Pyramid & Ponzi Schemes – It is advisable to avoid anything that looks or has the semblance of a pyramid or Ponzi scheme in the crypto space. Most crypto Ponzi schemes come in the form of lending or staking programs that encourage subscribers to re-invest profits. Also, their promised returns are usually too good to be true e.g Bitconeeeect!
Cloud Mining Pools – Fake mining pools or programs will promise unusually high returns whiles asking you to pay upfront or they could lock you into a contract for months or a year such that you are unable to access your coins for the period. It is advisable to stick to well-known pooling programs (especially referred by trusted sources) and refrain from obscure ones.
Pump and Dump Groups – This is one to totally avoid if possible. You are advised to ignore people who hit you up on various cypto-inclined social media encouraging you to join their pump & dump (P&D) groups because they have discovered a coin with small market cap which they will pump and quickly get out of. It is very likely that you will end up with a large bag of worthless coins after the core P&D organizers have made their profits and exited without your knowledge.
Phishing – This is mostly done through emails and cloned websites. Be sure to check emails and website properly to avoid falling victim. Make sure that each letter of a web or email address is correct – due diligence is required here so you do not fall for the trap of similarly-looking address that might just be a phishing email or site who will be pretending to be coming from a credible crypto or blockchain organization. Especially for crypto exchanges, NEVER click on a link to an exchange platform sent via email. You should rather type out the exchange website in the browser yourself and log-in (it is advisable to enable the 2FA on your exchange account to help mitigate against possible hacking of your account).
Phone Scams – This type of scams mostly occurs with regards to your exchange accounts. Most cryptocurrency exchanges do not provide telephone support services as such you should 90% of the time ignore phone calls claiming to be coming from an exchange. And under no circumstance should you give out your personal information or log-in details to anyone on phone purporting to be calling from a cryptocurrency exchange where you have an account.