How do you protect yourself from scams in crypto?

[KryptoBull]

The rule "know less, live better" often helps. One of the ways to protect yourself from scams is to do nothing. With that I mean not clicking anywhere, not downloading anything, not opening emails or pages or if you dont search for something, troubles wont find you. What is most popular way to scam a person - to make him invest or send money somewhere. If a person dont search for opportunity, he wont have be scammed by that. If you do nothing, you dont flash addresses, nobody knows about your funds and existence.

There is a simpler way, which is to only use a few devices specifically for crypto investment and not interact with any internet risks. In addition, we should constantly update ourselves on the risks in the crypto market, such as new forms of fraud based on new technologies.

We all know that making a profit is extremely difficult, so it is rare for someone to give us a large amount of money easily. I will always ignore online ads about a large amount of crypto assets being given away for free, for example, sending someone 1 ETH to receive 2 ETH

[bitbit97]

The rule "know less, live better" often helps. One of the ways to protect yourself from scams is to do nothing. With that I mean not clicking anywhere, not downloading anything, not opening emails or pages or if you dont search for something, troubles wont find you. What is most popular way to scam a person - to make him invest or send money somewhere. If a person dont search for opportunity, he wont have be scammed by that. If you do nothing, you dont flash addresses, nobody knows about your funds and existence.

There is a simpler way, which is to only use a few devices specifically for crypto investment and not interact with any internet risks. In addition, we should constantly update ourselves on the risks in the crypto market, such as new forms of fraud based on new technologies.

We all know that making a profit is extremely difficult, so it is rare for someone to give us a large amount of money easily. I will always ignore online ads about a large amount of crypto assets being given away for free, for example, sending someone 1 ETH to receive 2 ETH

When someone offer something free and easy, and especially add that it will be quick, that is 1000% scam. Reading all the stories about how people got scammed, I have decided that for me it is better to buy something when it has already gained a lot. Being early investor is to risky. Silence probably is the best protection. Saves from attack from the internet and from physical attacks IRL.

[|MINER|]

When someone offer something free and easy, and especially add that it will be quick, that is 1000% scam. Reading all the stories about how people got scammed, I have decided that for me it is better to buy something when it has already gained a lot. Being early investor is to risky. Silence probably is the best protection. Saves from attack from the internet and from physical attacks IRL.

Yeap you  point out one of the top hacking method. If we just note is that huge mail and messages on our social media's about that there was a free bonus and also something others things why you will get free money on that case there were trying to  phishing you even then it was not scam method it was an hacking method they will just put a Malware on your device to scrap  your data and access your accounts. This is how this method working..So we should also avoid this types of offers.

[albon]

And there are many good exchanges where we can invest with complete trust and confidence.

There are many tokens that are listed in the best exchange like binance, but most investors from those tokens were at losses. However, since binance is needed to have a lot of fee to do token listing of the projects so if a project going to listing then you can understand they have lot of fund. Even some projects died at the forefront such as hamastart because there was a lot of token dispersion as airdrop. Your research should not only be stopped by exchange, so follow the practical activities of the project by which the project can survive in the market.

[jeraldskie11]

there are many fake exchanges.

Yeah there are many fake exchanges, especially the newer exchanges and it is mostly newbies that fall for them, that's because many of these newbies do not know where to look for good crypto services, so they end up with scammers. However, before joining crypto, it is necessary to research about crypto services and get the ones that are recommended.

Buying assets in new exchanges is very risky because we don't know if it's legit or not. But I'm glad that investors now are intelligent, they learned from their past, they research before they interact with the exchanges. Only new investors are likely to be scammed by this scam exchanges. If there are investors looking for the best and trusted exchanges, I recommend Binance and Bybit, I never experience losing money from them for how many years.

[jeraldskie11]

Sometimes if we're too fast we didn't notice that we made mistake. Let us say we are sending money to a different address, but because we're too fast we copied the wrong address.

It is important to double check the recipient address before sending funds, sometimes scammers can use clipboard malware to change the recipient address to theirs and you would not know until you have sent funds to them. There are many ways scammers operate and it is good to learn them all.

Malware are one of the ways scammers sweep wallets but what is not discussed most is verifying or interacting with a smart contract that you know nothing about, metamask and some of this traditional wallet can't help you interpret this things, that's why it's always recommended not interact with a platform you don't know or new.

Alot of wallet are drown daily because they interact with the wrong ones, the clone websites looks like the original ones and when they want to sign transaction, they don't see the treats, it's after the transaction they notice their wallet drained completely. There are some wallets extensions which helps see threats but I haven't seen the hardware wallets, only the extensions like the RABBY wallets.

Airdrop hunters are prone to this stuff. As a hunter, I didn't use my main wallet connecting to any other new site to participate an airdrop, instead I'm using burner wallet so that incase I connected my wallet to a phishing site only the assets in my burner wallet will be lost while my main wallet is safe. If ever I make money in my burner wallet, I will immediately transfer it to my main wallet or withdraw it. So if I ever caught by a scammer they can't make money from me.

[DavetJack]

We saw that there were not so many exchanges in 2018-2019. And although the exchanges that were there were very reliable. Because we are now seeing that new exchanges are being created as the days go by. And our big brothers are also struggling to invest and still we who are new to crypto currency are in a worse situation because we are investing without researching any exchange properly and as a result we are being victimized by many people. So I would say that you should invest in the exchange as much as you can, do as much research as you can and even then take advice from our big brothers. In my opinion, since 2017, I have been seeing Binance and Bybit exchanges with a lot of trust and many big brothers have been investing here. So I would say that you should research the exchange and take advice from our big brothers. Thank you all.

[bitbit97]

To find out best method of protection, we can try to remember when the last time we were hacked or scammed. And what has lead to it. I was hacked once, and I think it was done due to me being unexperienced. Fund were stolen from my wallet. And I still cant remember what exactly I did and how it happened. Either I have connected wallet to a scam page or gave access. Or when trying to receive reward (it was when bounties were popular), instead of copy/pasting wallet address, I have copy/pasted private key. All that happened 6 years ago. Since then nothing happened.

[Baofeng]

To find out best method of protection, we can try to remember when the last time we were hacked or scammed. And what has lead to it. I was hacked once, and I think it was done due to me being unexperienced. Fund were stolen from my wallet. And I still cant remember what exactly I did and how it happened. Either I have connected wallet to a scam page or gave access. Or when trying to receive reward (it was when bounties were popular), instead of copy/pasting wallet address, I have copy/pasted private key. All that happened 6 years ago. Since then nothing happened.

For me it's a scam and so I lost my bitcoin early on. And then I really try to exposed this scammers and hackers and so in the other community, I have shared a lot of articles and advises as all.

And for newbies, in the beginning, it's really better to understand on how to protect our assets, like what kind of wallet we used and how this criminals work. So it's better to just go around and read news as well with opsec so that chances are, you are not likely to be hack as you are self-aware.

[ZAINmalik75]

We saw that there were not so many exchanges in 2018-2019. And although the exchanges that were there were very reliable. Because we are now seeing that new exchanges are being created as the days go by. And our big brothers are also struggling to invest and still we who are new to crypto currency are in a worse situation because we are investing without researching any exchange properly and as a result we are being victimized by many people. So I would say that you should invest in the exchange as much as you can, do as much research as you can and even then take advice from our big brothers. In my opinion, since 2017, I have been seeing Binance and Bybit exchanges with a lot of trust and many big brothers have been investing here. So I would say that you should research the exchange and take advice from our big brothers. Thank you all.

There was a famous exchange FTX in 2019 which the later went bankrupted how can you forget about that, there were many other small exchanges which rug pulled their users but the most of scams happned on fake exchanges where people receive phishing links to their emails and DMs etc. whoever clicked taken to a fake site where they saw the same layout of a real exchange like Binance but the actual site is not real.

You give the credentials accordingly they take them and move your money. Finding the right exchange is not hard you just have to find a exchange with good liquidity with lesser cases against them and they should have their audits check every year and it would be good if they are registered with USA authorities.

[vestran48]

Strict risk management

[DYING_S0UL]

Yes, now that's what I also do, just use exchanges that are legal and legal in my country and of course it will be safer.

But about how fraud happens in crypto, it has many methods, not only within the internal Exchange but on various platforms there will be scams under the guise of crypto.

It has to be a step ahead to avoid a lot of scams in crypto and has to be more vigilant and don't trust anyone in crypto,
let alone those who are new and suddenly offer investments and such.

I think the most effective way to scam and do this is when a new platform advertises that they can earn unrealistic amounts of profit by starting their service. People are easily attracted to such ads and invest.
And this is mostly admitted by those who are new to this sector because they cannot check the platform which is good or which is bad. So first I think we have to avoid our greed to stay free from crypto scam.

Brother, what you said is absolutely right. Since we are Bengalis, we cannot handle greed. We see that if a new investment site comes out, if it is said that if you invest here, you will be given a 70-80% bonus. Hearing this, our heads are not right, then we do not think whether this platform is still perfect for investment or not. Whether I can be cheated here. When we are a victim of scamming, we blame all the sites and say that no investment site is good, then this comes to our mind. So I will say that if we ever go to invest in any site, we must first know what the site is like. Whether it will be perfect for investment or whether we can be successful if we invest here. I shared my opinion.

What do you mean by "Since we are Bengalis, we cannot handle greed" ? I don't like this bold statement of yours! You shouldn't degrade your own community. If you think that of yourselves, what will others from other localities think of you? Ever thought about that before writing this comment?

And when it comes to greed, it's basic human nature. No one is immune to it, nor is it a characteristic of a certain community or group or country.

Lastly, regarding this topic, I always tell myself, "if it's too good to be true, then it's probably a scam".

[Crypto Library]

Brother, what you said is absolutely right. Since we are Bengalis, we cannot handle greed. We see that if a new investment site comes out, if it is said that if you invest here, you will be given a 70-80% bonus. Hearing this, our heads are not right, then we do not think whether this platform is still perfect for investment or not. Whether I can be cheated here. When we are a victim of scamming, we blame all the sites and say that no investment site is good, then this comes to our mind. So I will say that if we ever go to invest in any site, we must first know what the site is like. Whether it will be perfect for investment or whether we can be successful if we invest here. I shared my opinion.

I didn't notice your post before but it's really not good to take your community to a disrespectful position in a global place.

Moreover, the thing you said that after seeing 70% to 80% bonus, we all jump to invest in the website without checking its authenticity, this thing is actually completely wrong. Because in my own case, I rarely participate in any Bonus type event. And if there is such an unrealistic bonus, then I ignore it initially.
So all person ain't have the same mentality. Greedness is in almost every community or nation or people.

[Z-tight]

In my opinion, since 2017, I have been seeing Binance and Bybit exchanges with a lot of trust and many big brothers have been investing here. So I would say that you should research the exchange and take advice from our big brothers. Thank you all.

I don't know who you are referring to as 'big brothers', however it is good to trade in the bigger exchanges, rather than the smaller exchanges. However, do not trust an exchange enough as to store your funds in there, no exchange is too big to fail, do not forget that, so after trading you move your funds into your self custodial wallet.

[robelneo]

Protecting ourselves from scams should be our main priority, because all of what we've worked for will go to waste if we do not know how scammers and hackers attack their victims.
We should allocate ample time and effort on how these hackers do their things; educating ourselves should be our main priority because we are our own bank and the protection and preservation of our assets lies in all our action and what we know.