Common crypto scams to recognize before you click
Phishing sites, fake support, drain approvals, giveaway traps, and lookalike tokens—patterns documented by public security educators.
Most retail losses in crypto self-custody come from social engineering and malicious approvals, not from “someone breaking the blockchain.” Public pages on ethereum.org security, FTC consumer alerts on crypto, and exchange security blogs describe recurring patterns. Recognizing the pattern is cheaper than any recovery fantasy.
High-frequency patterns
- Seed-phrase phishing — Fake wallet sites, “vault migration,” or Discord “admins” asking for recovery words. Legitimate products never need your seed to “fix” an account.
- Fake support — You post about a problem; an impersonator DMs first. Real support usually routes you to official tickets from the project’s documented channels.
- Giveaway / doubling scams — “Send crypto, get 2× back.” Celebrity deepfakes and cloned livestreams are common packaging. The FTC and many chain foundations warn: irreversible sends to strangers are donations to thieves.
- Malicious token approvals — You sign
approve/setApprovalForAllfor an unlimited allowance to a hostile spender. Later they empty the token. Wallet and ethereum.org docs urge reviewing permissions and revoking unused allowances via reputable revoke tools you verified yourself. - Lookalike tokens & contract addresses — Same ticker, wrong contract. Always compare the contract address to an official source before interacting.
- Address poisoning — Dust transfers from addresses that mimic ones you use, hoping you copy the wrong “to” address from history.
- Pig butchering / long-con romance investment — Relationship builds trust; then “guaranteed returns” on a fake platform. Law-enforcement and FTC materials cover this extensively.
Slow down rules
- Type URLs from memory/bookmarks; ignore urgency (“funds at risk in 10 minutes—paste seed”).
- Read the wallet confirmation: which site, which contract, what permission, what amount.
- Separately verify contract addresses on an explorer before signing.
- Assume DMs that mention your funds are hostile until proven otherwise via official channels.
TakeawayIf a stranger needs your seed, an unlimited approval, or a “verification send,” stop. Scams sell urgency; literacy buys time.
Sources
- ethereum.org — Security
- FTC — What to know about cryptocurrency and scams
- CISA cyber awareness materials (general phishing hygiene; apply the same caution to wallet UI spoofing)
Educational content only — not investment advice. This page does not assess any token’s value; it describes abuse patterns.