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Crypto Terms:  Letter S
Jun 19, 2023 |
updated Apr 02, 2024

What is Scam?

Scam Meaning:
Scam - a scheme that is meant to deceive the victim and cheat them out of their physical or digital assets.
1 minute

Let's find out Scam meaning, definition in crypto, what is Scam, and all other detailed facts.

A scam is a malicious scheme that’s designed to deceive its victims. Scammers typically aim to gain access to or cheat the victims out of information, physical, or digital assets.

With the rise of cryptocurrency and blockchain technology, new scams directed at attempts to trick people out of their crypto assets have been developed.

There are numerous types of scams that can be done to steal people’s crypto coins, including blackmail, falsified initial coin offerings (ICOs), phishing, and Ponzi schemes, to name a few.

A common strategy is to open a wallet to fund an initial coin offering. Once the date of the release comes, the project is deleted, and the scammers run away with the investors’ money.

Phishing attempts include building websites that look legitimate but steal the users’ information. Scammers that use phishing may attempt to steal hot wallet addresses or bank details to transfer the funds to their own accounts.

Recently there has been an increase in scams related to non-fungible tokens (NFTs). Some “creators” may upload an NFT online or promise an NFT collection only for it to end up as a rug pull.