Expose all scams and common fraud schemes in Web3!!!
The following content is based on my personal experience, aimed at providing warnings ⚠️ for both new and experienced investors, to learn from and be cautious, study diligently, and act less!
1. Social Media#
Adding friends through C2C or WeChat groups#
Scammers display screenshots of trading profits in WeChat Moments daily, claiming to continuously profit from contract trading on large exchanges, and flaunting luxury cars and watches. Why are you always losing???
Contacting them privately is the first step to being scammed, and then they will propose a profit-sharing agreement: no loss for the scammer when you lose, but a share of the profits when you gain; or directly lure you into non-standard exchanges, leading to unrecoverable funds.
TG or X ads for arbitrage (illegal and should not be done)#
1. Single transaction exchange ratio, up to 1:2, all cannot be redeemed, and the scammer disappears with the funds.#
2. Impersonating official mining pools, using agents and high returns to lure participants#
Telegram TG is filled with such automatic group scams, with group names impersonating official ones, enticing you to participate through agents and high returns, and once hooked, you will be blacklisted.
3. Fake USDT chain scams, assuming the other party agrees to exchange, may send fake USDT to your wallet. Please use the OKX wallet directly, real USDT will automatically show in the asset list, no need to add any contracts.#
USDT token contract address on Ethereum (ETH) chain: 0xdac17f958d2ee523a2206206994597c13d831ec7
USDT token contract address on TRON (TRX) chain: TR7NHqjeKQxGTCi8q8ZY4pL8otSzgjLj6t
USDT token contract address on BTC (OMNI) chain: 1NTMakcgVwQpMdGxRQnFKyb3G1FAJysSfz
USDT token contract address on TRON (TRC-20) chain: TU9mNrsFuBLnjN2aUHS3onUbJHK8UPZauE
USDT token contract address on Algorand (ALGO) chain: PCFJdYZoHUDvzyTFi3tuX11DVjpkxHSu9KUAiWbDcW
USDT token contract address on Arbitrum (ETH) layer 2 network: 0xfd086bc7cd5c481dcc9c85ebe478a1c0b69fcbb9
USDT token contract address on Polygon (MATIC) layer 2 network: 0x7ceB23fD6bC0adD59E62ac25578270cFf1b9f619
2. On-chain scams#
Tools requiring private key disposal#
When using personally developed tools, try to operate with a new wallet. If on-chain trading tools, aggregation tools, or airdrop assistance tools require importing private keys or mnemonic phrases, be cautious: only use small wallets with no funds or completely avoid them.
Wallet authorization#
- Friends you meet on Web3 may actually be scammers; criminals often approach under the guise of exchange fees. Initially, they will make small transfers to test trust, then send a payment code (which is actually a wallet authorization code), and once authorized, your wallet assets will be emptied.
- It is common in groups for someone to post mnemonic phrases, claiming the wallet has assets but lacks Gas fees (like ETH or TRX), enticing you to recharge. These wallets are often multi-signature or technically manipulated; once you recharge Gas fees, the funds will immediately disappear, becoming a bottomless pit.
Pump and dump#
- Someone in the group may boast about profits or KOLs leading the pump, usually self-established market makers.
- Paying to join a group is a common form of scamming; it is better to spend time researching on your own.
3. Virus files#
TG sending virus files#
If you receive a file from a stranger via TG private message (such as named bills, mnemonic phrases, or wallet passwords), do not click. If you mistakenly click, the virus will invade your computer, and you will need to reinstall the system or change devices.
TG message verification for account theft#
Impersonating official TG accounts, they may message you claiming account anomalies need verification.
Do not click any verification links received; TG accounts are rarely anomalous, otherwise, it directly leads to account theft.
Chat virus software#
Impersonating chat software download links embedded with viruses. When downloading unfamiliar software, be sure to use official channels, and any links should be confirmed multiple times.
4. Impersonating a well-known exchange or project party#
Criminals infiltrate official communities, disguising themselves as staff with fake avatars and names.
Guiding transfers#
When asking questions in the official group, the other party may proactively message you to guide transfer operations.
Early investment#
Impersonators in Web3 groups may message you offering early investment opportunities, disappearing after enticing you to transfer.
Replying to fake websites under genuine official tweets#
Under official airdrop query or claim tweets, gold-marked accounts reply with fake links. If you mistakenly click and authorize your wallet, your assets will be emptied.
Receiving unofficial messages asking you to click links for verification#
A classic scam: receiving fake verification links on the phone number linked to the exchange, clicking it results in theft of funds from your exchange account.
5. Impersonating friends to borrow USDT#
Friends being hacked#
After a friend's Twitter or TG account is hacked, they may message you to borrow USDT or request a transfer. Be sure to confirm their identity via phone.
Avatar and name changed to that of a friend#
In the chaotic TG and DC environment, if the avatar and name impersonate a friend, you need to verify repeatedly through WeChat.
Using AI face-swapping to send a video of themselves to put you at ease, requiring you to call a phone number to confirm if it's really them.#
6. Pretending to be a DeFi project with high APR#
While there are many opportunities in the crypto space, DeFi high APR projects are complex. Newcomers are easily misled and overly reliant on investments is not a good strategy.
Pig slaughtering#
Private messages offering high APR returns (like 1% daily interest) are actually Ponzi schemes, and participating will result in loss of principal.
Gambling#
Claiming that gambling websites have loopholes, allowing for hedging and arbitrage for high returns. This is actually to defraud your principal.
IDO#
Luring you to participate in early IDO investments, resulting in total loss or becoming a stepping stone. After token issuance, it crashes.
In summary, opportunities do not fall from the sky; great opportunities come with great risks. This article is based on personal experience, and additional scams are welcome to be added. Wishing everyone successful investments.
from @SocialismSuccessor
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