How to Spot crypto giveaway scams?

Have any idea about crypto scams? Scams involving cryptocurrency giveaways are an issue for those who are participating in the crypto community. The increase in cryptocurrency’s popularity has also provided greater opportunities for unethical individuals to exploit the industry’s security flaws and scam trusting, individuals. One of the scams that target cryptocurrency users the most is the giveaway scam. There are now more fake cryptocurrency giveaways on YouTube, Twitter, Telegram, and other social media than there used to be. In general, giveaway scams are a type of social engineering in which a scammer tries to trick a cryptocurrency investor into thinking a good cryptocurrency exchange or a famous person is holding a giveaway. Here you will see how to spot crypto giveaway scams:

Ignore cold emails

If someone contacts you suddenly with a great investment opportunity in cryptocurrencies, that just looks too good to be true. You should be careful while viewing the emails. Through strange links found in emails, never provide your personal information and log into your digital wallet as they are almost certainly scams. You can use crypto scam recovery to solve crypto giveaway scams.

Fake Videos

Scams can be found in the related videos portion of the right sidebar when watching genuine cryptocurrency-related YouTube content. These are frequently live streams that state lives now to attract potential victims.These combine a clickbait headline and the name of a celebrity or crypto figure. Additionally, cryptocurrency scammers commonly use exclamation points, incorrect word spelling, and poor language. The video’s actual content will be real interview footage from another source. Still, there will be instructions to participate in a cryptocurrency giveaway on screen or a link to click in the live chat section, comments, or video description, promoting an event. These are indicated it is a scam. Even when the video is real, people frequently ask viewers to contact them on Telegram or Whatsapp in YouTube comments. They are scams, and you should be aware of that.They frequently start with what may be a genuine comment, then respond to it using a number of bot accounts while providing the @ handle of a trader to follow that false trader will be the scammer. Since YouTube frequently deletes links, they advise users to look up a name and phone number instead.

Fake Tweets

If you ever respond to a prominent crypto Twitter account and some smaller ones, you will receive a reply from a scammer acting as that account asking you to DM them, get in touch with them on Telegram, and click a phishing link, etc. Additionally, they can request that you input your private keys or key phrase into a Google doc link. These are bot accounts, therefore, you might even receive a reply if you tweet the word metamask by yourself from your Twitter profile. Unfortunately, neither Twitter nor YouTube does anything to eliminate bot content. Videos and tweets like the ones shown above can be reported to have them taken down, but new ones continue to circulate daily.

Protecting your investment and fellow investors

Now that you are aware of the most recent tricks used by giveaway scammers, there are two easy rules you should keep in mind to stay well clear of scams of this nature in the future. It is almost always true if something sounds too wonderful to be true. Before sending any money, consider that. All cryptocurrency transactions are final, so you cannot get your money back. Also, take a moment to safeguard the larger cryptocurrency community by reporting the scam to the coin base or directly to Twitter, YouTube, or Google. Finally, you can go for a legal fund recovery if you encounter any giveaway scams.

Do some research 

Before investing any of your money, take time to properly explore your options rather than going all in at once. Make sure to conduct your research and resist the pressure if a business does try to get you to invest in a limited-time offer. Additionally, there have been cases where scammers have given incentives like bonuses or discounts to attract victims into making a direct investment.

Get away from social media and Google ads

Scammers target cryptocurrency lovers by running advertising on social media and even Google searches. Bad actors targeted consumers in 2021 by buying Google ad spots for fake websites that looked like good cryptocurrency wallets, and the scammers successfully stole the worth of cryptocurrencies.

Bottom Line

The more anonymous and decentralized nature of cryptocurrency makes it a target for scammers even though it isn’t a scam in and of itself. Avoid clicking on fake websites and links. The above listed are the how to Spot crypto giveaway scams. Further, if you found a scam, you may look for a spot out. So you can reach out to ReclaimMyLosses to spot the crypto giveaway scams.