Since platforms like Facebook, Twitter, and Instagram have risen in popularity, people with poor intentions have looked for ways to bilk people and businesses out of their information and/or money. The same is true when it comes to crypto and social media. 

Nefarious parties are searching for ways to scam you out of your crypto, claiming it for themselves and leaving you with nothing. The good news is that we’re here to tell you how to identify social media crypto scams and how you can protect yourself against them.

Without further ado, let’s get started.

What are Social Media Crypto Scams?

A social media crypto scam is a scheme or ploy that involves defrauding cryptocurrency owners. The disadvantage of social media is that it allows scammers a way to effortlessly interact with millions - if not billions - of people from around the world.

Additionally, social media gives people anonymity if they so choose, which can make it difficult for a crime to be tied to the original scammer. As a result, scammers can quickly and easily establish fake accounts, giving victims the impression that they’re conversing with someone they know. 

Another disadvantage of social media is the flexibility afforded by simply going through a person’s public profile. With this information, the scammer is going to impersonate someone you trust. This could be a friend, relative, or coworker. By doing so, they gain your confidence and convince you to send them your crypto.

Social media also gives scammers a way to utilize faking advertisements. They use these adverts and send them to potential victims, which then directs them to send crypto to a fake account or wallet.

However, the most common social media scams are investment “opportunities.” These scams typically turn out to be Ponzi schemes that entice users to invest through the promise of incredible returns or the advantage of getting in on a project at the ground level.

The important thing to remember when sending any funds online is that a healthy amount of skepticism can be a good thing. This is especially true when it comes to your personal finances. By taking a few extra steps and being a little more cautious, you can avoid becoming another social media scam victim.

Common Social Media Crypto Scams

There is no shortage of social media crypto scams, from the sophisticated to the simple. Here are some to keep an eye out for while perusing your favorite social media app.


Social media crypto scams typically succeed because the victim sees dollar signs or quick returns for their investments. That’s why it’s so important to be vigilant when you come across these types of scams. For example, giveaway scams are used to mimic celebrities or well-known brands.

Usually, they promise to send you back double or triple your money if only you’ll send some of your own crypto to a specific wallet. Unfortunately, the reality is that once you send your crypto to the given wallet address, you’ll never see it again. It’s gone for good.

Impersonating businesses

Sometimes it’s easier to trust businesses than people, especially if it’s a well-known brand worth billions of dollars. Unfortunately, there are scammers out there more than willing to impersonate these brands if it means adding a few thousand cryptos to their accounts.

When it comes to interacting with businesses, it’s best to be cautious and skeptical. Take a moment to study their online behavior before clicking on a link. Is this a new email from a business you’ve never interacted with before? If so, there’s a good chance you’re dealing with a scam.

Remember, if things don’t add up, or the brand is behaving in a way that doesn’t align with its online reputation, there’s a good chance you’re dealing with a scam. Avoid providing personal information or clicking on questionable links.

Celebrity endorsements

If you’ve been paying attention, you’ve learned that scammers will use any means necessary to get their hands on your cryptocurrency - even if it means pretending to be someone famous. When it comes to impersonating celebrities, scammers use fake profiles, then target victims through direct messages, convincing them they’re dealing with the real deal.

However, a quick glance through their profiles or past posts will usually reveal these imposters for what they are - fakes. More often than not, these scammers promise amazing rewards in exchange for simply clicking on a link. Don’t do it.

Of course, there are other ways to determine the validity of an account. For example, if you’ve received a direct message from Elon Musk, but he only has a few thousand Twitter followers, there’s a good chance you’re being scammed. Additionally, if the celebrity is well-known for their platform activity, but their first post was fairly recent, you're more than likely dealing with a scammer.

Be on the Lookout

Scammers are always looking for quick and easy ways to get your crypto. They’ve gone to great lengths to do so, including impersonating businesses and celebrities on popular social media platforms like Facebook, Twitter, Instagram, and LinkedIn. That’s why it’s important to always be on the lookout for suspicious activity.

If you aren’t sure about a message or the validity of an account, report it to that platform! Doing so will help make social media platforms safer for everyone. Speaking of which, you can follow Bitcoin Depot on all your favorite social media sites, such as Facebook, Twitter, Instagram, LinkedIn, and others. Come join us on our crypto journey!

Scams have been around for as long as humanity. Ever since the invention of currency (whether it was bartering or paper money), people have been coming up with ways to get the best deal, cheat others out of what’s theirs, or figure out how they can get something for nothing. Call it human nature or something else, it’s a reality.

The world we live in today is so much more complicated, though. There are scams everywhere you turn, from ads on TV and social media to emails and text messages. Unfortunately, scams in the crypto world are pretty common.

There are a lot of reasons for this, but what you really need to know is how to avoid it. Especially if you’re not familiar with blockchain, crypto, wallets, platforms, or the various cryptocurrencies, it can be difficult to pinpoint a scam when you see it.

How to Avoid Getting Scammed

Before we get started, let’s review a few things:

Let’s dive in! Here are some of the best ways to avoid getting scammed and losing your crypto!

1. Be careful who you trust

This is pretty easy. It’s just like in the physical world or in traditional finance. You can’t trust every offer you see claiming you could win $500 if you just CALL NOW! There are a lot of crypto projects out there, and some are much more well-known than others.

It’s easy to get some bad advice or listen to someone who really doesn’t know what they’re talking about. Don’t take your financial advice from the media, internet forums, or celebrities. If they don’t have the credentials they should when talking about crypto, you shouldn’t be listening to them.

2. Scrutinize everything

Be aware of emails, texts, or phone calls from shady sources. They may even look real, but many times, they’re not. Attackers will send out mass emails claiming to be someone they’re not. These emails contain links to fake websites that look just like the real thing. As soon as you enter your credentials, you’ve given someone access.

Double-check the recipient address, look for misspellings and grammar mistakes, beware of inconsistent formatting, and if anything at all looks suspicious, ignore it. They’re trying to play on your sense of urgency or fear, so don’t let them. Always be on the lookout so you can avoid crypto scams.

3. Use multi-factor authentication

Now that we got one of the most obvious (but still very important) points out of the way, let’s move on. Always, always, ALWAYS use two-factor or multi-factor authentication where you can. Use it on your email, any crypto platforms you may be using, your crypto wallet, everything. That way, even if someone does find your login information, there’s still an extra verification step before they gain access to your crypto.

Before they can get into your wallet or your crypto trading account, there’s still a code they need from your email or phone. Unless they physically have your phone, they won’t be able to get this code.

Besides, we hope if you receive a code you didn’t ask for, you may question where it came from or who is trying to access your account and take the necessary precautions to secure the account even further by changing your username and/or password.

4. Secure your crypto wallet

In addition to multi-factor authentication for your online access to crypto platforms, you also need to secure your crypto wallet. No matter what type of wallet you decide to use, make sure it’s from a reputable company.

Don’t give your wallet credentials to anyone, just like you wouldn’t share your passwords. It’s common sense, but it’s also all too easy to get comfortable. Also, be sure not to log into your wallet or any of your other accounts using a public network. Doing so will help protect against crypto scams.

As discussed, set up multi-factor authentication for your wallet along with everything else. You may even want to consider using multiple wallets to diversify your assets. If someone gains access to one, they won’t have access to all of your crypto.

Cold wallet storage is also a great idea because it’s not connected to the internet.

5. Don’t share your information

Come on, guys. This is Internet 101. Don’t give out any of your personal information. That includes usernames and passwords, security codes, private keys, recovery passphrases, and anything else that could grant someone access to something that belongs to you.

There’s nothing else to say here. Really, just don’t do it.

6. Do your homework

The absolute best thing you can do is be informed about it. If you want to avoid crypto scams, you need to research platforms, coins, wallets, and everything else you may want to purchase. Here are some things to ask:

Knowing the ins and outs of anything you buy is smart - it doesn’t just apply to crypto. A lot of crypto projects are new and haven’t been reviewed yet. Sometimes it’s best (especially as a beginner) to stick with the ones that have been around for a while.

If you do want to branch out, just know and understand the risks.

Now What?

No one can possibly know everything. That’s why we’re here to help! Bitcoin Depot offers thousands of BTMs where you can quickly and safely perform your transactions. Finding the closest Bitcoin Depot BTM will allow you the security you and your crypto deserve.