About crypto scams

Crypto scams are a variety of cybercrime that aim to steal cryptocurrency such as Bitcoin. During the first half of 2022, Kaspersky applications have detected almost 200 000 attempts to steal cryptocurrencies and crypto wallet information.

Types of crypto scams

Crypto scams can take the following forms:

• Fake websites and crypto wallets. Scammers create a fake site that mimics a known crypto exchange or a fake waller. Such a website can be hard to tell apart from the real thing because the domain name and layout of the website closely resemble the original. Users visit the fake website and enter their sensitive information, revealing it to the scammers.
• Crypto phishing. Scammers create phishing links that lead to fake websites, crypto exchanges, or investment platforms. These links are then emailed to victims or placed on other websites. Users click the links, losing their data or funds.
• Fake investments in a "new" cryptocurrency. Scammers create a sham proposal to invest into a new project, for example, a new cryptocurrency. Interested users send funds to the specified crypto wallet, but no cryptocurrency is in fact created, and the invested funds are never returned.
• Fake cryptocurrency investment opportunities. Scammers advertise lucrative cryptocurrency investment opportunities on social networks, promising to return the invested amount severalfold. Instead of the promised income, users lose the invested amounts.
• Scams involving the purchase of mining hardware. Users pay for cryptocurrency production (mining) hardware, but never receive the promised items.
• Fake cryptocurrency purchasing websites. Scammers create a website where you can ostensibly purchase cryptocurrency for fiat at a good exchange rate. You send the money but get nothing in return.
• Pump-and-dump schemes involving cryptocurrencies. Scammers launch a massive advertising campaign to prop up an individual cryptocurrency. They promise that the price of the cryptocurrency will continue to grow. Investors rush to purchase the cryptocurrency being advertised. Scammers then quickly sell off the cryptocurrency at the elevated price, which can cause its price to crash below the initial level within minutes.

How to defend against scams involving cryptocurrencies

Kaspersky includes tools that can help protect you from cryptocurrency scams. The application can detect if a website or crypto exchange is fake and will notify you.

Links on websites are checked against a database of phishing web addresses and fake cryptocurrency exchanges, which is regularly updated. If you try following a malicious link, the application displays a warning.

For additional protection, Kaspersky uses heuristic analysis and sends queries to the Kaspersky Security Network (KSN) cloud services during the check. Kaspersky Security Network has the most up-to-date information about emerging threats, including crypto scam threats.