Crypto Scams Episode 2: The Most Common Traps for Crypto Beginners! A Must-Watch for Traders!

Crypto scams are everywhere, and most of them rely on the same two emotions: greed and fear. In this episode, I walk through the traps I’ve seen most often—celebrity memecoins, fake airdrops, fake support, slow-burn relationship scams, and Twitter phishing—so you can recognize them before losing funds.

Celebrity Memecoins: Fame Can Be a Trap

The first scam I want to highlight is celebrity memecoins. Lately, Lucie—not my daughter, but the head of marketing at Shiba Inu—warned SHIB holders not to get involved in certain celebrity memecoin projects. Celebrities such as Caitlyn Jenner and Nigerian artist Davido, among other top names, have been involved in memecoin rugs, causing many community members to lose funds.

It’s crazy: many artists and celebrities are using their reputation with fans for a quick money grab. The lesson? Always stay alert and don’t let other people cloud your judgment, even if they are celebrities or friends.

Airdrop Scams: The Allure of Free Money

You often hear stories of people getting rich from airdrops, and it makes many want a piece of the cake, hoping to get rich overnight. A lot of people are doing and farming airdrops, but wherever there are lots of people and money, scammers will follow.

Normally, participating in an airdrop only requires your wallet address. But airdrop scams work differently. They may guide you to install a fake cryptocurrency wallet and then ask you to transfer funds into it. Another trickier method is sending you to a fake website: when you click to receive the airdrop, the link asks for wallet authorization, tricking you into giving access to your wallet so scammers can steal your funds.

I’ve come across this myself but didn’t fall for it that time. Nowadays, when a wallet popup asks me to log in to my MetaMask or enter my password, I immediately close it. Don’t be scammed twice with the same method.

Be suspicious if an airdrop asks you to install a specific wallet.
Never authorize a transaction just to “receive” an airdrop.
Close any popup that asks for your MetaMask password.

Fake Customer Service: No Legit Project DMs You First

Another common scam is fake exchange or project customer service. Some people pretend to be from a trading platform’s or project’s support team. They tell users that the platform policy has changed, or that they need to cooperate to update information. Very often, when someone posts in a community saying they need help, scammers will DM them to offer “support”—and then scam them.

Never believe them. No exchange will ever take the initiative to call you directly or DM you first. If that happens, you can be 100% sure it’s a scam.

Long-Term Dating Scams: The Slow Con That Feels Like Friendship

This one is tricky because you might think only fools fall for online scams. But never underestimate these con artists. They understand that we all have some level of caution, so they won’t use obvious scams. Instead, they exploit human nature to craft a personalized scam just for you. These scammers are patient and know exactly how to lure you in, sometimes planning for two or three months or even a year.

You might not believe someone who suggests investing right away in a project. But what if you’ve been chatting with a “friend” for a long time, sharing investment tips and life stories? Wouldn’t you be tempted if they recommended a seemingly great project? And if that project makes you money, would you consider investing more the second time? They are experts at creating trust and confidence to lure you in.

The best advice I can give you is to stay vigilant. Do your own research for any project, and always consider the risk you can handle. Don’t invest more than you are comfortable with, even if it’s a project recommended by a friend or a friend’s own project.

Twitter Phishing: Three Traps to Recognize

Twitter is one of the most valuable social media platforms in the world and is closely linked to the crypto industry. Many crypto projects have official Twitter accounts, but scammers target these accounts. Scammers use three main tricks.

First, they post comments on official tweets and put their own phishing links below official tweets. It’s easy to avoid: don’t trust links in the comments. Many official accounts will tweet “this is the end of the thread” at the end of their threads, meaning anything after that is not official.

Second, scammers create fake accounts that look like official accounts. Their tweets can be almost identical to the real ones, so always double-check that the web link of the Twitter account comes from the official website.

Third, official accounts themselves are sometimes hacked. For example, the founder of Ethereum, Vitalik Buterin, had his account hacked once. The hacker posted a fake Consensys NFT link, and unsuspecting fans were nearly scammed out of around $690,000. So always double-check links with the official project and check the official Twitter on the official website too.

Ignore links posted in comments under official tweets.
Verify the account handle against the official website before trusting any tweet.
After a known hack, re-check all links and announcements through official channels only.

Stay Alert, Stay Skeptical

These are some scams I’ve personally encountered or know about, and I’m sharing them to keep you informed. They all play on the same human weaknesses: greed, fear, and the desire to trust. There are many more out there, but the patterns repeat.

Whether it’s a celebrity coin, an airdrop, a DM from “support,” a new online friend, or a link on Twitter, the best defense is to slow down, verify through official channels, and never let urgency or excitement override your judgment.

I hope sharing this helps you. Now tell me, crypto friends—have you ever experienced scams? Have your friends gone through similar things?