Crypto Scams: A Growing Threat
Welcome to the exciting yet risky world of cryptocurrency! While it offers amazing opportunities, it’s also a hotspot for sneaky scams. Let’s explore the latest trends and figures, and learn how to stay safe in this fast-paced digital realm.
The Crypto Scam Surge
In February 2025, a whopping $1.53 billion was lost to crypto scams, hacks, and exploits – that’s a crazy 1,500% increase from January![1] The biggest culprit? The Bybit hack, linked to a group called Lazarus, which is the largest crypto hack ever![1] Even without Bybit’s losses, February still saw over $126 million in crypto losses, which is a 28.5% increase from the month before![1]
How Scammers Trick Us
Scammers use all sorts of tricks to steal your crypto. Here are the most common ones:
- Wallet Compromises: The top way scammers steal crypto is by hacking into people’s wallets.[1]
- Social Engineering: Scammers might trick famous people into promoting fake coins or scams on their social media accounts.[5]
- Rug Pulls: In 2024, over $500 million was lost to something called ‘memecoin rug pulls’ – when scammers create fake coins based on memes to trick people into buying them.[5]
How Technology Helps Scammers
Scammers are using smart tools like AI to make their tricks harder to spot. They use AI to create personalized attacks and even trick security checks![3] AI-generated content is also used to fool people into falling for scams.
The Impact of Crypto Scams
The more scams there are, the less trust people have in the crypto market. It’s important for traders to be careful and for platforms to make their security better.
What Can We Do?
To keep crypto safe and fun, we all need to be more careful and informed. Platforms should also work hard to protect their users. Together, we can make sure crypto stays a great place for everyone!
[1] Binance
[3] TradingView
[5] CoinDesk
