6 Kinds of Crypto Scams and How to Avoid Them

If there’s money to be had, con artists will try and take it from you. Crypto is no exception. In fact, crypto is a prime target for scammers who take advantage of the nascent technology and the general public’s lack of familiarity with blockchain tools to position themselves as experts or leaders in the space and gain trust.

Even though in 2022 crypto underwent a dramatic downturn, crypto scams were on the rise. According to data from CertiK’s 2022 “Web3 Security Report,” last year “was the worst year on record in terms of value lost from Web3 protocols. Cryptocurrency losses due to hacks, exploits and scams in 2022 reached an all-time high of $3.7 billion – a 189% increase over 2021’s previous record of $1.3 billion.”

In this article we’ve rounded up the most common scams to explain what they are and how to identify them so you can protect your wealth.

1. Bitcoin scams

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