Cryptocurrency Scams

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Types of cryptocurrency scams in 2022

Given the sharp increase in reported cryptocurrency scammers, it is more crucial than ever to be aware of the typical scams and what you can do to avoid falling for them. Cryptocurrency scammers frequently try to steal personal information, including security codes, or con unwary individuals into sending money to a hacked digital wallet.

1. Bitcoin investment schemes

2. Rug pull scams

3. Romance scams

4. Phishing scams

5. Man-in-the-middle attack

6. Social media cryptocurrency giveaway scams

7. Ponzi schemes

8. Fake cryptocurrency exchanges

9. Employment offers and fraudulent employees

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1. Bitcoin investment schemes

Scammers approach participants in bitcoin investment schemes under the pretense of being seasoned "investment managers." As part of the scam, the so-called investment managers make extravagant claims about their success investing in cryptocurrencies and assure their victims that their investments will be profitable. Cryptocurrency investment scams is very popular considering how easy it is to buy investment website scripts.

The con artists demand a payment up front to begin. The crooks then simply steal the upfront payments rather than make money. In order to access someone's cryptocurrency, the con artists may also ask for personal identity information under the pretense that they need it to transfer or deposit money.

The use of phony celebrity endorsements is a different kind of investment scam. In order to make it seem as though the celebrity is endorsing a significant financial benefit from the investment, scammers take authentic images and superimpose them on false accounts, advertising, or articles. These assertions come from sources that seem credible because they use well-known brand names like ABC or CBS and have polished websites and logos. But the endorsement is a fraud.

2. Rug pull scams

In rug pull schemes, fraudsters "pump up" a new business, nonfungible token (NFT), or coin to attract investors. The con artists simply vanish with the money after obtaining it. These investments' software forbids anyone from selling bitcoin after buying it, leaving them with a worthless investment.

The Squid coin scam, which took its name from the well-liked Netflix comedy Squid Game, is a common variation of this scam. To earn cryptocurrency, investors had to play: People would purchase tokens for online games and later earn more to trade for other cryptocurrencies. The Squid token's value increased from one cent to almost $90 per token.

Trading eventually ceased, and the funds vanished. As users tried to sell their tokens but were unsuccessful, the token value eventually fell to zero. Over $3 million was obtained from these investors by the con artists.

Rug pull scams are also prevalent for NFTs, unique digital assets.

3. Romance scams

Cryptocurrency scams are not new to dating apps. These frauds involve relationships that are established gradually over time, usually through long distance and only online communication. One party gradually persuades the other to give or purchase money in cryptocurrency.

Once they have your money, the dating scammer vanishes. These frauds are additionally known as "pig slaughtering frauds."

4. Phishing scams

Although they have been around for a while, phishing schemes are still widely used. Scammers send emails with malicious links to a bogus website in order to collect personal information, such as the private key for a bitcoin wallet.

Users of digital wallets only only receive a single, unique private key, unlike passwords. However, it is difficult to replace a stolen private key. Since each key is exclusive to a wallet, a new wallet must be made in order to change this key.

Never enter secure information from an email link to protect yourself against phishing schemes. No matter how trustworthy the website or link looks to be, always go directly to the page.

5. Man-in-the-middle attack

Scammers are able to access bitcoin users' private information when they log in from a public place. Any data exchanged over a public network, including passwords, bitcoin wallet keys, and account information, is susceptible to interception by scammers.

A hacker can obtain this private information whenever a user is logged in by employing a man-in-the-middle attack strategy. When trusted networks are nearby, Wi-Fi signals from those networks are intercepted.

Utilizing a virtual private network to block the middle man is the most effective defense against these assaults (VPN). All data being transmitted is encrypted via the VPN, preventing hackers from accessing personal data and stealing cryptocurrency.

6. Social media cryptocurrency giveaway scams

Social media sites are flooded with fake posts that advertise bitcoin giveaways. To entice consumers, some of these scams also use phony celebrity accounts to promote the offer.

However, when a user clicks on the promotion, they are transferred to a phony website that requests verification in order to send them bitcoin. Making a payment as part of the verification process demonstrates the legitimacy of the account.

The victim runs the risk of losing this payment or, even worse, clicking on a malicious link that results in the theft of their personal data and bitcoin.

7. Ponzi schemes

Ponzi schemes pay its older investors out of the earnings of new investors. Bitcoin will be used by cryptocurrency crooks to entice new investors. Since there are no reliable investments, the strategy is a money-making money-making scheme that goes in circles.

The promise of enormous riches with little risk is the core allure of a Ponzi scheme. However, there are always dangers associated with these investments, and no profits can be guaranteed.


8. Fake cryptocurrency exchanges
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Scammers might entice investors with claims of a fantastic cryptocurrency exchange or even extra bitcoin. However, there isn't really an exchange, and the investor doesn't realize it's a scam until they've already lost their money. Since cryptocurrency operates outside of financial institutions and uses blockchain for verification, recovering from theft is more difficult.

To avoid an unfamiliar exchange, stick to well-known cryptocurrency exchange marketplaces like Coinbase, Crypto.com, and Cash App. Before entering any personal information, do some research and look for information on the exchange's repute and legitimacy on industry websites.

9. Employment offers and fraudulent employees

In order to gain access to bitcoin accounts, scammers will often pretend to be recruiters or job searchers. By using this trick, they provide a compelling job while demanding cryptocurrency in exchange for work training.

Scams involving the use of remote employees exist as well. For example, North Korean IT freelancers are attempting to take advantage of remote job opportunities by putting up outstanding resumes and stating that they are based in the United States. The North Korean fraud that targets cryptocurrency companies was alerted to by the US Department of the Treasury.

These independent IT contractors look for work involving virtual currency and make use of access to currency exchangers. To raise funds or steal information for the Democratic People's Republic of Korea, they then hack into the systems (DPRK). These individuals also carry out other professional IT tasks and employ their insider access to enable hostile cyberattacks by the DPRK.

how to avoid cryptocurrency scams

So, how can one recognize a cryptocurrency scam? Among the red flags to watch out for are: 

Do your research:

The most well-known cryptocurrencies are legitimate. However, if you've never heard of a specific cryptocurrency, do some research on it. Check to see if there's a whitepaper you can read, learn who controls it and how it functions, and check for real reviews and endorsements. To check for scams, find an accurate and reliable list of bogus cryptocurrencies.

Be wary of social media adverts:

Crypto scammers frequently advertise their fraudulent schemes on social media. They may utilize unlicensed pictures of famous people or prominent entrepreneurs to give the impression of credibility, or they may make promises of freebies or free money. When you see cryptocurrency prospects touted on social media, keep a healthy dose of skepticism in mind and conduct your research.

Keep an eye on your wallet app:

Sending a small quantity of money the first time will allow you to verify the reliability of a cryptocurrency wallet program. If you observe strange behavior while updating your wallet app, stop updating and delete the app.

Protect your wallet:

You need a wallet with private keys if you want to invest in cryptocurrencies. It's quite likely a fraud if a company requests your keys so you can take part in an investment opportunity. Keep the keys to your wallet hidden.

Is it too good to be true:

Companies that guarantee returns or promise to make you wealthy overnight are probably scams. Be cautious if something sounds too good to be true. Last but not least, never use money you can't afford to lose on an investing opportunity. Understanding the risks is crucial because cryptocurrency is speculative and volatile even if you aren't being scammed.

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Is it possible to regain my stolen crypto recovery account? YES! It's possible .You must contact us immediately to tell us more about your case and we will swing into action and rain down justices on the bad guys. After your bitcoin has been taken, the first action you must take is to keep a record of everything. Make sure to keep every piece of bogus information until the very end because you never know what can make it simpler to find the con artist.

If you google "how to report cryptocurrency scams", you may  file a complaint with your local law enforcement, but be prepared to wait a while before hearing back because they get hundreds of identical complaints every day and might not respond to yours right away. Your next option would be to submit a report to a trustworthy, reliable, and professional recovery firm.