If you’ve just gotten into crypto, you’re probably feeling a mix of excitement and information overload. I remember those early days vividly—my first ETH purchase, my first NFT mint, and yes… my first almost-scam experience.
It happened when I was only a few months into crypto. I thought I was pretty smart and cautious—until I came this close to connecting my wallet to a fake site pretending to be MetaMask support. Thankfully, I paused just long enough to Google it, but it was a serious wake-up call.
Scams are everywhere in crypto, and they’re getting more sophisticated. If you’ve been searching for common crypto scam to avoid, this post is for you. I’ll break down the scams I’ve seen (and nearly fallen for), how they work, and how you can stay safe—even if you’re just getting started.
Why Crypto Scams Are So Common
Before we dive into specific scams, it helps to understand why crypto is such a playground for scammers:
- Transactions are irreversible: Once you send crypto, you can’t get it back—no chargebacks, no customer support.
- Anonymity makes it harder to catch thieves: Wallet addresses don’t reveal identities.
- Newbies flood in daily: Fresh faces mean fresh targets.
- Techy terms confuse beginners: Scammers use jargon and urgency to create pressure and confusion.
- In other words: if you’re new, you’re a target. But knowledge is power, and being aware of the common scams is your first defense.
1. Fake Support Scams (The One I Almost Fell For)
How it works:
- You run into an issue with your wallet or exchange. So, you Google “MetaMask support” or “Coinbase help.” A fake website or Twitter profile pops up, complete with logos and a professional tone.
- They offer to help—but first, they ask for your seed phrase or ask you to connect your wallet to a shady site. The moment you do, your funds are gone.
My story:
- I once had trouble syncing my MetaMask browser extension and made the mistake of Googling for help. I clicked on the first link (an ad, no less) and was greeted by a sleek-looking site with a “Chat With Support” button. The fake rep asked me for my 12-word phrase. Thankfully, I paused. I had read somewhere that no legit service will ever ask for your seed phrase.
- I closed the tab. The site vanished a week later.
How to avoid it:
- Never share your seed phrase—with anyone.
- Don’t Google for support. Go directly to the project’s official website or Twitter.
- Avoid clicking on ads in search results. Use bookmarks for important sites.
2. Phishing Links on Discord and Telegram
How it works:
- Scammers pretend to be moderators or admins of crypto communities. They’ll send you a direct message saying you’ve won a giveaway, or there’s an urgent wallet update, or an NFT mint is happening now.
- The link they provide leads to a fake dApp or minting site. Once you connect your wallet, it silently drains your funds or NFTs.
My near-miss:
- Back when I was active in an NFT project’s Discord, I got a DM from someone with the same profile pic and username as the actual mod. They told me I had “early access” to the next mint. I clicked the link and was greeted with a familiar-looking page. But something felt off—it was just slightly… janky.
- A quick check in the actual announcements channel showed no mention of a mint. I dodged another bullet.
How to avoid it:
- Turn off DMs from strangers in Discord servers.
- Never click links from random Telegram or Discord messages.
- Always verify minting events on the official channels.
3. Pump and Dump Groups
How it works:
- You’re invited to a private “trading group” where members get inside info about the next hot coin. Spoiler alert: it’s not inside info—it’s a coordinated scam.
- These groups collectively pump a low-volume coin, then sell it at the peak, leaving latecomers (like you) holding worthless tokens.
Red flags:
- Promises of guaranteed returns
- A secret “strategy” only shared in private groups
- Lots of hype and urgency
How to avoid it:
- If it sounds too good to be true, it is.
- Avoid anonymous pump groups and shady Discord invites.
- Stick to established projects and learn how to read real fundamentals.
4. Fake Giveaways
How it works:
- You see a tweet from “Elon Musk” or a big crypto account offering to double any amount of crypto you send. Just send 0.1 ETH, and you’ll get 0.2 ETH back! Or maybe there’s a “limited-time airdrop”—you just need to pay a small fee.
- These scams work because people want to believe they’re lucky. But once you send your money, it’s gone.
What they look like:
- Copycat Twitter accounts with a blue check emoji (not an actual verified badge)
- YouTube livestreams showing old footage of Elon talking crypto, with scam links in the comments
- Fake reply bots hyping up the “giveaway”
How to avoid it:
- Don’t send crypto to strangers, period.
- Real giveaways don’t ask you to send money first.
- Verify any airdrop or giveaway via a project’s official website or blog.
5. Malicious Browser Extensions and Wallet Drainers
How it works:
- You install a wallet helper, analytics plugin, or extension you saw mentioned in a forum or tweet. It looks helpful, but behind the scenes, it’s recording your keystrokes or waiting for you to approve a malicious transaction.
- Once you connect your wallet or approve the wrong action, it takes control.
How to avoid it:
- Only download extensions from official sources (like the Chrome Web Store).
- Triple-check the name, creator, and reviews.
- Use a separate browser profile just for crypto activities to limit exposure.
6. Rug Pulls in DeFi and NFT Projects
How it works
- A new DeFi project or NFT collection gains hype. The devs promise insane yields or unique art. You invest. Then… the team disappears, the website goes offline, and the project’s token or NFTs become worthless.
- It’s called a “rug pull” because they pull the rug out from under you.
What to look out for:
- Anonymous dev teams
- No smart contract audits
- Copy-paste whitepapers
- Tokenomics that make no sense
How to avoid it:
- Research the team—do they have LinkedIn profiles or public reputations?
- Look for community trust and third-party audits.
- Be wary of brand-new projects promising unrealistic returns.
Simple Rules I Now Live By
If someone asks for your seed phrase, it’s a scam.
- If there’s pressure to act fast, it’s probably a scam.
- Always verify links directly from official websites.
- Use a hardware wallet for anything you’re not actively trading.
- When in doubt, ask—but only in public, verified channels.
Final Thoughts: Staying Safe Doesn’t Have to Be Hard
- Crypto is exciting—but it’s also full of traps for the unwary. I almost fell into one, and I’ve seen others lose way more than I was risking.
- But the good news is this: once you learn the common crypto scams to avoid, you become much harder to fool.
- Stay skeptical. Stay curious. And always triple-check before clicking “Connect Wallet.”
Next Article To Read: The Best Tools I Use to Track and Learn Crypto (Beginner-Friendly)