The worst part of the digital currency market is crypto scams. It does not matter whether you are in the market for a long time or just putting your feet into it. You can be a potential victim of these scams if you are not careful and aware of the early signals. There are different types of scams, however, here we will focus on giveaway scams.
In short, giveaway scams deceive money from an investor by showing the greed of a giveaway. The scammer asks you to send some coins to the giveaway address for verification, and then they fleet without any response. As the transactions are not reversible, you lose your money. Here you will learn how to identify the early signs of a giveaway scam and avoid them.
Identify Giveaway Scams
Many experts from the bitcoin-fortress have suggested simple tips to identify give away scams easily. Read and learn how to recognize those early signals of the scams and avoid them
Fake Coinbase Twitter Account
Some scammers deceive money from investors by creating fake accounts of Coinbase. They tweet with fake images of Coinbase promoting that they are running a giveaway event. They may ask you to send crypto coins to an address for verification purposes. Those scammers may promote a scheme where they state that you will get 10X in return. Never fall in the trap of such scams, because Coinbase in its official site mentioned that they don’t host such events ever, so stay away from such advertisements.
Fake Celebrity Tweets
Another example of giveaway scam is scammers post fake celebrity tweets which shows that the tweet was made from an original person. The scammer use photo editing to show that the tweets are from the original account. They provide links to sites that are manipulated and created by those scammers. A recent case was made in the name of the founder of Tesla, Elon Musk. In that post, the scammers have announced such a giveaway scheme. Stay away from such fake promising posts from celebrities which are purely scams.
One of the most dangerous giveaway scam techniques is that they send an email with a well-edited photo of different reputed crypto organizations. They may ask you to sign up and send coins to their address through the email. Never reply to those emails, report them instead. You can check the email address from which it was sent to you and you verify with the officials of the original organization. The best way is to report and delete those emails.
Fake YouTube Live
YouTube is the most followed video streaming application. Scammers take advantage of this platform by editing an older video of professionals or CEOs of different organizations to show that it is a giveaway event. They provide the link in the description to steal your money. Even they drive fake viewers to prove that it is legitimate and many people are getting profit. They show the video as running live to build the trust of the viewers. So, don’t fall into such traps ever.
Lastly, if you ever find such giveaway scams then report them immediately. Never send any coins to those addresses, you will never get back anything in return. You can also spread awareness in your crypto community by sharing those posts to help your group.
Hopefully, you have learned how scammers use fake techniques to deceive your money. So, remember the following two things for keeping your fund safe. Firstly, if you find the advertisements are too good, then it is certainly a scam. Secondly, the transactions in the cryptocurrency network are irreversible so think before you transfer your fund. If you know more such scam techniques then share in the comments below to help the community.