Traps in the World of Crypto: What to Look Out for and How to Protect Yourself

We have already posted several articles where our support team reveals interesting ways of fraud. But in the world of cryptocurrencies, scammers still deceive honest users. To reduce the chances of fraud, today we continue to share particularly memorable cases that clearly show how cunning thieves can be and how important it is to carefully analyze the details. 

Checking transactions: how to catch fakes

One of the recent cases was related to a user who found a large transaction on the merchant's wallet and tried to prove that he was the one who made it. He figured out the merchant's wallet, created a similar account, tracked the funds, and insisted that it was his transaction, but the funds never arrived. However, it turned out to be much simpler: upon verification, it was revealed that the transaction belonged to another user. Additionally, there was a discrepancy in the client's account, as the dates differed. As a result, the system's data was so evident that there was no doubt that it was simply an attempt to deceive us.

We have also mentioned multiple times that it is crucial for the client to remain vigilant. It is very common for users and merchants to receive fake tokens. For example, on the Solana blockchain, it is possible to create any token and name it anything you like, even USDT, for a minimal fee. As a result, fake tokens that have no value are often sent. The user contacts the merchant's support team with a complaint that they have added funds to their balance, but the money has not arrived. The merchant then contacts us, and we reveal that it was not the original token, as the real token has a different smart contract. Thus, a fake token can be sent to the user instead of a real token.

Account cloning and private chats

It is not uncommon for support to encounter cases where attackers create duplicate accounts, including private ones, and act on behalf of real users. A "cloned" account is created, and sometimes private chats are set up, where scammers engage in conversations to gain the trust of their victims. For example, there was a situation where a user was convinced to transfer money on behalf of a known user. In a private chat, the attacker almost completely imitated a real person — the manner of communication, the name, even the technical details. By the way, scammers can also duplicate the voice using modern tools. So voice calls are not a reason to trust at all. This is a warning to everyone: be careful when communicating in private chats or with new contacts, even if they seem familiar.

A similar method of fraud is business accounts with minor differences in the name. So, they change the letters to similar shapes in order to gain trust. Such accounts are used in chats to deceive people by offering them lucrative deals or luring them into fraudulent schemes. In other words, it's not exactly a copy of the account as in the previous situation, but rather a subtle difference that only the most attentive users can spot. For example, we recently encountered a case where an account appeared in a chat that closely resembled the official business account of a well-known company, with the intention of luring users into a fake business platform. The only difference was in the letters - the uppercase letter "l" (i) and the lowercase letter "l" (L) are almost indistinguishable. 

How to avoid falling for such a fraud?

It may sound trivial, but it is worth being very attentive. To avoid deception, always check the links on official resources and do not trust unverified contacts. Also, pay attention to the little things - unusual symbols or strange design of the account can be a sign of a fake. If in doubt, better contact the support directly through official channels.

Also, do not rush to transfer money or send personal data, even if the request comes from a person you know. If you have any suspicions, please check the details through other means of communication or call directly. Scammers often take advantage of haste and a lack of information, so staying calm and attentive will be your best defense.

Finally, we recommend using two-factor authentication and keeping your accounts secure to minimize the risk of hacking and cloning. Stay vigilant, and let your cryptocurrency be protected. We will continue to provide you with important tips and real-life cases to help you avoid traps and keep your funds safe.