Top 10 Crypto scams in 2023: How to avoid

Cryptocurrency has gained immense popularity in recent years due to its potential to revolutionize the way we conduct financial transactions. However, with the rise of cryptocurrency, there has also been an increase in crypto scams that have led to investors losing millions of dollars. As we move into 2023, it is crucial to be aware of the top crypto scams that could potentially harm your investments. This article will provide an overview of the top 10 crypto scams in 2023 and the importance of being cautious when investing in cryptocurrency.

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Common Types of Scams in the crypto Industry

Ponzi schemes: Ponzi schemes involve promising high returns on investments to early investors using the money from later investors. The fraudsters typically use the funds to pay out the promised returns to early investors, creating the illusion of a successful investment. 

Phishing scams: Phishing scams involve fraudsters creating fake websites that mimic legitimate cryptocurrency exchanges or wallets. They then trick users into providing their login credentials or private keys, allowing the scammer to steal their cryptocurrency. 

Fake ICOs: Initial coin offerings (ICOs) are used by many new cryptocurrencies to raise funds. However, scammers create fake ICOs to trick investors into sending money to a fake wallet address. 

Cryptojacking: Cryptojacking involves hackers using malware to gain control of a victim's computer or device and using their processing power to mine cryptocurrency without their knowledge. 

Pump and dump schemes: Pump and dump schemes involve fraudsters buying large amounts of a particular cryptocurrency and then promoting it on social media. 

Fake wallets and exchanges: Scammers create fake cryptocurrency wallets and exchanges that look legitimate, but in reality, they steal the user's funds. 

Social media scams: Scammers use social media to promote fake giveaways or investment opportunities, tricking users into sending their cryptocurrency to them. 

Malware attacks: Malware can be used to steal cryptocurrency wallets' private keys or login credentials to gain access to user accounts and steal their funds. 

Exit scams: Exit scams involve a cryptocurrency exchange or investment program shutting down suddenly and taking all of the investor's funds with them. 

Fake cryptocurrencies: Scammers create fake cryptocurrencies, convincing investors to buy them, and then disappear with the investors' funds. 

Overall, these crypto scams can have a significant impact on investors, leading to financial losses and potentially even identity theft. It is essential to stay vigilant and take steps to protect yourself when investing in cryptocurrency.

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Tips to avoid Crypto scam

To avoid falling victim to crypto scams, here are 16 tips to keep in mind:

#1 Do your research: Research the cryptocurrency and the exchange or wallet you plan to use before investing.

#2 Use reputable exchanges and wallets: Stick to reputable and established cryptocurrency exchanges and wallets.

#3 Use two-factor authentication: Use two-factor authentication for all your cryptocurrency accounts.

#4 Keep your private keys safe: Keep your private keys offline in a cold wallet and never share them with anyone.

#5 Avoid unsolicited offers: Avoid unsolicited investment offers, especially those received through social media.

#6 Don't give out personal information: Be wary of anyone who asks for your personal information, such as your social security number or credit card information.

#7 Check the URL: Always double-check the URL of any cryptocurrency-related website you visit to make sure it's legitimate.

#8 Look for security features: Look for security features such as SSL encryption and a padlock icon in your browser to ensure the site is secure.

#9 Use antivirus software: Use antivirus software and keep it updated to protect against malware.

#10 Be skeptical of high returns: Be skeptical of investment opportunities that promise high returns with little to no risk.

#11 Check for regulatory compliance: Check that the exchange or wallet you plan to use is regulatory compliant in your country or region.

#12 Watch out for phishing emails: Be wary of phishing emails that try to trick you into clicking on a link or downloading an attachment.

#13 Verify social media accounts: Verify the social media accounts of anyone offering cryptocurrency investments or giveaways before sending any funds.

#14 Report suspicious activity: If you suspect a cryptocurrency scam, report it to the appropriate authorities, such as the Federal Trade Commission (FTC) or the Securities and Exchange Commission (SEC).

#15 Be cautious of ICOs: Be cautious of new ICOs and do your research before investing.

#16 Keep your investments diversified: Don't put all your eggs in one basket. Keep your investments diversified across different cryptocurrencies and assets.

By following these tips and exercising caution, you can help protect yourself from cryptocurrency scams and make informed investment decisions.

Final Thoughts

In conclusion, the top 10 crypto scams in 2023 include Ponzi schemes, phishing scams, fake ICOs, cryptojacking, pump and dump schemes, fake wallets and exchanges, social media scams, malware attacks, exit scams, and fake cryptocurrencies. These scams can have a significant impact on investors, leading to financial losses and potential identity theft.

To avoid falling victim to these scams, it's essential to exercise caution, awareness, and due diligence when investing in cryptocurrency. Always research the cryptocurrency and exchange or wallet you plan to use, use reputable exchanges and wallets, keep your private keys safe, and avoid unsolicited offers. Additionally, diversify your investments and report any suspicious activity to the appropriate authorities. By following these guidelines, you can help protect yourself from crypto scams and make informed investment decisions.


What are crypto scams?

Crypto scams are fraudulent activities that involve cryptocurrencies. These scams aim to deceive people into giving away their cryptocurrencies or money. Some common crypto scams include fake ICOs, Ponzi schemes, fake wallets and exchanges, and phishing attacks.

How do crypto scams work?

Crypto scams work by exploiting people's lack of knowledge about cryptocurrencies and their underlying technology. Some common ways crypto scams work include fake giveaways, Ponzi schemes, phishing attacks, and fake wallets and exchanges.

How many crypto scams are there?

The number of crypto scams is difficult to estimate as new scams are constantly emerging. However, according to a report by CipherTrace, losses from cryptocurrency scams and frauds reached $1.9 billion in 2020.

What is crypto romance scams?

Crypto romance scams are a type of scam where scammers pose as potential romantic partners on dating sites or social media platforms. They then ask the victim to send them cryptocurrencies, promising to invest the funds or use them to travel to meet the victim. However, the scammer disappears once they receive the funds.

How do I get my money back from crypto scams?

Unfortunately, it is often difficult to get your money back from crypto scams. However, if you have been a victim of a scam, you should report it to the appropriate authorities and seek legal advice.

What percentage of crypto are scams?

It is difficult to determine the exact percentage of crypto that are scams. However, according to a report by Chainalysis, less than 0.3% of all cryptocurrency transactions in 2020 were associated with criminal activities.

How do crypto giveaway scams work?

Crypto giveaway scams work by creating fake social media accounts or websites that offer free cryptocurrency giveaways to users who send in some initial amount of cryptocurrency as a "verification fee". The scammer then disappears with the cryptocurrency, leaving the victims with nothing. It's important to be cautious of any offers that seem too good to be true and to do your due diligence before sending any cryptocurrencies to anyone.

Jack Evans

I became a crypto asset owner in 2014, when the industry was in its infancy. Before that, I was working in the classic US and European stock markets. Since then, I have gained extensive experience in both cryptocurrency investing and day trading. I am happy to share with readers my experience with crypto exchanges, DeFi and NFT instruments.

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