Crypto Giveaway Scams and How to Spot Them

Crypto Giveaway Scams and How to Spot Them

How It Works Knowledgebase
25/11/2020 by Koinal
299
Whether you are new to cryptocurrency or an experienced trader, the entire cryptocurrency community must be aware of crypto giveaway scams. This article will review some of the scams and help you identify and avoid them.
Crypto Giveaway Scams and How to Spot Them

Koinal offers a transparent process to purchase cryptocurrency. You should not accept any offer that suggests a free giveaway from Koinal.io.

How Does the Crypto Giveaway Work?

The scammer usually offers some currency free of charge. They often pretend that a celebrity will host a giveaway. They only ask that you send a small amount of cryptocurrency to an address to prove that you have an eligible and confirmed wallet address.

Once the scammer entices victims to send their cryptocurrency to the celebrity host account, they quickly steal the currency. The transfer is not reversible, and the promised giveaway never occurs.

Look for Suspicious Offers

The fake giveaway items below describe some recent scam trends:

  • Fake Exchange on Twitter- These scams use the name of a well-known exchange like Coinbase in a fake Twitter account. The link will go to the scammer’s page to ask for BTC transmission to get a ten-fold return. The scammer steals the BTC, and you get nothing.
  • Fake Celebrity on Twitter – This type of scam uses a retweet of an email supposedly issued by a giveaway celebrity host.
  • Fake YouTube Live Streams use old video( e.g., a Crypto CEO presentation) with links added to collect your asset to confirm your account or enter the giveaway.
  • Email Giveaway Scam invites you to participate in a giveaway by registering and sending your asset to confirm the wallet address.

File a Report

If you receive a suspicious invitation like any of the above examples, you should report it as soon as possible. You can report it to the suspicious item’s source, including YouTube, Twitter, Google, or any other source. Koinal.io provides a quick and convenient way to purchase cryptocurrency. Our safe and secure process uses bank debit and credit cards to purchase Bitcoin and the leading currencies. Koinal works with Binance, OKex, Huobi and many other leading exchanges. Koinal users have a wide range of currency purchase choices. Open a Koinal account and get started today.

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