How To Protect Yourself From Scams (In The Crypto Space)

How To Protect Yourself From Scams (In The Crypto Space)

By Ivan KR | Let's Talk About | 18 Mar 2020

Because I’m seeing more and more people getting lost in this new field, I’ve decided to share some tips on how to protect yourself from the people who are trying to scam you, and who want to take away your hard-earned coins.

Most of us have jumped into this space with the idea that it can disturb the current financial system, and that it can create some wealth for ourselves (of course).

We have dreams that we could get rid of banks, that we could start transacting between ourselves without being robbed with fees, and that we could eliminate the severe poverty a lot of people are suffering from in the world.

Now, that’s an amazing idea to actualize, and it would be amazing if we start living much better lives thanks to crypto, but this requires a lot of time, a lot of “fail and learn”, and a lot of people who are putting extraordinaire effort.

Some people just don’t want to work towards the betterment of the rest though. And because of that they merely want to find the “fastest and easiest way” to benefit themselves.


Here’s where scams come in play...


I can’t really answer if the reasons behind are coming from laziness, desperation, or pure egoism, but I’m explaining it to myself with the simple human nature – we are fighting for survival.

And because in the era that we are living in right now the one thing that absolutely everybody needs to survive is money, people are coming with immoral ideas of how they should be getting the money, so they can survive.

So, here are some of the scams that I’ve encountered in the years being in this crypto land.



That’s the most obvious one, in my opinion.

I think that way because life has taught me that nobody actually cares about you, and nobody gives anything for free.

You are always paying in one form or another.


Let’s say you see a post.

In it you read that you should click on a link, register, and start earning money immediately.

Now, I have to admit that it sounds tempting, but you must be extremely cautious with these types of statements.


Before clicking on any links, go and research the site that this post proposes you to go to.

See what people have to say about it.

Don’t trust the first place you find information in, but go read or watch from at least three different sources (better five, ideally ten).



Image from Pixabay.



That’s another super dumb way in which people have tried to scam me.

For some reason, some people are still falling for it, and are losing a whole lot of money.

It doesn’t matter where it’s happening…

Uptrennd, Twitter, Telegram, or somewhere else, it goes the same way every time.


An unknown person contacts you in a private message.

They say: “Hi! How are you? Bla bla bla.”

Then they shoot you a question in these lines: “Are you into investing?” “Do you want to invest?” “Do you want to take advantage of my offer?”

What these mean in reality is: “Are you stupid enough to send me your money?”


Forget about that... It’s not even happening in the movies.

These people will simply take your money, and you will never hear from them again.

They will find you, most often on Telegram, through some group you have joined.

The reason is simple. Telegram is trying to offer all of us privacy, but because of this anybody can create an anonymous account and try to deceit you.

As surprising this may seem to you, these bad actors are pretty successful in their attempts.

There will always be someone that will be hooked by the “opportunity” to earn some “fast and easy” money.

Don’t be one of those fools, please!

Of course, there might be one person for every hundred that has to offer a legitimate investment opportunity, but contacting you that way only says that they are not experienced at all, and even if they have good intentions, they will most probably lose all of your money.



Image from Pixabay.


One more stupid but effective way for scammers to rob you from your coins.

I really want you to remember this very well:

Don’t you ever give your private keys or seed phrases to anybody!

If you have done this, that’s all right, we all make mistakes sometimes.

If you have done it more than once though, I’m sorry but we just can’t be friends.


Sometimes you can encounter some problems with an exchange, a wallet, or a transfer that you’ve tried to make. Shit happens...

And if you can’t find any information by searching the internet, you are most likely going to seek for help in a Telegram group.

Of course, immediately after asking your question, the scammers are activated.

They will contact you with a direct message, and will try to impersonate an admin, telling you that they are here to help you solve your problem.

“Hey! Tell me your seed phrase/private key, so I can fix that problem for you.”


99.9% of group admins know about that bad actors are doing this, so they will never message you first.

A legitimate admin will tell you to message them, so they could then look into your issue.

Plus, you can easily check if the person is a real admin in a few different ways.

- See if they have a little “admin” or “moderator” text on the side of their name
- Go to their profile and see their user name, bio, and if they are using a real photo
- Ask in the group if that person is a part of their team

Scammers got creative lately, so they will copy the names of the real people behind the group, making just one intentional typo mistake.

That’s why it’s extremely important to triple check when somebody that you don’t know contacts you in private.

The most critical signal here is that no person that is genuinely trying to help you will ask you for your private keys, or seed phrase, or pin code, or password, or any other private information.

They could ask you for some publicly available details, like your email address, or a transaction hash, but nothing more.

There is no way a proper admin ask you for your private key!

Plus, they will explain you how to contact their official support channels.



Image from Pixabay.



These are all obvious scams for me, and I don’t know how people are actually falling for them, but it’s happening anyway.

Hopefully, this post will help a person or two, so they don’t become the next victim of all these bad actors that are lurking out there.

If you see an offer that can’t hurt you in any way, sure, take advantage of it.

Otherwise, be highly alert!

Feel free to add to the comments something that you have encountered, while wandering in this still too young crypto space.

Let’s try to help the newcomers by giving them our valuable tips!

Also, follow me on Twitter.

Ivan KR
Ivan KR

Living with the purpose of making #blockchain and #cryptocurrencies the norm all over the world. 🚀

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