If you’ve been around the markets a while, you know the threats aren’t just volatility and bad entries; they’re crypto scams designed to trick people who already “know better.” Scammers study trader behavior, copy the tools we use, and exploit the split-second moments when we’re rushing to mint, ape, or rebalance.
This guide breaks down four crypto scams that routinely fool experienced people, plus the exact tells that give them away. Share it with your team, keep it handy, and trade a little calmer.
Counterfeit tokens with the right ticker and wrong contract
The play: The scam deploys a token with the same ticker as a legit coin on another chain or with a near-identical name. Signal groups post a “hot chart,” but the contract isn’t the real one—and your buys are into a worthless copy.
Spot it fast
- Always verify the contract address from an official website, docs, or the project’s pinned post—not from a random chart screenshot.
- On DEX scanners, inspect liquidity (size, lock status, top holders). A real token won’t have 60–90% of the supply in one fresh wallet.
- Look for mismatched socials: brand-new accounts, few followers, or links that change weekly.
Why it fools pros: We move fast between chains and tickers. This is among those crypto scams that exploit overconfidence in familiar symbols.
Honeypots and tax-switch tokens (you can buy but can’t sell)
The play: The token allows buys but blocks sells—or flips a hidden max tax on sells to 100%. You see early candles mooning, enter, and then discover your sell fails.
Spot it fast
- Before sizing in, try a tiny buy and sell. If the sell fails or the tax is wild, walk away.
- Read the contract notes on explorers: look for functions like setFees, blockTransfer, or ownership not renounced.
- Check recent trades to see if anyone is actually selling and receiving stablecoins.
Why it fools pros: The chart looks great. You think you’re early. Honeypots are classic crypto scams that weaponize strong candles.
Support impersonation and SIM-swap combos
The play: Scammers pose as exchange or wallet support on Telegram/Discord/Twitter. They ask you to “verify” a seed, or they escalate by SIM-swapping your number to reset 2FA and drain accounts.
Spot it fast
- Real support will never ask for a seed phrase or private key. Period.
- Use app-based 2FA (Authenticator, hardware keys), not SMS.
- Lock your SIM with a carrier PIN and note unusual “no service” events as an urgent red flag.
Why it fools pros: In a real panic (stuck funds, failed tx), we want help. Social engineering remains one of the hardest crypto scams to resist.
Fake OTC, listing slots, and escrow stings
The play: A “VC” or “market maker” offers discounted tokens or “guaranteed listings” and suggests a trusted escrow. The escrow is part of the crew, the tokens are counterfeit, or the USDT is clawed back after a reversible payment.
Spot it fast
- Use reputable, known escrows with public histories—never whoever the seller suggests.
- Require on-chain escrow smart contracts you can verify.
- For large deals, do video KYC, contract signing, and small tranches before sizing.
Why it fools pros: We think OTC equals sophistication. In reality, this lane hides some of the costliest crypto scams.
A 60-second checklist before you click Confirm
- Contract verified and address matched from official sources?
- Small test trade executed both ways?
- Allowance request reasonable and limited?
- Liquidity locked and distributed? Ownership renounced or time-locked?
- Site reached via bookmark, not an ad?
- You’ve paused for 10 seconds and re-read the address, domain, and tx details?
If you can’t tick these boxes, step back. Your PnL will thank you.
Final word
The uncomfortable truth is that crypto scams keep evolving because they work. They exploit speed, UI familiarity, and our hunger for opportunity. The upside? The red flags rarely change: rushed approvals, unverified contracts, look-alike addresses, unlocked liquidity, and glossy promises without proof. Make these checks muscle memory, and you’ll dodge most crypto scams that circulate, especially the ones tailored to “experienced” traders.
Stay curious, trade slowly, and share this with the friend who always “just apes a little” before reading. Your future self will be very, very grateful.
