Crypto scams

How not to Be Fooled With Cryptocurrencies… Avoid Crypto Scams in September 2021

LATOKEN has prepared updated info once again about crypto scams to help its users and traders avoid them! In October 2020 — March 2021, crypto scammers posing as the CEO of Tesla and SpaceX Elon Musk managed to steal more than 2M in crypto. It follows from the report of the US Federal Trade Commission, published in May. Since October 2020, more than 7K people have told the FTC that they have transferred $80M to cryptocurrency scammers.

There are many ways to steal cryptocurrency, which crypto criminals actively use. And, unfortunately, crypto scammers are becoming more and more inventive every year. 

Even though the situation with cryptocurrency scams is getting better, scammers do not sleep. And everyone who deals with cryptocurrency should be on their guard.

So, LATOKEN is ready to help its users, traders, and crypto enthusiasts! Read on.

One of the most popular cryptocurrency scam schemes is fake digital coin giveaways. First of all, cybercriminals use the fact that many want to get cryptocurrency for free. Therefore, in various social networks, forums, and other sources of information, scammers begin to post announcements that they are ready to double the amount that the trader will send to their wallet. However, they, of course, do not send it back.

In 2020, even Apple co-founder Steve Wozniak became a victim of such a fraudulent scheme. Crypto scammers used his name to deceive people and steal their crypto. The crypto scammers posted videos on YouTube and convinced users to send crypto to a specific address, promising to send twice as much in return.

The businessman filed a lawsuit against YouTube, but his claim, unfortunately, was dismissed with reference to US federal law. According to this law, YouTube and other platforms are not responsible for content posted by users. The scammers also managed to use the names of other famous personalities: Bill Gates, Elon Musk, and so on.

Last year, the police accused the 17-year-old of carrying out one of the largest crypto attacks on Twitter and gaining access to the accounts of Elon Musk, Bill Gates, and other famous personalities. Then, using the accounts of business people, the crypto scammer implemented a similar scheme, promising users to double their funds.

Fake exchanges — crypto scams

Over the past few years, the number of cryptocurrency wallets, exchanges, and other services has increased significantly. But, of course, crypto scammers have used this to create their own exchanges that steal funds.

Usually, scammers promise users a profit after buying digital coins in a real exchange with subsequent resale on a fraudulent platform. Scammers use real exchange platforms in such schemes to increase trust.

The scheme is simple: users buy cryptocurrency on a real platform. They then turn to the scam platform as they offer a very favorable cryptocurrency exchange rate. However… As soon as users send funds to a fake platform, they simply lose it.

How to recognize crypto scams

There are many ways to recognize crypto scams. Firstly, when buying a particular coin or participating in a transaction, you need to be as careful as possible. You need to always be on the lookout and do your own research. Find out as much information as possible about the project and its creators, read reviews on forums and other social networks. It is essential; LATOKEN never ceases to remind you about it.

What is more, if they are trying to manipulate, rush or threaten you — most likely, you are dealing with crypto scams. So do not follow the lead of these people and do not make rash decisions.

If you they promise a high income or something too exclusive, you need to be especially on the lookout. Unfortunately, they most likely deceive you, and crypto scammers mess around with you to steal your crypto.

If you want to learn more about the most promising tokens through LATOKEN Review, crypto news and tips on avoiding becoming a victim of a cryptocurrency scam, follow us on Medium, LATOKEN Blog, or LATOKEN VCTV channels. 


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LATOKEN crypto exchange does not provide any investment, tax, legal, or accounting advice. This article is written for informational purposes only. Like other assets, cryptocurrency is subject to market risk. Please do your own research and trade with caution.