s most damaging scams. Don’t judge — some were cleverly disguised, and many people got caught off guard.
| Scam Project | Amount Stolen | What Happened? |
|---|---|---|
| Squid Game Token | $3.4M | Price jumped 45,000%. Then the team vanished. |
| Frosties NFT | $1.3M | Developers abandoned the project after launch. |
| AnubisDAO | $60M | Promoted as a legit DeFi project — turned out fake. |
| Teddy Doge | $4.5M | Token was dumped by insiders; project disappeared. |
Every one of these had red flags — fake teams, shady tokenomics, no audits. Learn from them.
How to Invest in Crypto Safely in 2025
So with all these scams happening, is crypto even safe? Yes — if you stick to proven, secure, and well-audited projects.
What to Look for:
Established Blockchains – Like Ethereum, Solana, Binance Smart Chain, and Avalanche.
Audited Code – Check for third-party audits by CertiK, Hacken, or OpenZeppelin.
Real-World Use Cases – Invest in tech solving real problems.
Clear Roadmap – Long-term goals matter more than flashy marketing.
Transparent Teams – Public profiles and proven experience in crypto or tech.
Always Enable 2FA – Yes, again! It’s your first line of defense.
Safer Crypto Projects:
Bitcoin (BTC) – The OG and safest long-term digital asset.
Ethereum (ETH) – Powering smart contracts and DeFi.
Chainlink (LINK) – Trusted oracles for blockchain data.
Polygon (MATIC) – Scales Ethereum and saves gas fees.
Polkadot (DOT) – Connects multiple blockchains into one network.
Stick with quality, not hype.
Final Thoughts: Still Scared? Me Too (Kind of)
After writing all this, do I feel ready to dive into crypto investing? Maybe a little. But to be honest, I’m still cautious. And that’s okay.
I might start small — maybe with Bitcoin or Ethereum — and only invest what I’m willing to lose. I know I’ll need help managing my portfolio and watching out for risks.
Because if there’s one rule that always holds true in crypto, it’s this:
Only invest what you can afford to lose.
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