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Watch for these Popular Bitcoin Scams

What are Bitcoin Scams?

When an individual or a group wants to mislead or defraud a trader or investor into sending them Bitcoin, it is called a Bitcoin Scam. Unfortunately, there is a new BTC scam in the market every day, and we recommend all traders and investors know all the latest variations.

Types of Bitcoin scams

Blackmail Scam

Strangers pretend to be a hacker, a lawyer, or an assassin demanding Bitcoin as a ransom. They send you emails saying they have hacked into your bank account or have your social security code. According to the scammer, they hacked into your webcam and started recording you.

Now you are given two options: pay them with Bitcoin and get back content and no internet upload or they will begin spreading the content all over social media. Criminal hacking with free Wi-Fi and stolen email lists are available on the dark web (with all personal information).


Phishing is an old scam. Bitcoin Scammers pretend to be your broker or the company of your e-wallet, asking you to change your password. Because your account might be under the threat of an attack or someone is trying to attack your account.

The emails and the websites are fake, pretending to be genuine. Always double-check the email because you might give your login ID and password to the hands of a scammer.

Ponzi Scheme

A Ponzi scheme is a pyramid scheme where the profits go to the old investors while the new ones keep investing. It is a common financial strategy, and it has found a way into the crypto world.

The firm guarantees you very high gains if you are ready to invest a lot of money. Well, that is a sign of a Ponzi scheme. So we must accept the truth that there is a risk and no assurance of returns as an investment opportunity.

The Pump-Dump Scheme

A pump-and-dump scheme works when a group of traders or investors band together and buy a cryptocurrency at a low price and sell it when the prices reach a high. When it is at a high price, the selling point is called “dump.” After the dump, the prices go back to normal, and people who buy at a high are hit the most.


Malware is software that is specifically designed to disrupt, damage, or gain unauthorized access to a computer system. If affected by malware, get it removed by a computer expert. Run a background verification before installing and granting administrator access. Always double-check the application before you download it.

Giveaway Scams

The news spreads faster than fire over the internet. Fraudsters love giving away free Bitcoin for a small fee and personal information. If you ever got an offer like this, report the scam and do not fall again.

Investment Scams

If an investment sounds too generous, it is a scam (the golden rule of investment). Investors want vast and quick profits and don’t mind using a suspicious website if it promises high returns or some other scheme that needs investors to commit significant sums of capital in exchange for high returns. If there is a continuous cash flow, there will be a financial disaster when people try to get out of the deal or even as small as to withdraw their money.

Fake ICO

In the new age, Firms use Initial Coin Offering (ICO) to acquire funding for their firms. The firms offer funds for new coins, apps, or services. Scammers create fake ICO websites and direct customers to fund them for their artificial projects.

Because founders have the power to issue tokens unregulated by the government or deceive investors. They are allowed to advertise their products.

Dating and Romance Scams

Scammers use the honey trap on dating websites to deceive idiotic victims that they love them and are ready for a long-term relationship. Then, when the victims start trusting them, the discussion reaches to transferring money or good cryptocurrencies. And the victim transfers Bitcoin to their address.

Imposter Scam

Fraudsters often pose as members of your bank, threatening you that your bank account has been frozen. To get back your bank account, you need to email them your credit card number, debit card number, DOB, Social Security number, and many other things.

Always remember no bank employee will ask you for your details over a call or email. In case you receive a call, cut it immediately. In doubt? Contact or visit your bank personally and clear it yourself.


The Bitcoin Scam is at an all-time high. Identifying the different forms of scams might be beneficial in the long term. It may be highly beneficial to inexperienced investors who are easy prey for con artists.

Phishing and investment scams are both ancient frauds that are difficult to spot. Because social media is the new medium these days, one must be alert to internet freebies.

Because they’re bogus, and the celebrity who endorses them is most likely a hacking victim. So don’t fall for similar offers, and don’t let crooks steal your Bitcoin.

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