With Bitcoin, the leading cryptocurrency, which quotes around $ 100,000 (approximately ₱ 5,800,000) and many other currencies that experience significant overtensions, scammers are taking advantage of the growing interest in cryptography to disappoint new investors.
In November 2024, when the price of Bitcoin increased from $ 68,000 to almost $ 100,000, the Cybercrime Research and Coordination Center warned the public about an increase in the scams of cryptographic investment and in dollars that urge vigilance, due due Diligence and verification of offers to protect against fraudulent schemes that exploit the growing interest in cryptocurrency investments.
In addition, in the first half of 2024, more than 50,000 investment scams were reported, for a total of almost $ 2.5 billion in losses that have already raised $ 679 million in cryptocurrencies, according to Data from the Federal Trade Commission.
Consequently, the data of 2023 and 2024 “a global survey on Crypt and Web3” by Consensys and Yougov show that one of Filipino’s biggest concerns about entering the web3 space in the last two years has been the fear of scams.
In this article, Bitpins highlights some of the latest schemes used by scammers and provides advice on how to avoid being victims.
What is the meaning? This article could serve as a crucial resource for the local cryptographic community, raise awareness about emerging scams and provide a practical orientation to protect investors amid the growing popularity of cryptocurrencies.
Types of encryption scams and how to avoid them
Romance/love scams
A romantic scam is a fraudulent scheme in which scammers pose as romantic partners to emotionally manipulate victims to send money, often using false identities, love bombs and financial emergencies manufactured to exploit confidence to obtain financial profits.
Related reports:
- In October last year, the National Research Office arrested seven individuals in the city of Angeles, Pampanga, for their participation in global scams of cryptocurrencies aimed at Americans, the Middle East and Europeans, using tactics such as Phishing, Scams of Love and Supplantation, with ongoing research to discover broader networks.
- In August, the National Police of the Philippines also raided a center of cryptographic scams not registered in the city of Parañaque, arrested more than 400 workers, including foreigners, involved in fraudulent investment scams and romance.
False mining scheme
Certain companies falsely claim to offer mining services in the Bitcoin cloud, taking money from users without extracting $ BTC. Many are victims of these scams due to their eagerness to acquire cryptocurrencies, despite the presence of legitimate services together with the fraudulent.
Related reports:
- In the Philippines, the stock exchange and securities commission has been regularly issuing notices to alert the public on unregistered platforms and unauthorized investment schemes that can be fraudulent, which include:
- See more entities here:
Pump and overturned scheme
The pumping and overturned schemes generally involve an individual or group that invests in a file, aggressively promoting it to increase its price and then sell their holdings to obtain a great gain. This often leads to an acute fall or a complete collapse in the price of the token, affecting unsuspecting investors.
Related Report:
- On September 19, 2024, multiple local X accounts, including accounts of the publications of the main media, GMA Network and ABS-CBN News were pirate to promote the token $ pirated in a pumping and discount scheme, cheating the followers and manipulate the market value of the Token.
False cryptocurrency changes
Another form of cryptographic investment fraud implies convincing investors to transfer cryptocurrencies to a new exchange or platform, promising exceptionally high yields. Scammers generate confidence by showing false profits on the platform, allowing partial retreats to promote greater investment.
- Finally, they block the investor account, demanding taxes or rates. Once they are paid, they flee with the cryptocurrency and close the platform.
Related reports:
- On January 5, 2025, the Vietnamese authorities arrested Four suspects for executing a cryptographic scam through a false mining website, Bitminer, which defrauded more than 200 victims of $ 157,300, part of a broader global offensive against fraud schemes linked to cryptography.
- In 2023, a Filipino investor lost ₱ 1.4 million after being scammed by a Singapurese citizen who convinced him to invest in an exchange of fraudulent cryptocurrencies that promised rapid and promising yield.
Who Deepfake Fraud
Ai Deepfake fraud refers to the use of artificial intelligence (AI) and automatic learning to create convincing but false media, such as videos, audio and images. Deepfakes manipulate a person’s visual and auditory characteristics to impersonate them, which makes humans difficult to distinguish between real and false content.
- Scammers take advantage of deep default technology for malicious purposes, such as the creation of synthetic identities for fraudulent accounts, phishing scams, accounts acquisition fraud and even extortion.
Related Report:
- While the year just begins, a crime union from Hong Kong was dismantled After defrauding more than $ 4.37 million through Deepfake romantic scams, where they used images generated by the attractive women to attract victims to invest in false virtual assets in Taiwan, Singapore and Malaysia.
Pork butcher shop
The pig’s starting scam is a deceptive cryptocurrency investment fraud where scammers generate confidence with victims through false investments, often starting with apparently innocent chat conversations.
- The scammers promise high yields and create false brokerage platforms, encouraging victims to invest great sums. Once the victims invest, the scammers disappear, leaving them with significant financial losses.
Related Report:
- Last year, the Indonesian Criminal Investigation Agency (BARESKRIM), with the assistance of Binance and Tokocrypto, dismantled a great cryptographic scam that involves fraudulent trade, seized $ 200,000 in stolen funds, underlining the critical role of public collaboration- private in the combination of financial fraud and the improvement of safety safety.
Clipper malware
Clipper Malware is a malicious software type that addresses cryptocurrencies users intercepting and altering the wallet addresses copied to a user’s clipboard during transactions.
- When a victim copy and paste a wallet address for cryptography transfer, the malware replaces it with the attacker’s address, which leads to the funds to be sent to the hacker wallet instead of the recipient.
- This malware is often distributed through unofficial applications and accessories, particularly on Android devices, although iOS users are also at risk.
Related reports:
- In 2023, a malware disguised as browser installer Tor heist $ 400,000 in cryptocurrencies of almost 16,000 users worldwide, mainly affecting Russia, Ukraine and the United States, with the malware that silently replaces the targets of the wallet copied on the clipboard.
- Binance also recently warned about the growing threat of “clipper” malware that urges users to avoid unofficial applications and verify addresses to avoid theft.
Impersonation scheme
Scammers intend to be individuals or trusted organizations, as customer service representatives for cryptocurrency exchanges. They deceive the victims to reveal confidential information or send funds or buy cryptographic assets.
Related reports:
- In December, the official Co -X account was pirated to promote a fake $ Coinsph to the Solana block chain.
- Last July, the YouTube account of the Filipina Ben & Ben band, along with those of other OPM artists such as SB19 and Rico Blanco, was pirate to promote a cryptographic scam related to the $ XRP.
- Also read: Top cryptographic exploitation methods in 2022
How to avoid these schemes:
Investigate exhaustive
- Always investigate any platform, investment opportunity or individual that is considered. Look for reviews, grades and information from reliable sources.
- Remember the golden rule of industry: Dyor (do your own research).
Use official and reliable sources
- Just download applications, wallets and software from official sources such as Google Play Store, Apple App Store or trusted websites.
- Avoid third -party discharges and un verified platforms.
Verify identities
- When communicating with someone online, especially if you request money or propose investments, confirm your identity through video calls or reliable verification methods.
Be skeptical with unrealistic promises
- Avoid schemes that promise high yields with little risk. If it sounds too good to be true, it probably is.
Never send money to strangers
- Be careful with money requests, especially people who have not been fulfilled in person.
- Avoid sending cryptocurrencies or funds unless complete confidence has been established.
Verify the red flags
- Be careful with high pressure tactics, unplayed messages and sudden investment offers. Take a step back and reconsider if you rush decisions.
Double verification transactions
- Always manually verify the wallet addresses before confirming a transaction to ensure that they have not been altered by malware or other schemes.
Stay updated on threats
- Keep informed about common scams, threats of malware and fraudulent tactics.
- Regularly review news and notices of reliable authorities, such as local governments or cyber security firms.
Enabling security features
- Use strong and unique two factors and passwords in all accounts.
- Ensure devices with antivirus software and avoid clicking suspicious links or open non -reliable attachments.
Use good reputation exchanges
- Adheres to exchanges of regulated cryptocurrencies and known with strong security measures and positive reviews.
- Always verify that an exchange is legitimate before depositing funds.
Avoid giving personal information
- Be careful to share personal, financial or related information to cryptocurrencies. Scammers often use this to exploit their trust.
Zoom out: Check out these other bitpine articles on how to protect bitcoin and other digital assets:
This article is published in bitpins: Be alert: types of cryptographic scams and how to avoid them
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