Guide
How to Spot Crypto Scams: 7 Red Flags
Bottom line: learn the red flags and you can avoid most scams
Crypto is useful, but scams are common. The tactics evolve, yet they share recognizable warning signs.
Key takeaways
"Guaranteed profit", "act now", "send me your keys", impersonating famous people, and unsolicited DMs are classic scam signs. If one appears, stop and check.
Common scams
- Rug pulls — raise funds, then disappear
- Phishing — fake sites/apps steal your keys
- Fake airdrops — "free" tokens that drain your wallet on approval
- Romance / "pig butchering" — befriend you, then push an "investment"
- Fake support / exchanges — convincing clones that take your deposit
7 red flags
| # | Red flag |
|---|---|
| 1 | "Guaranteed" or "risk-free" high returns |
| 2 | Pressure to act "right now" |
| 3 | Asks for your private key or seed phrase |
| 4 | Impersonates a celebrity or official |
| 5 | Unsolicited DM or social outreach |
| 6 | Asks you to "pay a fee first" to withdraw |
| 7 | Anonymous team / opaque project |
The golden rule
Legitimate services never ask for your seed phrase. If asked, it's 100% a scam. Don't sign suspicious approval requests.
Sources
- FSA — consumer alerts: https://www.fsa.go.jp/en/
Not financial advice
This article is for information only and is not investment advice. Crypto assets are volatile and carry risks including hacking. Do your own research and only use money you can afford to lose.
This article is informational only and is not financial, investment, or trading advice. Prices are reference snapshots and may be outdated. Always do your own research.
