How Not To Be Scammed In The Cryptocurrency Market

June 23, 2021

The growth of the blockchain and cryptocurrency space is undeniably very exciting. Technological innovation and new transaction models at a fast pace attract a large number of attendees, the benefits that cryptocurrencies bring along with it are not lacking in problems, which are prominent here. scam users, investors or anyone who lacks vigilance when participating in this market.

The growth of the blockchain and cryptocurrency space is undeniably very exciting. Technological innovation and new transaction models at a fast pace attract a large number of attendees, the benefits that cryptocurrencies bring along with it are not lacking in problems, which are prominent here. scam users, investors or anyone who lacks vigilance when participating in this market.

According to a report from, since 2012 more than $16 billion has been stolen from investors in the cryptocurrency market. That's a huge number, really, I didn't think the number was that big.

You can read their report here: Crypto Investor Scam Report.

The lost 6 billion USD obviously has extremely negative impact not only on those who get scammed, but it tarnishes the reputation of trustworthy projects and can stagnate the entire emerging industry. this. Some scams look very simple and obvious, but others are more complicated and sometimes difficult to avoid.

However, with the right and basic checks, we can easily recognize those scams, not all but will eliminate most.

This article will show you how those simple ways can be put into practice.

What is an investment scam?

That's right, first you have to understand a little about this basic concept.

An investment scam is when someone offers you a fake - but often very convincing - opportunity to make a profit after you have assigned them a sum of money.

There are 3 most common types of investment scams:

The investment is completely fictitious, it's not real.

The investment does exist but the scammer takes your money instead of giving it to you.

​Scammers pretend they are representing a legitimate and trustworthy investment group, but they are lying to you.

In the cryptocurrency market, the story is not too different. Look back at history and we'll see.

The first scam in the crypto market was in 2012, it was an investment program run by Trenton Shavers that promised high returns to investors and ended up scamming $97 million of Investors.

Next is OneCoin, the project that relies on big promises and flashy presentations to promote their token, but no substance – not even a blockchain – exists inside. there. OneCoin raised $4.4 billion in investor funds, and after it was revealed one founder was arrested, the other disappeared.

BitConnect, a project that many Vietnamese people must have been fooled by it, is basically an investment program that promises to bring high returns - up to 1% per day - for investors who have purchased. into different profit packages. Legal pressure eventually led founder John Bigatton to shut down BitConnect, but not before he duped investors $2.5 billion.

PlusToken is a Chinese investment project, also with the promise of high returns for investors. It attracted the following of more than 2 million investors, increasing its valuation to $17 billion before the founders posted the words "Sorry we have run" on the ledger and disappeared.

These are just a few of the 136 crypto projects that have defrauded investors of $16 billion, as reported above. Of the 136 projects featured in the report, only 71 have been charged with criminal offenses, 15 of which have team members convicted for fraud, money laundering or other crimes. The rest of the crypto projects on the list have no countermeasures.

Not far away, even in the Thuancapital community, I have received a lot of messages about the problem of them getting scammed right after joining the cryptocurrency market. That's right, just getting into the cryptocurrency market.

Popular stories

Let's take a look at life a little bit, lies are very easy to see. Lying Can Make Life Easier: Work is smoother when lying to clients, co-workers, and bosses. Family is more peaceful when lying to wife and children. But when the skill of lying reaches the professional level, yes, professionalism means that you have mastered all the skills as well as have many years of experience in the subject matter you are working on. What would you do next if you were in the situation I mentioned above?, set foot in the world of professional fraud or live a normal life?

Why do I want to tell you this, especially those who are new to the market, because when you face a scam in the cryptocurrency market, you are facing with one or a group of professional scammers and if you are not alert enough and knowledgeable enough to identify it, there is a high chance you will fall into the trap. Regret will come soon and I'm sure you won't like the feeling. So, below I will give a few common stories so that you can easily identify that trick.

According to our summary, we are easily fooled by the following 3 main factors:



Lack of vigilance

The main factor is basically just that, in my opinion: we are often fooled by ourselves. The art of deceiving is to make you believe that your decision is correct when it is not.

Let's go into real-life examples on Thuancapital channel itself.

1. Being tricked into giving gifts on social networks

This is a very common scam

Here, THEY (fraud groups) mainly use your “Trust” plus a little “Greed” and “Lack of Vigilance” to build this tactic. It is simple and easy to identify by that simplicity but it is easy to spread on social networks in large numbers so that only a very small number of people are trapped.

Unfortunately, the Thuancapital community has also had a few people fall into this scam.

A simple tip to eliminate this type of scam is to remember the saying: No one gives you money for free.

2. Being scammed by impersonation nick

This is the next most common scam you may encounter. It's like this,

Here, THEY (scam groups) mainly use “Trust” plus a little “Lack of Vigilance” to lure you into their trap.

This is a very popular strategy used in the Vietnamese crypto community. Thuancapital also cannot avoid this forgery.

Please pay attention to carefully check the information of the person you are talking to to avoid any unfortunate incident.

3. Being scammed to call for investment

This is the most popular and widely used scam in the cryptocurrency market. There are many cases of this scam, and Thuancapital channel has also been attacked by a variant of it "Impersonate investment fraud",

Here, THEY (fraud groups) mainly use “Greed” plus a little “Trust” to build this tactic.

How to avoid being trapped by this type of scam, it is very simple, pay attention to carefully check the information of the person you are talking to because famous KOLs in the cryptocurrency market will not suddenly text you. trust you to do anything. Pay attention to this point.

Another form of fraud

There are many of you who think optimistically that only exchanges, projects with huge assets can become "potential customers" of cryptocurrency scammers. Honestly, this is a completely wrong thinking! You should know that a large number of new investors "wet feet and feet" enter the market, or do not have much investment knowledge, are impatient and want to quickly make a profit. targeted by scammers (especially in the Vietnamese market). They often take advantage of these weaknesses of you, with the fear of missing the opportunity that most people are very susceptible to to perform scams, and then withdraw with the fraudulent amount. .

I know many of you in the Thuancapital community as well as in other crypto communities who have been scammed in more and more diverse forms and methods.

Here are some other common scams you should be aware of:

1. Ponzi Model (Old but Always Effective)

You can read a detailed introduction about it here:

This is a trick that I see used a lot in the financial market of Vietnam (including crypto and securities), it simply focuses on the "Greed" of people and the truth always shows that this effective.

Bitconnect boom in Vietnam in 2017 is the easiest evidence to find online.

Prevention tips:

Beware of crypto projects that encourage you to refer new investors for bigger profits.

​Never trust projects where you are promised unusually high returns (a few tens of percent) in a short period of time.

2. Malware Scams (Malware)
You can read more about it here:

To put it simply, in my opinion, being technology blind when participating in the cryptocurrency market is a crime. It will cause significant damage to you.

Prevention tips:

Update your anti-virus program regularly to protect your computer and phone from malware.

Never download and install applications or software unless you are 100% sure they come from a legitimate and reputable supplier. Never open suspicious attachments.

3. Fake exchange website

This is a fairly sophisticated scam and requires a lot of high technical elements in it. It was quite common in the 2018s, when cryptocurrency exchanges emerged like mushrooms and lax regulation made the opportunity to fake these sites easy and accessible to many people.

Below is a photo of a fake binance website, if you don't pay close attention you won't see that small difference.

Prevention tips:

Please check cryptocurrency exchange websites carefully when you log in.

Bookmark the page again in your web browser so it's easy to recognize when you visit it the next time.

The above are just the 3 most common scam methods and there are many other scam methods that I have not mentioned here, you can refer to this article to update yourself with detailed information...


Protect yourself is what I want to tell you.

Lies and deceptions – that is the flip side of a life in constant motion. The world is full of people who are always waiting to take money out of your pocket. Keep the following in mind, to avoid the future empty-handed.

1. Money doesn't suddenly fall into your mouth

“You can’t cheat an honest man” – honesty is the top weapon against lies. Cheating is living because of your greed. When money has blinded you, when you've cast your guard out the window, that's when you'll be left empty-handed.

2. Protection of personal information

Pay attention to this carefully, in the cryptocurrency market your “Private Key” represents the assets you have, if you expose it, you are giving your assets to someone else. And of course all your other personal information is important too, so be extra careful when entering the market.

3. Reject any suspicious offers

When you receive an investment offer, or someone texts you to offer you a life-changing opportunity, beware of it. It can be a real opportunity, but with a huge % for scams, should you risk your money?

4. Stay alert

A scammer will often give up if you're wary. Ask as much as possible. Carefully review documents and contracts. Confirm the address, and make sure it's not a ghost address. Check the license plate, driver's license and identity card of the scammer. Tell him you need a few days to think about this offer. A real scammer will never give you time to think, and he is always shy, even refusing to give out any personal information.

5. What if you have been scammed?

Don't be shy, contact the authorities immediately. Describe the problem in as much detail as possible. You may never get your money back, or you may get in trouble with the law, you may look incredibly stupid and pathetic in the eyes of others – but you've saved many others becoming the next victim. Be proud of that.


Yes, everything has a price, sometimes we learn from our own mistakes but in the crypto market making mistakes is like giving away your own hard-earned money. be given to others.

Limit your own greed, increase your vigilance and learn more.

Hello and good luck on the cryptocurrency market.

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