Top Ten Most Common Crypto Scams in 2023

Cryptocurrency scams are on the rise, utilizing various techniques such as rug pull scams, Ponzi schemes, and phishing scams. Lloyds Banking Group reported a 23% increase in cryptocurrency scams in the UK in 2023 compared to the same period in 2022.

In this blog post, we will explore the 10 most common crypto scams in 2023 and how you can spot them and avoid becoming a victim.

  1. Bitcoin investment schemes: These are scams that promise high returns on your investment in Bitcoin or other cryptocurrencies. They often use fake testimonials, celebrity endorsements, or fake news articles to lure you in. They may also ask you to pay a fee or deposit before you can withdraw your profits. However, once you send them your money, they disappear with it and you never hear from them again.
  2. Rug pull scams: These are scams that involve creating a new cryptocurrency or token and hyping it up on social media, forums, or websites. They may also create fake liquidity pools or exchanges to make it seem like there is a lot of demand and trading activity for the new coin. They then sell their coins at a high price, causing the price to crash and leaving the investors with worthless tokens.
  3. Romance scams: These are scams that involve pretending to be interested in a romantic relationship with someone online, usually on a dating app or website. They may also use fake photos or identities to make themselves more attractive. They then ask their victims to send them money or cryptocurrency for various reasons, such as travel expenses, medical emergencies, or family problems. However, they never meet their victims in person and keep asking for more money until they stop responding.
  4. Phishing scams: These are scams that involve sending fake emails, texts, or messages that look like they are from legitimate sources, such as your bank, your crypto wallet provider, or your exchange. They may ask you to click on a link, download an attachment, or enter your personal information or credentials. However, the link or attachment may contain malware that can steal your data or access your accounts. Alternatively, the website you are redirected to may be a fake one that can capture your information or credentials.
  5. Man-in-the-middle attacks: These are scams that involve intercepting your communication with a legitimate source, such as your crypto wallet provider or exchange. They may do this by hacking your device, your network, or the website you are using. They then alter the information you see or send, such as the address you are sending crypto to or the amount you are sending. This way, they can redirect your funds to their address or change the amount you are sending without you noticing.
  6. Social media giveaway scams: These are scams that involve impersonating celebrities, influencers, or crypto projects on social media platforms such as Twitter, Facebook, or Instagram. They may offer to give away free crypto or tokens to their followers if they follow certain steps, such as liking, sharing, commenting, or sending a small amount of crypto to a specified address. However, they never send any crypto back and instead keep the funds they receive.
  7. Ponzi schemes: These are scams that involve paying old investors with money from new investors, creating an illusion of profitability and sustainability. They may claim to have a secret trading strategy, a revolutionary technology, or a unique business model that can generate high returns for their investors. They may also use fake reviews, ratings, or audits to make themselves seem more credible and trustworthy. However, they eventually run out of new investors and collapse, leaving their investors with nothing.
  8. Fake cryptocurrency exchanges: These are scams that involve creating fake websites that look like legitimate cryptocurrency exchanges. They may offer low fees, high liquidity, or exclusive features to attract users. They may also use fake trading bots or algorithms to manipulate the prices and volumes of the coins they list. They then either steal the users’ funds when they deposit or withdraw them, or disappear with them altogether.
  9. Flash loan attacks: These are attacks that involve borrowing large amounts of crypto from decentralized lending platforms and using them to manipulate the prices of other coins on decentralized exchanges. They then profit from the price differences and repay the loans within seconds, leaving no trace behind. These attacks can cause significant losses for other users who are affected by the price changes.
  10. AI scams: These are scams that involve using artificial intelligence (AI) to generate fake content such as images, videos, audio, or text. They may use this content to impersonate real people or entities, create false evidence or information, or influence public opinion or behavior. They may also use AI to automate their scam operations and evade detection.

How can you spot a crypto scam?

To protect yourself from crypto scams, you should always do your research before investing in any cryptocurrency or project. You should also verify the identity and reputation of the people or entities you are dealing with online. You should also use secure devices, networks, and websites when accessing your crypto accounts or transactions. You should also be wary of any offers that seem too good to be true, such as guaranteed returns, free giveaways, or urgent requests. Finally, you should never share your personal information or credentials with anyone online and always double-check the addresses and amounts you are sending or receiving.

You don’t have to suffer in silence if a crooked crypto broker has tricked you out of your money. You can fight back and reclaim what’s yours with the help of We have a team of professionals who specialize in helping victims of crypto fraud. Don’t let the scammers get away with their crimes. You can prevent them by following some simple tips and being vigilant online. is your ally in this battle.