Technology
Predictions for 2024: Which Crypto Scams Will Be on the Rise?
Published by Jessica Weisman-Pitts
Posted on January 10, 2024
5 min readLast updated: January 31, 2026
Global Banking and Finance Review
Company
Published by Jessica Weisman-Pitts
Posted on January 10, 2024
5 min readLast updated: January 31, 2026
As we step into the new year, cryptocurrencies are still incredibly popular. They have become
As we step into the new year, cryptocurrencies are still incredibly popular. They have become a part of mainstream culture and are here to stay. However, cybercriminals are aware of the power of cryptocurrencies, and their intricate scams keep evolving as we speak. Join us on the journey of unveiling the crypto scams that will be on the rise in 2024.
Let’s take a look at some of the crypto scams that will be on the rise this year and learn more about how to protect your crypto wallet:
Since most of us use at least one social media platform, chances are you’ll be contacted by someone who claims to be an investment manager. Crypto enthusiasts often share related content on their profiles, so finding you won’t be too hard. These fake investment managers often make mind-blowing promises to their targets, claiming they can deliver a return on investment. The only thing you need to do is send crypto to them, and that’s it.
It is sometimes hard to determine if the offer is real because scammers usually have a prepared speech and a professional-looking website that seemingly confirms their credentials. But be wary if they pressure you to send crypto as soon as possible and refuse to send you the necessary documentation regarding the transfer.
Blackmail is one of the most common crypto scams that is here to stay in 2024. Scammers send a message to their target, claiming they have private photos and videos of them. But if the target wants to keep these files private, they have to deliver a certain amount of crypto immediately. Cybercriminals prefer this method because it is somewhat believable, and many victims don’t even question them out of fear of being exposed.
Remember that these scammers don’t have any images or videos of you. Even if they try to describe the background of these files, they could learn a lot about their target through social media, including the interiors of their house. You should simply ignore these messages and not engage with the scammer. And most importantly, report them to the authorities.
Romance scams are a popular social engineering tactic that can happen to anyone on any social network platform imaginable. It is not limited to dating apps only. Scammers approach their targets directly through messages and build relationships with them for months without revealing their true intentions. Then, they ask the target to either send them a payment in cryptocurrency or present an excellent investment opportunity.
Again, the return of interest will be huge, which is designed to make their target fall for the scam. Some scammers would go as far as to create an account in your name with the information you’ve shared while chatting casually. If you find yourself talking with an unknown person online and feel unsure about their identity or intentions, stop communicating with them right away. Social media platforms have brought us all closer, but they also enable all kinds of people to come up with fraudulent schemes.
Most of us regularly sign up for various giveaways without even considering the sources. So, it’s no wonder that crypto giveaways are super popular. However, scammers could pose as a real business or cryptocurrency exchange and steal their target’s crypto. They could go as far as setting up a whole webpage for this fraud and pretend to be well-known cryptocurrency celebrities.
Scammers usually lure in their victims on social media platforms such as Twitter. They will post repeatedly about the giveaway and even answer questions from the community. But the rules of the fake giveaway will raise some eyebrows.
For instance, participants will be promised way more cryptocurrency than they send to be a part of the raffle. Additionally, the time to participate will be very limited, which creates a sense of urgency. Ultimately, the scammers will ask you to send crypto before they send you more back.
Now that we know more about crypto scams that will continue to stay popular in 2024, it’s worth learning how to protect yourself online. Here’s where you should start:
An investment scheme is a plan or strategy designed to generate returns on invested capital. However, some schemes can be fraudulent, promising high returns with little risk.
Blackmail is a form of extortion where someone threatens to reveal damaging information unless a payment or action is taken. In crypto, this often involves demanding cryptocurrency.
Fake giveaways are scams where fraudsters promise free cryptocurrency or prizes in exchange for personal information or initial payments, which they never deliver.
Multi-factor authentication (MFA) is a security process that requires two or more verification factors to gain access to an account, enhancing protection against unauthorized access.
Explore more articles in the Technology category
