MEW Wallet
This fundamental feature aligns with the core principles of cryptocurrency by putting the power back into the hands of the users.
Last updated
This fundamental feature aligns with the core principles of cryptocurrency by putting the power back into the hands of the users.
Last updated
Being in crypto is often compared to living in the wild west. Without clear regulations from certain three letter agencies, scammers are able to run rampant in crypto often with no repercussions. So how do we fight back?
To be frank, education. The more people who know about these scams, how they operate, what signs to look for and most importantly how to avoid them, the harder we make it for the scammers. So - let's begin! What ARE the most common crypto scams?
Has anyone ever DMed you their private key before? The password into their crypto wallet? No?
Believe it or not, a common scam is when a scammer sets up a malicious wallet then gives out the private key in hopes that someone will take over the wallet and attempt to take what funds are in there. Here’s how it works:
A scammer will set up a crypto wallet with some money in it seemingly ready to be claimed. Then they send out the private key to the wallet to hundreds of people at a time, fishing for a victim. Once you go into the wallet, you’ll see the money and predictably try to send it to your own, valid wallet.
But the scam wallet has no gas for transactions.
“No biggie,” you think to yourself. “I’ll just send over like $25 for gas and do the deed!”
Little do you know that the wallet you just gained access to has a malicious bot attached to it. Every time you send it ETH for gas transactions, the ETH is immediately drained and sent to the scammer's actual wallet address. You don’t get the free money in the wallet nor do you get your ETH back.
NEVER USE A RANDOM PRIVATE KEY THAT WAS SENT TO YOU. If it sounds too good to be true, it probably is. Always question a person’s motive and stay skeptical of any offers that seem * off * .
