Lesson 9: Common Crypto Scams & How to Stay Safe

Beware of Crypto Scams

The crypto space is full of innovation—but also full of scams. As a beginner, it’s important to learn how to protect yourself.

1. Rug Pulls

Developers create a fake project, pump the price, and then disappear with investor funds.

• Watch out for low liquidity and anonymous teams
• Use tools like TokenSniffer

2. Fake Wallets or Apps

Some apps mimic real wallets and steal your private keys. Only download from official sources.

3. Phishing Attacks

You receive fake emails, DMs, or pop-ups asking you to “connect wallet” or enter seed phrase.

4. Fake Giveaways

Scammers impersonate influencers or exchanges offering free crypto. They usually ask for a “small fee” first. Don’t fall for it.

5. Ponzi & MLM Schemes

They promise high returns if you invite others. These collapse when no new users join. Always check for real utility.

How to Stay Safe

• NEVER share your seed phrase or private key
• Use a hardware wallet or trusted software wallet
• Verify contract addresses on explorers
• Don’t trust random DMs on Telegram or Twitter
• Always DYOR (Do Your Own Research)

Congratulations! You’ve completed the Beginner Level. You're now ready to explore intermediate topics like smart contracts, NFTs, DeFi, and more.