Scams have professionalised. AI voices clone CEOs. Fake trading dashboards show profits that don't exist. Fake exchanges process withdrawals right up until they don't. But every scam — no matter how sophisticated the packaging — trips over the same red flags.
The 12 red flags
- They contacted you first. Real platforms never DM you with opportunities, warnings or support. Incoming contact about your money is the scam's opening move.
- Guaranteed or unrealistic returns. Fixed daily percentages, 'risk-free arbitrage', doubling your deposit. If it were real, they wouldn't need you.
- Urgency and pressure. 'Limited slots', countdown timers, 'act now or lose it'. Pressure exists to stop you thinking.
- They ask for your seed phrase, password or remote access. No legitimate service has ever asked. This red flag alone is sufficient — walk away.
- Celebrity or 'expert' endorsements. Deepfakes make anyone say anything. Verify through official channels, never through the video you were sent.
- Profits you can see but not withdraw. Fake dashboards are cheap. If withdrawals require 'tax fees', 'gas deposits' or 'VIP unlock payments' — it was always a scam.
- Romance plus investment. 'Pig-butchering' builds trust for weeks before the investment pitch. Someone you met online combining love and money talk is running a script.
- Unsolicited NFTs, tokens or airdrops. Airdropped assets are often drainer bait: interacting with them can trigger malicious signatures.
- Typo domains and lookalike sites. Check the URL character by character. Bookmark real domains and only use the bookmarks.
- 'Vote', 'claim' or 'verify' pages asking you to connect a wallet. Connecting costs nothing — but the signature that follows can drain everything. Read every signature prompt.
- Crypto-only payments or ATM instructions. Banks, police and tax offices don't demand Bitcoin ATM payments. Scammers do, because it's irreversible.
- Job offers requiring you to pay or 'process' crypto. Upfront 'training fees', buying crypto to 'activate tasks', receiving funds to forward — these are money-mule traps.
The five most common scams right now
- Wallet drainers: a fake mint, airdrop or 'token checker' gets you to sign an approval that transfers your assets. Defence: transaction simulation + checking approvals.
- Fake exchanges and trading platforms: the site looks real, shows profits, and accepts deposits forever. Defence: only use exchanges from a curated list you trust, and test small withdrawals early.
- Fake support: 'support agents' find people posting about problems and offer to help — for a seed phrase or a 'verification deposit'. Defence: support never DMs first.
- Impersonation and deepfakes: cloned YouTube channels, hijacked accounts, AI CEOs. Defence: verify every claim through official websites you navigate to yourself.
- Recovery scams: after you lose funds, 'recovery experts' offer to retrieve them for an upfront fee. Defence: nobody can reverse blockchain transactions. Nobody.
The three-question test
Before sending anything anywhere, answer honestly:
- Did this opportunity contact me, or did I seek it out? If it contacted you, treat it as a scam until proven otherwise.
- Would this survive me sleeping on it? Scams die when you wait 24 hours and ask someone you trust.
- What does the other side get? If you can't identify how the counterparty profits from your success, you're the product — or the exit liquidity.
Tip: If you suspect a scam, report it: the platform involved, your local authorities, and community databases like Chainabuse. Reports protect the next person — which might be someone you know.