Learn All About Crypto Giveaway Scams & How To Avoid Them
Do you know that since the last great bull run in late 2017, cryptocurrency giveaway scams have been an issue for many in the crypto world?
Yes, it’s true! While there are numerous regular scams, such as phishing and email scams, some con artists drew worldwide notoriety through what is known as Crypto Giveaway Scams, one of the most prevalent types of crypto scams. These are social engineering attacks that use prominent social media platforms like Youtube or Twitter to persuade you to pay cryptocurrency to scammers.
Now, how exactly do these work? Basically, a hacker will compromise or impersonate a well-known person or company, claiming to be giving away cryptocurrency. To enter the crypto giveaway, you must first pay a certain amount of cryptocurrency to the address provided. In most circumstances, they guarantee to return double as much as you send. Their goal is to persuade you to make a poor decision by convincing you that you are about to miss out on a huge opportunity. They’ll typically mention the exact amount of cryptocurrency being given away, such as “10,000 BTC giveaway,” and then add phony comments to make it appear as if people are receiving the money. People will fear missing out and rushing to donate cryptocurrency to the crooks before determining whether or not the giveaway is genuine.
Hence, to swindle naïve consumers, cybercriminals frequently utilize giveaway scams. Can you believe that hackers took $121,000 in bitcoin from 400 victims following the July 2020 crypto scam that targeted the Twitter accounts of some significant superstars? Insane! If this has caught your interest and you’d want to understand more about this ever-growing fraud, its types, and how to spot and prevent becoming a victim, keep reading! You can thank us later.
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If you are someone who’s interested in Cryptocurrency, then you’re definitely at the right place. We can give you the best practices in identifying red flags as well as help you in recovering your stolen money from scammers!
The Many Types Of A Crypto Giveaway Scams
Until now, we know that Giveaway scams are a type of social engineering in which a fraudster tries to fool a cryptocurrency investor into thinking a significant cryptocurrency exchange or celebrity is throwing a giveaway.
The catch is that to enter the giveaway, you must first deposit a particular amount of cryptocurrency to a giveaway address so that your wallet address can be verified and you can collect your portion of the prize. Because bitcoin transactions are irreversible, once a victim sends money to the scammer’s address, there is nothing anyone can do to recover it, and the scammer has profited.
This was the typical way of describing a Giveaway Scam. However, these can take the form of airdrops, scammers impersonating Elon Musk or MetaMask support, and so much more – let’s talk about some legitimate crypto giveaway scams!
The Modern Approach - Youtube Live Streams
Scammers have been using this strategy to prolong their cryptocurrency giveaway scams for a while now. In this case, the scammer will make a YouTube video using past video streams of bitcoin exchange CEOs and overlay it with information on a supposedly free giveaway.
They’ll also set up the video as a live stream so that it appears to be happening right now, further tempting people to enter the competition immediately. The video description frequently includes an official giveaway address or a link to a web page providing the giveaway address. In addition, the fraudster will drive false visitors to the video to make it appear as though it has thousands of viewers.
Don’t fall for this scam; it’s a ruse, and you won’t get any free Bitcoin!
Some More Video Scams
When watching legitimate crypto Youtube content, we will likely find scams in the related videos portion of the right sidebar. These are frequently live streams with the phrase ‘live now’ to attract the attention of potential victims.
These use a clickbait headline and the name of a celebrity or crypto figure, such as Elon Musk, Michael Saylor, Vitalik Buterin, and others. Scammers frequently utilize exclamation points, misspell words, and have terrible grammar. The video content will be legitimate footage of an interview from somewhere else. Still, there will be instructions to enter a crypto giveaway on screen or a link to click in the live chat section, comments, or video description, advertising an ‘event’ or ‘airdrop.’ Those are all scams. Moreover, even if the video is genuine, many Youtube comments seek to persuade viewers to contact them via Telegram or Whatsapp. These are also scams!
They frequently start with a normal-sounding comment, then respond with many bot accounts, mentioning the @ handle of a trader to follow – that false trader is the scammer. Because Youtube frequently removes connections, users are directed to look for a handle or phone number.
Never-Ending Scam Websites & Emails
Make sure you’re going to the official website for a crypto project, NFT collection, or whatever else you’re looking for. Instead of clicking links supplied to you, type the name of a website into Google and click the top result. It’s best not to click PPC advertising above the first result if you want to get to them that way.
Connecting your wallet to a website you’re unfamiliar with could result in losing all cash and NFTs. Stay alert because even an official website, Discord, or other social media outlet could be hijacked. The Instagram account of the Bored Ape Yacht Club, for example, was hacked in April. The scammer sent DMs with a phishing link to the followers – admins will never DM you about anything. You may also receive an email from Binance or another cryptocurrency exchange. The scammer attempts to persuade the recipient that Coinbase is conducting a giveaway to commemorate a user sign-up milestone. Coinbase will never ask you to donate bitcoin to receive crypto. Before proceeding, double-check the email from Coinbase.
Never open links in emails; instead, conduct an internet search to learn more about a crypto offer if one exists. Some websites claim to assist those scammed by cryptocurrency and may help them recover their funds – these are all scams designed to dupe novice beginners.
If you’ve been a victim of Crypto Scam you can contact us for support.
Fake Celebrity Tweets
If you ever react to an enormous crypto Twitter account or even a little one, you will receive a fraudster impersonating them, asking you to DM them, contact them on Telegram, click a phishing link, and so on.
They may also ask you to enter your seed phrase or private keys into a Google doc link. Even if you simply tweet the word MetaMask from your Twitter profile, you may receive a response; these are bot accounts. Sadly, neither YouTube nor Twitter is doing anything to eliminate bot content. You can report videos and tweets like the ones above to get them taken down, but new ones arise daily.
A Twitter account, for example, responded to a tweet by Senator Bernie Sanders. Thanking Elon Musk and posting an image that appears to be a tweet from Elon Musk regarding a Bitcoin and Ethereum giveaway held by Tesla were the responses there. In reality, this image was doctored to make it appear as if Elon Musk sent the tweet, and it was created entirely by a con artist. Elon Musk has also increased awareness of the problem, promising to ‘defeat the spam bots or die trying.’
Coinbase, Twitter, Airdrop & Scams
Assume we have a Twitter account impersonating Coinbase that responds to a genuine Coinbase tweet with an image promoting a 5,000 BTC giveaway fraud.
The image’s link will take you to a website where you’ll be asked to validate your Bitcoin address by transferring 0.1 to 10 BTC to the scammer’s giveaway address. You would get ten times your money back, according to the scammer’s website. It sounds great, but it’s a complete hoax, and you’ll get no BTC back! Apart from this, real airdrops have also occurred in the past, such as the ENS, Songbird, and Spark token airdrops, as well as the initial ApeCoin airdrop for BAYC holders.
Unfortunately, this has resulted in the rise of bogus crypto giveaways and NFT giveaways claiming to be an airdrop. Even early investors in Bored Ape NFTs, valued at hundreds of thousands of dollars each, have been scammed by NFT airdrops. To deceive customers, scammers can buy verified Twitter accounts – with the blue check – on the black market, then buy followers, modify the profile image, and build their own website name that looks similar to a reputable crypto project.
Lastly, The Rug Pulls
Some crypto assets, as well as NFT collections, end up becoming ‘rug pulls,’ drawing a large number of early investors before the developers, who were basically planning a crypto scam, dump all tokens on the market and abandon the project, pulling the rug out from under them.
Hence, early investment in crypto initiatives is beneficial but also increases the risk of being defrauded.
How To Spot The Crypto Giveaway Scams?
Almost every sort of cryptocurrency giveaway is a scam. They all follow the same pattern of pretending to be someone else and then wanting crypto before sending you more. However, the easiest approach to protect yourself is to educate yourself and be able to recognize this type of crypto fraud.
We’d like you to remember two essential tips that should help you prevent scams like this in the future: If it sounds too good to be true, it certainly is. Before you send your money, think twice. Remember that crypto transferred to a “giveaway” address is lost forever. Crypto transactions are irreversible, which means you won’t be able to get your money back. As a result, these scams are highly effective and frequently recur.
Finally, if you come across any giveaway scams such as those described above, please help protect the bitcoin community by reporting the fraud to Coinbase or directly to Twitter, YouTube, or Google.
Let The Claimers Be Your Savior
In 2021, according to Time, CNBC, and NBC, over $14 billion in digital assets were stolen or lost due to different crypto frauds.
However, don’t worry if schemes like these have duped you or someone you love. You can contact organizations like The Claimers, an information source that can assist you in locating the most appropriate fund recovery agency – which allows clients to register a complaint against a scammer and reclaim their funds.
They have experts who can assist you with any scam, including forex, investment, online, and cryptocurrency fraud. When you say it, a team of professional agents will be assigned to investigate the issue, gather evidence and data, monitor your scammer’s digital footprint, and construct a strong case against them to catch them as soon as possible. To regain all of your valuable belongings and money that you’ve misplaced. From cyber investigation to digital tracking, they develop a system that restores a victim’s lost money 99.99 percent of the time.
Authentic asset recovery firms are always available to help you when dealing with a scammer; their firm takes a complicated, no-nonsense approach to ensure that our clients’ money is returned as quickly and effectively as possible. They will assist you in retrieving your items, no matter how difficult the situation is. Every agent has at least three years of experience in their field, making them exceptional at what they do – not only because they care about their business, but also because they care about their clients!
Bring an End to Crypto Giveaway Scams – Help Yourselves Today!
Conclusively, cryptocurrency isn’t a scam in and of itself, but it’s more anonymous and decentralized structure is what makes it a target for scammers. Always be wary of false links and websites. Similarly, always be on the lookout for red indicators and take precautions to protect yourself. Simply being cautious and vigilant, for example, can ensure that any damage is minimized.
Nonetheless, contacting a recovery firm is the best course of action. Please don’t give up; anyone who has been a victim of a scam or is presently being scammed is encouraged to contact The Claimers. They also tell you where you can obtain help and how to prevent becoming a scam victim. To keep your friends and family safe, go to their website and inform them about it. Have A Good Day!
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