How to Spot a Crypto Scam: Red Flags & Real Talk

Crypto is a new frontier of opportunity. But with opportunity comes risk, and unfortunately, bad actors are out there trying to prey on beginners. As more women step into Web3 and digital investing, it’s crucial to build not just knowledge but discernment.

In this post, we’ll break down the most common crypto scams and the red flags you should never ignore, because confidence is your best protection.

Scam Type #1: The “Free Crypto Giveaway” Trap

What it looks like: A post, video, or message says:“We’re giving away 10 ETH to celebrate our launch! Send 0.1 ETH and we’ll send you 1 ETH back.”

Reality: You send your crypto... and nothing comes back.

Why it works: These scams create a false sense of urgency and abundance. They’re often styled to mimic legitimate exchanges or influencers, and may have fake comments or bot accounts promoting them.

How to stay safe:

• No reputable project will ask you to send funds to receive more.

• Stick with verified social accounts and bookmark official links.

• Look for third-party coverage—real giveaways are typically featured on trusted crypto news outlets.

Scam Type #2: Impersonator Accounts (Fake Influencers, Fake Support Teams)

What it looks like: You follow a Web3 influencer or a crypto education account. A “support” team messages you privately. Or you get a DM from someone who looks like a verified creator offering to double your tokens.

Common signs:

• The username is slightly off: “@CoinBase_Support” instead of “@Coinbase”

• They message you first and ask for sensitive info

• Their bio or posts are copied and pasted

Why it works: Scammers use psychological urgency and your trust in a known brand or person to lure you into a false sense of safety.

How to stay safe:

• Never trust anyone who DMs you asking for wallet info, private keys, or crypto.

• Always verify account handles through official sources (Twitter, Discord, LinkedIn).

• Most companies will never provide support via direct message.

Scam Type #3: Rug Pulls & Ponzi Tokens

What it looks like: A new token launches with hype, hype, hype. The team promises insane returns, community giveaways, and exclusive rewards. Then… they vanish. The site goes offline. The token crashes. Everyone’s money is gone.

Why it works: Scammers create fake whitepapers, fake roadmaps, and sometimes even fake teams. Some pay influencers or use bots to pump up a sense of excitement and FOMO (fear of missing out).

Real example: The “Squid Game” token in 2021 rose over 23,000% in price, then disappeared overnight. Investors lost everything.

Red Flags to Look For:

• No clear use case for the token or product

• Anonymous team or fake LinkedIn profiles

• Liquidity is locked or controlled by a single wallet

• Over-the-top marketing promises like “1000x your money!”

How to stay safe:

• Use tools like RugDoc or TokenSniffer to check smart contracts and risk ratings

• Invest in projects that are audited, doxxed (real teams), and transparent

Scam Type #4: Phishing Sites & Fake Wallet Connects

What it looks like: You click a link (maybe in a Discord, DM, or email) that asks you to connect your wallet. The site looks legit… but it’s not. Once you approve the connection, a malicious contract drains your funds.

Why it works: Scammers can clone legitimate sites (like OpenSea, MetaMask, or Uniswap) with nearly pixel-perfect accuracy. They exploit moments of distraction and urgency, like a “limited-time airdrop” or “NFT presale.”

How to stay safe:

• Bookmark the official sites you use most

• Double-check URLs — “app.uniswap.org” is real, “app-uniswap.org” is not

• Never connect your wallet to random links

• Don’t click links in DMs or group chats, even if they look familiar

Bonus Scam Alert: The “Recovery” or “Seed Phrase” Scam

What it looks like: Someone offers to “recover” lost crypto or troubleshoot your wallet—but only if you share your seed phrase (your wallet’s master password).

Never share your seed phrase. Not with a support rep. Not with a friend. Not even with your future self.

Scammers count on confusion, urgency, and silence. But when women are equipped with clear, unapologetic knowledge? That’s power they can’t fake or steal.

You’re building more than a wallet. You’re building a digital future on your terms — and with the right tools, you’ll be unstoppable.