Impersonation Scams

Always verify your source of information.

Impersonation scams are a widespread problem in the crypto space, particularly on social media platforms like Twitter, Facebook, and Telegram. Scammers often pretend to be well-known figures, such as Elon Musk, Vitalik Buterin, or popular crypto companies, to trick unsuspecting users into sending them money or sharing sensitive information.

How do impersonation scams work?

1. Fake Giveaways:

   • Scammers set up fake accounts mimicking celebrities or companies.

   • They announce “crypto giveaways,” claiming, for example, “Send 1 BTC to this address, and you’ll get 2 BTC back.”

   • Once you send funds, they vanish—there’s no giveaway.

2. Phishing Links:

   • Impersonators share links to fake websites that look like trusted crypto platforms.

   • These fake sites ask for your wallet's private key, seed phrase, or login details. Once you provide these, your funds are stolen.

3. Fake Announcements:

   • Scammers use fabricated news about token launches or partnerships and ask users to invest in fake pre-sales.

4. Direct Messaging Scams:

   • Impersonators contact you directly, posing as customer support or influencers, offering "assistance" in exchange for payment or access to your wallet.

How to spot impersonation scams?

1. Check for Verified Accounts:

   • Always look for verified badges on social media accounts. However, some platforms have removed strict verification rules, so don’t rely solely on this.

2. Be Skeptical of Giveaways:

   • Real influencers and companies rarely ask for funds to participate in giveaways. If they do, verify through their official channels.

3. Inspect URLs Carefully:

   • Fake websites often use slight variations of real domain names (e.g., "binancee.com" instead of "binance.com"). Always double-check URLs.

4. Avoid Clicking Unverified Links:

   • Never click on random links shared via social media or direct messages, especially those promising quick profits.

5. Verify Announcements:

   • Cross-check any major announcements by visiting the official website or trusted news outlets.

6. Protect Your Information:

   • Never share your private keys, seed phrases, or wallet passwords with anyone, regardless of who they claim to be.

Fake partnerships and marketing hype

Another tactic we often see is when project developers claim to have made partnerships with well-established entities, etc. While its not exactly "impersonation", but it is also a method with false claims to lure in unsuspecting investors.

How It Works:

• Scammers use aggressive marketing to build hype around a token, often claiming partnerships with big-name companies or influencers.

• Once enough investors are onboarded, the scammers abandon the project.

How to Spot It:

• Verify Claims: Always double-check partnership announcements with the alleged partner.

• Reputable News Sources: Look for news coverage from established crypto outlets, not just project-sponsored press releases.