FameEX | Anti-Scam Guide: 6 Common Scam Tactics and How to Stay Safe?

There are six common types of cryptocurrency scams, typically falling into the following categories: impersonating investment advisors or institutions, impersonating well-known exchanges or platforms, promoting fake investment opportunities, using real tools with fake tutorials, fake events or prize notifications, and phishing scams through fake platforms or customer service. These scams can be highly deceptive and difficult to detect. In this guide, FameEX will break down six major crypto scam tactics and share practical tips to help you protect yourself.

1. Impersonating Investment Advisors or Institutions

Scammers often pretend to be well-known KOLs, investment experts, or representatives of reputable financial institutions. They take advantage of their supposed credibility and collaborate with other scammers to appear professional and trustworthy. Their goal is to manipulate victims into investing, ultimately stealing their money.

FameEX Tip: Never trust unverified investment advisors. The trading screenshots or videos they share could easily be fake. Always stay alert whenever someone tries to impress you with their so-called “success story”.

2. Impersonating Well-Known Exchanges or Platforms

Scammers often send links to what appear to be official websites of popular platforms, along with so-called “official” user guides, to lower the victim’s guard. However, these links typically lead to fake websites or apps that closely mimic real platforms. Even major exchanges like Binance, OKX, Bybit, and FameEX have had their brand names exploited in such scams. Victims who unknowingly access these counterfeit sites or apps may believe they’re using the official platform—only to end up getting scammed.

FameEX Tip: Never trust unverified websites or apps. Always double-check the URL and only download apps or access platforms from official sources. Avoid clicking on unfamiliar links sent by strangers.

3. Promoting Fake Investment Opportunities

Scammers often claim to have access to a rare and urgent investment opportunity, warning that if the victim doesn’t act immediately, they’ll miss out forever. In reality, this is a fabricated claim designed to create a sense of urgency and pressure victims into making quick decisions without proper consideration.

FameEX Tip: Don’t fall for “too good to be true” opportunities. Any investment deal that can’t be verified through public sources is likely a scam. Even if you find some related information online, legitimate opportunities are rarely handed out personally to strangers. Stay cautious and don’t trust unsolicited investment advice.

4. Using Real Tools with Fake Tutorials

To build trust, scammers may ask victims to register on legitimate, well-known exchanges. This creates a false sense of security, as the platform itself is real and trusted. However, after the account is created, the scammer will send a fake tutorial under the guise of teaching the victim how to use the platform. These tutorials are designed to trick victims into transferring funds directly to the scammer’s wallet.

FameEX Tip: Never follow someone else’s step-by-step instructions blindly, even if they claim to be a reputable industry expert. Be especially cautious if the tutorial involves screen sharing or asks for private information such as your private key or seed phrase—these are red flags for scams.

5. Fake Events or Prize Notifications

On social media, you may often come across posts promoting giveaways or special events. While they may appear legitimate, investors must remain highly cautious. If you fall for these scams, click the provided link, and authorize your personal wallet on the fake site, scammers can gain access to your funds and drain your wallet—resulting in serious losses.

FameEX Tip: Never trust random prize notifications or participate in events hosted by unknown platforms. Most importantly, avoid authorizing your personal wallet on suspicious websites, as doing so may give scammers access to your assets.

6. Phishing Scams via Fake Platforms or Customer Service

This is one of the most common types of scams. Scammers often reach out to victims privately, claiming to be customer support from a well-known platform. They’ll then share a fake website that looks almost identical to the real one, tricking users into clicking the link to “verify” their identity. Once the victim confirms the scammer’s identity through the fake site, they fall into the trap—ultimately leading to asset theft.

FameEX Tip: Official support from trusted platforms will never contact users privately through unofficial channels. If you receive such messages, stay alert and do not click on any links sent by the supposed customer service. Always verify information directly through the platform’s official channels.

Although cryptocurrency scams are constantly evolving, they all exploit two core vulnerabilities: human greed and the information gap. 

To stay safe, follow these key principles: 

1) Never trust investment tips from strangers online 

2) Never share your seed phrase or private key 

3) Never click on unknown links or authorize suspicious contracts

Always verify information about any project or platform through trusted third-party sources like CoinGecko or CoinMarketCap. To reduce the risk of total loss in the event of a scam, diversify your funds across multiple wallets, including both exchanges and cold wallets.