Post by account_disabled on Mar 6, 2024 6:24:58 GMT -5
Not all giveaways are authentic. Cryptocurrency giveaway scams often promise a large prize in exchange for paying a small “processing fee” or providing personal information.
Look out for fake social media profiles or websites that try to look legitimate. Scammers can contact you directly through channels such as WhatsApp, Telegram or Discord.
Do you think you have been a victim of a scam? Report the incident immediately to the relevant local authorities and the Binance customer support team.
Stay alert and learn how to spot cryptocurrency giveaway scams with Binance's new “Know All the Scams” tutorial. Discover how to identify danger signs and protect your crypto assets.
Giveaways on social networks are a very common marketing tool. They can promise prizes ranging from something insignificant, like a supermarket gift voucher, to life-changing gifts, like a new Lamborghini or millions of dollars in free cryptocurrency.
However, you should be careful as not all giveaways are authentic.
Like, follow a series of pages and pay a small “processing fee” to win the prize! Seems pretty simple, doesn't it?
Well, it's probably a sweepstakes scam, a popular scheme in which criminals promise to offer an incredible prize in exchange for a small payment or being provided with sensitive personal information. In this article we will see how cryptocurrency giveaway scams work and we will offer you a series of guidelines so you can identify and avoid them.
How do cryptocurrency giveaway scams work?
1. Create a fake social network profile and website
Sweepstakes scams are typically Ecuador Mobile Number List carried out through a fake social media profile. In more elaborate cases, scammers will create a website that looks like a real cryptocurrency company or gives the impression of being promoted by a famous person.
The social media profile may have a similar bio, username, and profile picture as its legitimate counterpart. Imitations of web pages are usually very difficult to detect. Some of the aspects that give them away are their URL, which is slightly different, and small variations in the user interface when compared to the official website.
2. Announce the fake giveaway
Once they have set up their scam, the scammers will announce the fake giveaway with a publication on social networks or by sending a direct message to the victim.
Typically the “giveaway” promises a considerable amount of cryptocurrency to anyone who follows the indicated steps, such as making a small payment. Additionally, scammers can take advantage of legitimate cryptocurrency projects and pretend they are pre-selling their new tokens.
3. Request cryptocurrency or personal information
To participate in the “giveaway,” the scammer asks victims to provide certain information such as their email, phone number, or cryptocurrency wallet address. They can then use this information to perpetrate new scams in the future or sell it to others on the dark web .
Once they have obtained the victim's personal information, the scammers will charge a "processing fee" to verify their identity. This commission, which is usually collected in the form of cryptocurrencies, is the scammer's main loot.
Keep in mind that people who run real giveaways will never ask winners to pay money in exchange for the reward.
4. The consequences
Once victims have followed all the steps and made the payment, the scammers disappear after deleting their social media accounts and website, and the promised cryptocurrency reward never materializes. At this point, the probability that the victim of a scam will recover their money is minimal.