Scam 1: Advanced Phishing Attacks

Advanced phishing tactics now specifically target crypto wallets and exchange accounts, exploiting user trust to steal login credentials or private keys. Attackers create fake websites mimicking legitimate platforms and send deceptive emails pretending to be from trusted organizations.
Some advanced phishing tactics include:

• Wallet drainers: Malicious programs that drain victims’ funds after they connect their wallets to fraudulent sites.
• Quishing: Fraudsters place malicious QR codes in emails or public places that redirect users to phishing sites.
• Spear phishing: Personalized messages aimed at specific individuals, often using urgent phrases to create panic.
  In August 2025, Zak Cole, a core Ethereum developer, found his crypto wallet drained after a malicious extension stole his private key. Earlier that year, in May, an elderly US citizen fell victim to a $330 million Bitcoin heist, where advanced social engineering tactics were employed.
  Did you know? The earliest recorded Bitcoin scam dates back to 2011, when a Ponzi scheme called “Bitcoin Savings & Trust” defrauded investors of over 700,000 BTC.

Scam 2: Rug Pulls

Scammers take advantage of the excitement around decentralized finance (DeFi) platforms and non-fungible tokens (NFTs). A common tactic is the rug pull, where developers vanish with investor funds after withdrawing liquidity. Investors are often lured by promises of stunning returns.
Warning signs of rug pulls include unrealistic return promises, lack of audits, and anonymous teams unwilling to share their identities. Since the start of 2025, rug pulls caused $6 billion in losses, a dramatic increase from $90 million in the early 2024 period.
A notable example is the LIBRA token on the Solana network, which saw its market value plummet after Argentine President Javier Milei mentioned it.

Scam 3: Impersonation

Impersonation scams on social media undermine trust and have led to staggering losses. Scammers often pose as trustworthy influencers or support personnel on platforms like X and run fake giveaways, urging small deposits.
In 2024, impersonation scams resulted in $9.9 billion in losses globally, driven by a drastic rise in fraud reports. For example, in Hong Kong, impostors created a fake account for Chief Executive John Lee to promote a supposedly government-backed cryptocurrency.
Did you know? Scammers are evolving their tactics, moving away from hacking smart contracts to manipulating human behavior.

Scam 4: AI-Powered Deepfake Scams

Deepfake technology presents a major threat, enabling criminals to create realistic videos or voice clones of prominent figures. These scams exploit trust and can easily deceive users into making poor financial decisions.
In August 2024, a deepfake of Elon Musk was dubbed “the internet’s biggest scammer.” A victim, Steve Beauchamp, fell for the ruse and lost $690,000 of his retirement savings.
Did you know? Crypto romance scams surged during the pandemic, as fraudsters built trust on dating platforms before pitching fake investment opportunities.

Scam 5: Fake Crypto Support

Scammers impersonating customer support agents pose a growing risk, attempting to extract funds or sensitive information. They often reach out via social media or fake websites mirroring genuine exchanges to exploit trust.
A significant incident followed the Coinbase data breach in May 2025, where leaked personal information was used by criminals posing as Coinbase support personnel.