FAQAccount and securityWhat are the Most Common Crypto Scams and How to Avoid Them?

What are the Most Common Crypto Scams and How to Avoid Them?

Published date: July 20, 2021 at 06:12 (UTC+0)

Before reading any further, please be sure to adhere to the following advice, as it is essential for securing your account from unauthorized access.

  • Never share confidential information including account passwords and email or wallet addresses.
  • Double check all addresses before sending or receiving cryptocurrency.
  • Set up OTP Authenticator App on your account using an app like Google Authenticator.
  • Set up 2FA on all your frequently used accounts, including social media, for another layer of security.

Please also refer to:

While ProBit Global secures all your assets safely with 95% stored on cold wallets, you can also opt for one of the many hardware wallets that provide another robust layer of security for your crypto.

When using a private wallet:

Types of Crypto Scams

Please be on the lookout for the most common scams below, an easy way to avoid them is to never share confidential information with an unauthorized person.

Fake Customer Service Telegram Accounts

Please note that ProBit Global does not have any official customer service accounts on Telegram, nor will our admins ever send you a message first.

When accessing ProBit Global Telegram please be sure to carefully check the official admin ID list, as scammers will attempt to impersonate admin accounts or create fake customer service accounts in an attempt to steal your funds.

Here are some telltale signs to spot a potential scammer on Telegram:

  • Asks for a refundable deposit to recover or process a transaction
  • Messages you directly asking if you need help or have been assisted
  • Telegram handle is slightly different than an official admin such as a different letter or number (e.g. Admin_ProBit vs. Admin1_ProBit)
  • Telegram ID is under the bio section, official admins will have their ID displayed under user name
  • Claims to be from customer service
  • Asks you to click on a link to proceed with customer support
  • Asks you for your password or any other personal information

Click here for a list of official ProBit Global Telegram channels.

Fake Social Media Giveaways

ProBit Global will run giveaways and airdrops for our users occasionally. To refer to a previous giveaway on our Twitter page, click here.

However, there are many fraudulent social media accounts claiming to host crypto giveaways which are generally followed up with multiple messages from supposed participants receiving rewards.

Fake celebrity and crypto exchange pages in particular are among the most commonly used to try to get users to make a deposit or give out personal information in order to receive free crypto and/or bonus returns.

An example of a fake ProBit Global page promoting an illegitimate giveaway, asking for a deposit to participate is a clear sign of a scam. Note the slight difference in the account name as well. (accent above the i)

An example of a fake giveaway from a celebrity impersonator These attempts will generally ask you to click on a link or submit personal information to participate.

Click here for a list of official ProBit Global social media channels.


Phishing remains one of the most common scams in the crypto world and can come in all forms including emails, suspicious messages, or redirects to fake websites. These often well disguised attempts at impersonating legitimate websites or accounts are used to gain unauthorized access to your assets.

TIps for avoiding phishing attempts:

  • Screen any links with antivirus software or other tools
  • Never open attachments from unknown sources
  • Don’t click on any suspicious links
  • Carefully check the sender's address as well as the domain
  • Check the padlock on the upper left to verify website’s SSL certificates

ProBit Global will only communicate via the following email addresses:

Fraudulent Crypto Apps

Please be sure to access crypto apps directly from the official website as there can be duplicates in an attempt to defraud users on app stores like Google Play Store.

Key metrics to check before downloading a crypto app:

  • Number of downloads
  • Reviews and overall consistency
  • Typos or content that does not appear professional

Click here to download official ProBit Global apps.

Fraudulent Projects Including Pyramids and Ponzis

As in the financial sector, crypto is also targeted by various pyramids and ponzis promising lucrative returns and giving empty promises of long term wealth. If you spot such a project, please proceed with caution as some of these prey on early investors in order to maintain the fraudulent ecosystem without a legitimate use case or business in place.

Before proceeding with purchase of a particular cryptocurrency, be sure to complete your own due diligence to reinforce ProBit Global’s own. Criteria should include, but are not limited to tokenomics, team members, value proposition, and project development.

For tips on how to do your own research properly, check the following guide:

Finally, please do not allocate funds that you can’t afford to lose or towards a project that you don’t understand. It is of crucial importance that you are fully aware of the financial repercussions that can result from the unpredictable market volatility inherent with cryptocurrency due to its continually evolving nature.