In crypto, opportunity and risk go side by side. For every legit project, there's a scam trying to trick users—usually by taking advantage of curiosity or inexperience. Each year, billions are lost to scams like fake websites, fake giveaways, and wallet tricks. The worst part? Most of these scams can be avoided.

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Understanding how scams work is your first layer of protection. The more you know what to watch out for, the safer your crypto journey will be. Whether you’re new to crypto or already trading, spotting these common scams can help you keep your funds safe.

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Here are the 10 most common crypto scams, how they work, and how to avoid them.

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1. Phishing Links

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Phishing links send you to fake websites that look like the real thing. You might get them through email, social media, or chat apps, asking you to verify your wallet or claim a reward. When you enter your info or connect your wallet, scammers can steal your funds.

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To stay safe, never click links from random messages. Always check website URLs for small changes or mistakes. Use bookmarks for sites you visit often. Some browser tools can also warn you about bad websites.

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2. Seed Phrase Scams

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Some scams try to trick you into sharing your seed phrase, the secret key to your wallet. These scams might show up as fake recovery services or pretend to be customer support. Once someone has your seed phrase, they can take everything.

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No real support team will ever ask for your seed phrase. Write it down on paper and keep it in a safe place. Never save it on your phone or share it with anyone.

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3. Fake Airdrops

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Scammers often post fake token giveaways or airdrops. They ask you to connect your wallet or do tasks to get free tokens. But when you interact, they might get permission to move your funds or install harmful software on your device.

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Only join airdrops from official sources. Always double-check on a project’s real website or social channels. If you're asked to sign a transaction and you don't know why, stop.

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4. Rug Pulls

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A rug pull is when a new project looks real and asks for your money, then the team disappears with it. These scams are common in memecoins and NFT launches that sound too good to be true.

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Do your homework before joining any project. Check if the team is public, look at how the token works, and see if it's been checked by a trusted group. If things look shady or rushed, avoid it.

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5. Pump and Dump Schemes

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In this scam, insiders create hype to push a token’s price up, then sell everything at the peak. Once they cash out, the price drops fast, and regular users lose money.

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If a coin suddenly skyrockets for no clear reason, be careful. Don’t buy in just because others are talking about it. Do your own research.

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6. Giveaway Scams

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You may have seen messages like "Send 1 ETH, get 2 ETH back." These scams often use fake profiles pretending to be celebrities or companies to fool users into sending crypto.

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No real giveaway asks for money first. If you have to send crypto to get crypto, it's a scam. Always check the official website or account before trusting anything.

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7. Malicious Smart Contracts

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Some crypto apps or tokens have hidden code that lets the creator take your money. These are often promoted as high-reward apps or tokens with big promises.

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Stick with well-known platforms like OKX. Before signing anything, read what permissions you're giving. If you're unsure, it's safer not to interact.

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8. Fake Wallet Apps

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Scammers upload fake wallet apps that look like real ones. If you install one, it might steal your info or send your private key to a scammer.

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Only download wallet apps from official websites. Don't trust the top result in search engines—scammers often use ads to appear first.

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9. Social Engineering Scams

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Some scams start with friendly conversations. A scammer may build trust over time, then ask you to invest or give them access to your wallet.

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Even in friendly online communities, don’t share sensitive details. Be extra careful when someone you don’t know offers to help or pitches an opportunity.

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10. Fake Support Agents

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Scammers pretend to be support staff on Telegram, Twitter, or Discord. They message you after you post a question, hoping you’ll trust them enough to give your seed phrase or follow a bad link.

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Real support won’t reach out to you first or ask for private keys. Only contact support through links from the official website.

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Crypto scams are always changing, but most follow the same tricks. If you know what to look for, you can stay ahead of them.

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Using strong tools helps too. OKX Wallet gives you control over your crypto and helps protect you from common scams. It includes warnings for risky sites, doesn’t store your keys, and works with trusted apps.

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The more you learn, the safer you become. Stay smart, stay alert, and protect your crypto with OKX Wallet.

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