As more people enter the world of cryptocurrency and NFTs, so do scammers. Understanding crypto and NFT scams is essential for every beginner and seasoned investor alike. This post outlines the most common risks, examples of real-world scams, and practical ways to protect your digital assets.
Common Crypto and NFT Scams
1. Rug Pulls
A rug pull happens when a project raises funds from investors and then the team disappears — taking all the money with them.
Example: Fake NFT collections promising utilities or games, then deleting their social media accounts post-sale.
How to Avoid:
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- Research the team behind the project
- Look for verified social presence and track record
- Avoid projects with anonymous founders and no roadmap transparency
2. Phishing Scams
Phishing scams trick you into giving up your wallet seed phrase or private key.
How it works:
You receive a fake email or message that appears to be from a trusted platform like MetaMask, OpenSea, or Binance, asking you to “verify” your wallet.
How to Stay Safe:
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- Never click on unknown links or ads
- Bookmark official websites
- Never share your seed phrase — no legitimate company will ask for it
3. Fake Airdrops and Giveaways
Scammers lure users by pretending to give away free tokens or NFTs. In exchange, they ask for wallet access or make you sign malicious transactions.
How to Identify:
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- Too good to be true? It probably is.
- Avoid “connect wallet” buttons from unknown sites
- Use wallets with permissions controls and revoke unnecessary access
4. Impersonation Scams
Fake profiles of influencers, crypto founders, or support agents send DMs promising opportunities or help — often ending in a loss of funds.
Tip:
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- Turn off DMs on Discord and Twitter
- Official team members never DM you first
How to Stay Safe in Crypto & NFT World
- Use a Hardware Wallet
Cold wallets like Ledger or Trezor offer extra protection by keeping your keys offline. - Enable 2FA
Two-Factor Authentication adds an additional security layer on exchanges and wallets. - Verify Before You Trust
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- Double-check domain names (e.g., “opensea.io” vs “0pensea.io”)
- Confirm announcements through official channels
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Stay Updated on Scams
Follow trusted crypto security channels and forums like r/CryptoScams or @SlowMist_Team on X (Twitter). -
Use Reputable Tools
Use platforms like Etherscan to revoke suspicious token approvals.
Real-World Scam Stories
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- The Squid Game Token Rug Pull:
A token inspired by the Netflix series pumped and crashed to zero in minutes — millions lost. - OpenSea Phishing Scandal (2022):
Users clicked fake emails, unknowingly signed transactions that gave access to their NFTs.
- The Squid Game Token Rug Pull:
Conclusion
Crypto and NFT scams are becoming more sophisticated, but you can stay safe with the right knowledge and tools. Always prioritize security over hype. Remember — in this digital world, you are your own bank, and protecting your assets starts with being informed.
