How to Spot and Avoid Crypto Scams – A Guide by Obiex
Learn how to identify and avoid common crypto scams with this guide from Obiex.
Crypto is changing how we think about money, offering fast transactions, easier financial access and incredible investment opportunities.
But with great power (and money) comes great responsibility—and scammers are always looking for ways to exploit the uninformed.
At Obiex, we’re committed to keeping your money safe and your mind sharp.
Here’s how you can spot and avoid crypto scams:
1. Too Good to Be True? It Probably Is
We’ve all seen those messages: “Invest ₦10k today, get ₦100k next week!”
Sounds amazing, right? Wrong. If an offer sounds like magic, it’s likely a scam. Ponzi schemes rely on new investors to pay off old ones, and when the flow stops, your money disappears.
2. Phishing: Don’t Take the Bait
Phishing is one of the most common crypto scams. Scammers send fake emails or messages pretending to be from legitimate companies like Obiex, asking you to “verify your wallet” or “secure your funds.” Once you click their link, your wallet is compromised.
Here’s the golden rule: No legitimate company will ever ask for your password or private keys. If something smells fishy, it’s probably phishing.
3. Suspicious Transactions: Verify Before You Act
Imagine waking up to a random $500 deposit from an unknown source.
Before you celebrate, STOP. Fraudsters often send money to bait you, then claim it was a mistake and ask for it back.
If you return it, you could be caught in a fraud case.
Always verify unexpected transactions with your bank or platform.
4. Celebrity Scams: Elon Musk Isn’t Sending You Bitcoin
Scammers often use big names like Elon Musk to trick people.
Messages like “Send 1 BTC, get 2 BTC back” are pure fiction.
If Elon Musk were giving away Bitcoin, would he start with you? Always double-check account handles, and remember: No one is giving away free crypto.
5. Your Crypto Security Checklist
To stay safe, follow these simple steps:
- Never share your private keys.
- Enable two-factor authentication (2FA).
- Verify every transaction.
- Ignore too-good-to-be-true deals.
- Stay updated—follow Obiex for legit info!
Disclaimer: This article was written to provide guidance and understanding. It is not an exhaustive article and should not be taken as financial advice. Obiex will not be held liable for your investment decisions.
