Exposing all scams and common fraud tactics in Web3!!!
The following content is based on my personal experience and aims to provide warnings ⚠️ for both new and old investors, to serve as a cautionary tale, encouraging diligent learning and observation while minimizing actions!
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 major exchanges while flaunting luxury cars and watches. Why are you always losing???
Contacting them privately is the first step to being scammed, after which they will propose a profit-sharing agreement: no loss for the scammer during losses, but a share of profits when you gain; or they will directly lure you into informal exchanges, resulting in funds being unrecoverable.
TG or X Ads for Arbitrage (Illegal and Not Recommended)#
1. Single transaction exchange rates can reach up to 1:2, all of which are unredeemable, and the scammer disappears with the funds.#
2. Impersonating official mining pools, using proxies and high returns to attract participants#
Telegram is filled with such automatic group scams, with group names imitating official ones, enticing you to participate through proxies and high returns. Once hooked, you will be blacklisted.
3. Fake USDT Ponzi schemes, if the other party agrees to exchange, they may send fake USDT to your wallet. Please use the OKX wallet directly; real USDT will automatically show in the asset list without needing to add any contracts.#
USDT token contract address on the Ethereum (ETH) chain: 0xdac17f958d2ee523a2206206994597c13d831ec7
USDT token contract address on the TRON (TRX) chain: TR7NHqjeKQxGTCi8q8ZY4pL8otSzgjLj6t
USDT token contract address on the BTC (OMNI) chain: 1NTMakcgVwQpMdGxRQnFKyb3G1FAJysSfz
USDT token contract address on the TRON (TRC-20) chain: TU9mNrsFuBLnjN2aUHS3onUbJHK8UPZauE
USDT token contract address on the Algorand (ALGO) chain: PCFJdYZoHUDvzyTFi3tuX11DVjpkxHSu9KUAiWbDcW
USDT token contract address on the Arbitrum (ETH) Layer 2 network: 0xfd086bc7cd5c481dcc9c85ebe478a1c0b69fcbb9
USDT token contract address on the Polygon (MATIC) Layer 2 network: 0x7ceB23fD6bC0adD59E62ac25578270cFf1b9f619
2. On-Chain Scams#
Tools Requiring Private Key Disposal#
When using personal development 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 build trust, then send a payment code (which is actually a wallet authorization code). Once authorized, your wallet assets will be emptied.
- It's common for someone in the group 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 the Gas fee, 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-appointed market makers.
- Paying to join a group is a common form of scamming; it's 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 (named something like bill, mnemonic phrase, or wallet password), do not click it. If you mistakenly click, the virus will invade your computer, requiring an immediate system reinstall or device change.
TG Message Verification for Account Theft#
Impersonating official TG accounts, they may privately message you claiming account anomalies that require verification.
Do not click any verification links you receive; TG accounts rarely have anomalies, otherwise, it directly leads to account theft.
Chat Virus Software#
Impersonating chat software download links that implant viruses. When downloading unfamiliar software, ensure it is from official channels, and confirm any links multiple times.
4. Impersonating a Well-Known Exchange or Project#
Criminals infiltrate official communities, disguising themselves as staff with fake profile pictures 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 privately message offering early investment opportunities, disappearing after enticing you to transfer.
Replying with Fake Websites Under Genuine Official Tweets#
Under official airdrop query or claim tweets, accounts with gold badges reply with fake links. If you mistakenly click and authorize your wallet, your assets will be emptied.
Receiving Non-Official Text Messages Asking You to Click Links for Verification#
A classic scam: receiving fake verification links on the phone number bound to the exchange, clicking it results in theft of funds from your exchange account.
5. Impersonating Friends to Borrow USDT#
Friends Being Hacked#
If a friend's Twitter or TG account is hacked, they may privately message you to borrow USDT or request transfers. Always confirm their identity via phone.
Profile Picture and Name Changed to Friend's#
In the chaotic TG and DC environments, if the profile picture and name impersonate a friend, verify repeatedly through WeChat.
Using AI Face Swap to Send a Video of Themselves to Lower Your Guard, requiring you to call a phone number to confirm their identity.#
6. Pretending to Be a DeFi Project with High APR#
While there are many opportunities in the crypto world, DeFi high APR projects are complex. Newcomers are easily misled and overly reliant on investments is not wise.
Pig Butchering#
Private messages offering high APR returns (like 1% daily) are actually Ponzi schemes, where participation leads to loss of principal.
Gambling#
Claiming that gambling sites have loopholes for hedging and arbitrage high returns. This is a scheme to defraud your principal.
IDO#
Luring you into participating in early IDO investments, resulting in total loss or becoming a stepping stone. After token issuance, prices plummet.
In summary, opportunities do not fall from the sky; big opportunities come with big risks. This article is based on personal experiences, and additional scams are welcome to be shared. Wishing everyone successful investments.
from @SocialismHeir
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