Ethereum R1 is a new donation-funded, tokenless Layer 2 rollup designed to offer a decentralized, censorship-resistant, and governance-minimized scaling solution for Ethereum

The S&P 500 rose 0.63% Thursday, boosted by strong Meta and Microsoft earnings, but futures slipped Friday as investors awaited the April jobs report and weighed Apple and Amazon tariff concerns. Gold fell to $3,235 as easing trade tensions cut safe-haven demand; markets await US jobs data for rate cut signals. The Coindesk Indices, which tracks the broader crypto market, rose 2.19%, with Bitcoin and Ether up 2.57% and 2.60%, respectively in the past 24 hours. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today's top performer is AR, which gained 16.8% following CloneX's successful migration to Arweave, sponsored by ArDrive.

Arweave (AR), founded in 2017, is a decentralized network for permanent data storage, using blockweave and Proof of Access to ensure long-term accessibility. It offers 200-year storage for a one-time fee, incentivized by AR tokens for miners. The system connects blocks efficiently to preserve and retrieve data, aiming to create a lasting digital knowledge repository. CloneX has successfully 

 to Arweave for permanent storage, with the support of ArDrive, which sponsored the migration of 100 GB of data. The process is nearly complete, with only Animus remaining to undergo decentralization.

Check out the latest prices, charts, and data of 

 is a new donation-funded, tokenless Layer 2 rollup designed to offer a decentralized, censorship-resistant, and governance-minimized scaling solution for Ethereum. Built on open-source code and the Nethermind Surge stack, it emphasizes credible neutrality, public good funding (with all fees burned after 2030), and infrastructure that remains free from VC control or centralized dependencies.

Yesterday, BTC spot ETFs saw $71.1M in total inflows, with $16M from GBTC and $55.1M from other ETFs.

 $BOOP tokens to active Solana memecoin traders and creators who promote memecoins or Solana dapps on X. To claim, users must connect their Solana wallet or X account and launch a free token. The airdrop arrives in 30 days, but growing the token’s market cap can accelerate the reward.

Beginner

3.png

Ethereum R1 offers a decentralized rollup solution for Ethereum

This article dives into Bitcoin liquid staking protocol Lombard Finance, how LBTC works and how you can stake LBTC through Bybit Web3.

Bitcoin stands as the undisputed giant of the cryptocurrency space, commanding the largest market capitalization. Yet, much of its potential remains untapped, often sitting idle as a store of value rather than actively participating in the thriving 

 ecosystem. Lombard Finance aims to change this narrative by unlocking Bitcoin's utility and integrating it seamlessly into DeFi.

Lombard is built upon Babylon, the innovative Bitcoin staking protocol, and is incubated by Polychain Capital. Lombard’s flagship product, 

 (LST) for BTC. This article explores what Lombard Finance is and how LBTC works, and describes the Lombard ecosystem and how you can stake LBTC through Bybit Web3.

 is a liquid staking protocol that focuses on transforming 

's role in the digital economy. Its core mission is to evolve BTC from simply being a store of value — also viewed as 

 — into a productive asset that actively generates yield and participates within DeFi. Currently, a significant portion of Bitcoin's

 sits idle, lacking the native staking capabilities or cross-chain composability seen with assets such as 

Lombard Finance addresses this shortcoming by building on top of 

, a protocol that supports BTC staking without needing 

 or custodians. Babylon allows Bitcoin's economic weight to secure other 

 (PoS) chains and applications, creating a new yield source for holders. Lombard leverages this foundation to offer LBTC, making staked BTC liquid and usable across the DeFi market.

Lombard’s goal is ambitious: to channel Bitcoin's vast liquidity into DeFi. This could potentially double the ecosystem's 

 (TVL) if even a fraction of available BTC is introduced. Lombard believes this integration will catalyze significant growth and create more sustainable market dynamics by making BTC a core, yield-bearing primitive within DeFi.

Founders and investors of Lombard Finance

Lombard Finance was founded in April 2024 by a team with deep expertise within DeFi, drawing talent from established crypto projects like Polychain, Babylon, Argent, Coinbase and Maple. This collective experience underpins the protocol's design and strategic direction.

The project was notably incubated by Polychain Capital, a prominent crypto investment firm that also led Lombard's $16 million seed funding round (which was 

 in July 2024). This round saw participation from a wide array of significant players in the crypto space — including Babylon, dao5, Franklin Templeton, Foresight Ventures, HTX Ventures, Mirana Ventures, Mantle EcoFund, Nomad Capital, OKX Ventures and Robot Ventures — thus highlighting broad industry confidence in Lombard's vision. Strategic partnerships and contributions from exchanges like

 and Bitget are further bolstering its distribution and liquidity aggregation efforts.

LBTC is Lombard Finance's flagship product — a liquid staking token (LST) that represents Bitcoin staked through the Babylon protocol. Designed as a universal liquid BTC standard, LBTC is fully backed 1:1 by native Bitcoin, ensuring its value is directly tied to the underlying asset.

The token is yield-bearing, capturing rewards generated from securing PoS networks via Babylon staking. Crucially, LBTC remains liquid, meaning holders can freely use it across various DeFi applications — such as 

 and automated vaults — without sacrificing their underlying staked positions or associated yield.

LBTC is also designed for cross-chain compatibility, natively minted on supported blockchains like Ethereum, Base and Sui and using secure infrastructure [such as 

]. This avoids the risks associated with traditional bridging or wrapping methods, thus aiming to provide a more secure and seamless way to utilize Bitcoin across the multichain DeFi ecosystem.

Lombard Finance simplifies the process of putting Bitcoin to work within DeFi through its LBTC token. The mechanism is designed with security and user experience in mind, leveraging the Babylon protocol and a robust Security Consortium.

The core benefit of LBTC lies in its ability to unlock multiple layers of value simultaneously. Holders earn native yield from Babylon staking, potentially accrue additional rewards (such as Lombard Lux points) and gain access to diverse DeFi yield opportunities, all while maintaining the liquidity of their Bitcoin position. This transforms BTC from a static asset into a dynamic, yield-generating component of the DeFi ecosystem.

Lombard Finance is actively building a wide LBTC ecosystem that already boasts over 75 DeFi integrations. Security is foundational, anchored by the 14-member Security Consortium (including prominent names like Galaxy and OKX Ventures) and validating all critical operations alongside audits and bug bounties.

Core infrastructure relies both on Babylon for staking, and on the Chainlink CCIP for secure cross-chain movement, with EigenLayer integration 

. LBTC integrates with leading DeFi applications across lending platforms (e.g., 

) and automated vaults. The platform supports multiple blockchains (including Ethereum, Base, Sui, BNB Chain) and 

 (L2s), positioning LBTC as a versatile cross-chain asset.

Here's how you can stake BTC on Lombard and use LBTC in DeFi and automated vaults.

Lombard Finance (via its LBTC token) offers a compelling way for Bitcoin holders to put their assets into use, earn yield via Babylon staking and gain exposure to the expansive DeFi ecosystem — all while maintaining liquidity. Incubated by Polychain Capital and supported by a robust consortium and growing partner network, Lombard is positioning LBTC as a secure and versatile liquid Bitcoin standard.

It’s easy to participate in the Lombard ecosystem through 

, you can utilize your Bybit Web3 Seed Phrase Wallet to stake BTC and mint 

, Lombard's vault token that represents deposits in automated yield strategies. This provides you with a seamless gateway to access Bitcoin liquid staking and DeFi yields.

Ready to unlock your Bitcoin's potential? 

Intermediate

lombard tutorial.png

Lombard Finance: Polychain-backed Bitcoin liquid staking protocol

The cryptocurrency market has entered a phase reminiscent of past altcoin seasons, primarily driven by Bitcoin's recent rebound to the $94K–$96K range. 

Altcoin season might have come with reviveding speculation 

The cryptocurrency market has entered a phase reminiscent of past altcoin seasons, primarily driven by Bitcoin's recent rebound to the $94K–$96K range. This resurgence has sparked renewed interest among retail traders, shifting focus from Bitcoin to smaller, more speculative altcoins. The overall market saw a 10% increase in value during the final eight days of April, contrasting with Bitcoin's 7% gain. This trend indicates a growing appetite for risk among investors, particularly in meme coins, which have seen a surge in social media discussions.

However, caution is warranted as elevated crowd enthusiasm often precedes market corrections. Historical patterns suggest that when buzzwords like "altseason" are dominating discussions, it may signal an impending price exhaustion. The current market dynamics reflect a shift toward speculative investments, raising concerns about the sustainability of this enthusiasm.

Bitcoin's bullish sentiment substantially improves

Bitcoin's position as the leading cryptocurrency has remained steady, with discussions around its price fluctuating significantly. Following a period of pessimism, when predictions dipped as low as $10K–$69K, sentiment shifted dramatically with the price recovery. Now, optimistic projections of $100K–$159K are dominating conversations, indicating a reversal in trader sentiment.

Despite Bitcoin's consistent presence in market discussions (approximately 25% of asset topics), the ratio of bullish-to-bearish commentary has grown increasingly favorable. This suggests a growing confidence among traders bolstered by Bitcoin's recent performance. However, it’s essential to monitor whether this bullish sentiment translates into sustained investment, or if it leads to overconfidence that may trigger a market pullback.

Ethere, once a robust contender in the altcoin arena, has struggled to regain retail investor confidence despite recent bullish commentary and promises of innovation from co-founder Vitalik Buterin. Its social media presence has dwindled to about 6–7% of discussions, a significant drop from previous years. This decline highlights the challenges Ethereum faces in re-establishing itself as a go-to investment in a market increasingly dominated by speculative assets.

Conversely, XRP has seen a notable increase in optimism surrounding ETF approvals, with expectations rising to 85%. This shift reflects a broader trend of institutional interest in cryptocurrencies, potentially paving the way for significant capital inflows. Meanwhile, Dogecoin's potential ETF listings have sparked renewed interest, transforming its image from that of a meme coin to a legitimate investment option. The growing dialogue surrounding institutional adoption of Dogecoin and XRP indicates a pivotal moment for these assets, suggesting they may play critical roles in the evolving cryptocurrency landscape.

Advanced

Intro to Santiment.png

Bybit x Santiment social sentiment report: Altcoin sentiment recovers despite Bitcoin’s resilience

Bybit Spread Trading allows traders to simultaneously buy and sell two related instruments in order to hedge risk or profit from price discrepancies. Read more.

Whether markets are flying high or wobbling unpredictably, one thing remains true: traders are always looking for smarter ways to 

 and find profit opportunities. That’s where Bybit Spread Trading comes in. This feature is tailor-made for those who want to go beyond basic buy/sell plays and start taking advantage of price discrepancies between related instruments. In this guide, we’ll walk through exactly how Bybit Spread Trading works, why it matters and how you can start using it today, whether you’re 

is a newly launched Bybit feature that allows users to simultaneously buy and sell two related instruments — such as Spot, Perpetual or Expiry contracts with different settlement dates — in order to hedge risk or profit from price discrepancies.

This type of trading strategy is popular among institutional and professional traders because it enables more precise, controlled market exposure. However, with Bybit’s interface, the barrier to entry is significantly lowered, opening the door for individual traders to tap with just a few clicks into a powerful set of tools.

At its core, Spread Trading on Bybit is about executing what’s called a combo trade. This means entering two positions at once: one long, one short. These positions are taken on related instruments, such as a BTC Spot trade and a BTC Perpetual contract, with the idea that their prices will either converge or diverge in a way that benefits your position.

When you place a buy combo, you’re buying the instrument with the longer expiration (the “far leg”) and selling the one that expires sooner (the “near leg”). 

A sell combo is the reverse: selling the far leg and buying the near leg. The profit (or loss) comes from how the spread between these two instruments shifts over time.

For example, if you believe the spread between a Perpetual and a Quarterly Futures contract will widen, you can buy the combo. If the spread increases after your entry, that movement becomes your profit. Bybit calculates your 

 prices automatically, based on the mark prices and your defined “order price,” so there’s no need to manually crunch the numbers.

Perhaps the most important feature here is atomic execution. This ensures both sides of your combo trade are filled together, in equal quantities, or the trade doesn’t go through at all. It removes “leg risk,” which is the danger of getting filled on one side of the trade, but not the other. In volatile markets, that alone can save you from an unwanted mess.

Spread Trading on Bybit currently supports combinations such as Spot and Perpetual, Spot and Expiry, Perpetual and Expiry, or even two Expiry contracts with different dates. This flexibility lets you build strategies that align with different market outlooks — bullish, bearish or neutral.

There’s a strong reason why Spread Trading is a go-to for many experienced traders: it allows for strategic plays that are more sophisticated than just guessing price direction. On Bybit, it’s not only powerful, but also convenient.

First, you get price certainty. Your spread is locked in at the price you specify. There’s no 

 between legs because the entry prices are automatically calculated and matched. You’re trading the spread, not the individual legs.

Secondly, the trading experience is smoother. Instead of placing two separate orders and manually trying to sync them, Bybit handles everything as a single transaction. You don’t have to worry about whether one leg gets filled and the other doesn’t — that risk is eliminated through atomic execution.

Third, this setup is a great hedge against volatility. By taking opposing positions on two related contracts, you reduce exposure to sharp price movements. Your P&L becomes more about the relative performance between contracts, rather than the market direction itself.

There’s also a strong cost advantage. Trading spreads on Bybit is significantly cheaper than doing it manually. You pay only half the trading fees you’d incur if you placed two individual trades on the order book. For high-volume or 

, that translates to meaningful savings over time.

Finally, it unlocks strategy flexibility. Whether you're 

 funding rates between Spot and Perpetual, doing 

 with different Futures contracts or taking advantage of price convergence before expiry, this platform gives you the tools to execute those ideas efficiently.

How to get started with Bybit Spread Trading 

Now that you have a better understanding of how Bybit Spread Trading works, let’s look into how to get started. Please note that you’ll need to have a Bybit account in order to proceed. If you don’t already have one, please check out our 

 for more information on how to create a Bybit account.

: Log in to your Bybit account and hover your cursor over the 

: The available spreads are organized in a grid, with each tile representing a unique combo. Choose your preferred combo to trade.

Tiles with a border around them signify that Spread Trading offers a better price. Hover over a tile for more details, or use the bar at the bottom of the grid to explore more options.

On the order placement page, set up your order with the following parameters:

to place your order. A pop-up window will appear for you to confirm your order details. Then, click on 

Congratulations — you’ve successfully placed an order!

You can view your Spread Trading orders from any trading page (Spread Trading, Spot and Futures), as they all share the same order data.

 to view your active orders. You’ll be able to view the combo, underlying asset, order price and more. 

If you would like to adjust your order parameters, you may click on the pencil icon under 

. To cancel your order, simply click on the order’s corresponding 

to view your completed orders. To view each order’s information on each leg, click on the order’s corresponding 

button. For additional insights, click on 

Spread trading isn’t for everyone — but if you’re someone who enjoys strategic trading, hedging or arbitrage, it’s a tool worth adding to your arsenal. It appeals to traders who are less interested in taking a directional bet, and more focused on capitalizing on inefficiencies in the market.

You don’t have to be a pro trader to benefit, either. The simplified execution and intuitive UI mean even intermediate users can explore advanced strategies without being overwhelmed. As long as you understand how spreads work, and how your P&L is affected by their movement, you’re already halfway there.

More importantly, in times of market uncertainty or low volatility — when price action feels sluggish — spread trading gives you an alternative way to profit. It keeps you in the game — even when momentum plays aren’t cutting it.

Bybit Spread Trading is a powerful tool that combines simplicity with sophistication. Whether you're looking to hedge, save on fees or experiment with 

 strategies, it offers a clean and user-friendly way to do so. With lower risk, lower costs and plenty of flexibility, Bybit Spread Trading is a smart move for any trader looking to level up their game — especially when markets get messy.

bybit spread trading.png

Bybit Spread Trading: Smart strategies for market swings

Bybit Learn

Crypto

In crypto, it is important to be wary of scams that you could fell prey to. In this article, we shed light on some of the most well-known ones and how to avoid them.

Cryptocurrency has revolutionized the way we perceive and interact with money, but with great innovation comes great responsibility. The digital landscape is riddled with scams and fraudsters eager to prey on unsuspecting investors. Protecting your hard-earned digital assets requires vigilance, research, and secure practices. In this post, we will explore the various types of crypto scams, offer essential tips on how to avoid crypto scams and provide guidance on reporting and recovering from scams.

Crypto scams come in various forms, each meticulously designed to part you from your digital assets. The tactics employed by crypto scammers are as diverse as they are dangerous. It’s important to stay vigilant and educate yourself about these scams to protect your assets.

Understanding how these scams operate and learning to recognize red flags are key steps toward safeguarding your assets.

One easily identifiable scam is fake cryptocurrency projects. These projects usually identify themselves as alternative options to more significant cryptocurrencies. For example, a cryptocurrency may claim to be an upcoming fork of an established cryptocurrency, such as 

 (ETH), or simply a new cryptocurrency from the parent company of Ethereum. They lure you into getting interested in it since crypto, such as Ethereum is booming, but at the same time, it might be a little late to invest in ETH for large profits. 

Many people are not aware of how cryptocurrencies even work. But they’re willing to invest due to “fear of missing out” (FOMO). Once the people behind this bogus cryptocurrency feel they have taken enough money, they can transfer all the crypto investments into their bank accounts and quickly shut down the fraudulent project, leaving the “investors” without their assets.

, a fake cryptocurrency that saw $6 million stolen from investors who believed it was real.

Another common crypto scam is bogus exchanges. These fake exchanges build a reputation among cryptocurrency communities by claiming they’re legit, as well as offering seemingly lucrative staking yields and airdrops than legitimate exchanges. Shortly after investors buy in, they can never get a hold of these coins. Instead, these fake exchanges often went missing and remained uncontactable.

For example, BitKRX convinced many people that they were one of the biggest cryptocurrency exchanges of the decade, resulting in the large-scale theft of people’s money. The scammer of the exchange was then reprimanded by the local government authorities in South Korea in 2017.

Pump-and-Dump schemes originate in the stock market. The main idea behind a pump-and-dump is that an asset is predicted to have a future increase in its price so that people will invest at a lower price. This automatically drives the product's price to increase as demand starts exceeding supply. Once the individual/group behind the pump-and-dump scheme makes enough money, they “dump” the project. 

Inspired by significant cryptocurrencies such as 

 (BTC), investors attempt to hype up and promote fake plans about a cryptocurrency to more buy-in from the public. As a result, people begin investing in that cryptocurrency, believing that its prices will surge based on seemingly strong fundamentals. However, once they realize the “innovative” plans were a hoax, the cryptocurrency is dumped, resulting in substantial financial losses for everyone involved — except the con artist behind the scheme.

Visual representation of pump-and-dump. Source: 

When trading crypto on exchanges that offer peer-to-peer (P2P) trading services, be aware that P2P scams can occur if the seller attempts to skirt the exchange’s escrow system by making an external transaction with the buyer. After the seller receives the buyer’s payment, the scammer pretends the transaction didn’t go through and refuses to keep their end of the bargain.

App fraud involves malicious apps that steal funds or personal information from unsuspecting users. Scammers may create fake crypto trading apps or exploit popular platforms to deceive victims. Fake apps are often swiftly detected and removed from official app stores; however, thousands may have already fallen prey to their schemes.

These apps are usually based on existing apps, and only a letter may differ in the name so that people get tricked into thinking they’re genuine. Once these apps are downloaded, they can introduce malware to your device or steal your data once you enter your private information. Exercising caution when downloading apps, assessing reviews, and verifying the legitimacy of the app’s developer can help prevent you from falling victim to these scams.

The idea behind a Ponzi scheme is that a fundraiser finds two investors and lures them into giving him money so that they can “double” their investment. To do so, the con artist finds another four investors who, in turn, provide the same amount of money, allowing the scammer to “make good” on his promise to the first two investors. And to return the money to all four investors, the con artist scams another eight people, then another sixteen, and so on. 

The implication is that the person behind the Ponzi scheme does not actually invest the money he collected from investors but rather steals it using the money of subsequent investors to pay back each round of investors. For example, 

 was one of the biggest Ponzi schemes in the crypto world, in which three people managed to run a scheme worth more than $700 million. Thankfully, the men involved were caught and arrested by government officials. However, the investors involved never got their investments.

Most cryptocurrencies raise their funds for developing their projects through an initial coin offering (ICO). ICOs can be private or public, depending on the team behind the project. With ICOs, the price of tokens or coins is lower than anticipated once it is released into the crypto market. Hence, investors use this opportunity to buy a lot of coins through the ICO while the funds for the project are raised. 

However, once these ICOs have been held, the people behind the project can shut down and keep the money for themselves. This is known as an exit scam. Since the main idea of cryptocurrencies is anonymity, it can be hard to trace the scammers behind the ICO. This makes exit scams one of the most dangerous online.

 to make these services possible. Everyday use of DeFi is 

. Like staking, yield farming enables you to lend some of the coins you own to earn more coins through interest rates. 

However, since anyone can launch their own DeFi project, DeFi scams can also be created. These projects seem to offer you higher interest rates if you lend out your money — but the person behind the project never returns your coins. Another classic scam in the DeFi space is rug pull involving a project creator to suddenly withdraws all the funds invested by users.

All of these scams are carried out through the manipulation of the smart contract code or through the hidden mechanisms that allow them to drain liquidity. This leaves investors with worthless tokens or completely empty wallets.

Phishing means sending fraudulent emails to people to induce them to give out personal information such as telephone numbers, social security numbers, and crypto account numbers.

For instance, scammers would claim to be from the legitimate company that manufactures Ledger wallets and send you an email claiming that there are some issues with your assets, and the only way to resolve these issues is by telling these folks your Seed Phrase and password. While most people might not fall for these scams, some still do, resulting in significant financial losses for them.

Authorized Push Payment (APP) scams occur when a fraudster tricks a victim into initiating a cryptocurrency transaction to an account controlled by the fraudster. This type of fraud is particularly prevalent in the cryptocurrency space due to the anonymity and irreversibility of cryptocurrency transactions. 

For example, scammers could promise to offer investment opportunities that are too good to be true with a well-prepared proposal to trick users into a partnership. It is usually carried out when scammers offer subscription-based services or trading signal services with proven insider information for a crypto price movement or price prediction for the next bull runs. They then manipulate the trading charts by placing their own trades to fabricate the results, creating an illusion of a success prediction.

One of the most common crypto scams in 2023 involves fake crypto job listings, even on legitimate websites like LinkedIn. Scammers target individuals seeking employment in the crypto industry by taking advantage of job seekers' desire to work in this rapidly growing field. They sell their personal data, deceiving them into paying agent fees and such by delivering empty promises.

Many fraudsters exploit the trust of unsuspecting individuals by distributing private keys to wallets supposedly containing valuable digital assets. These keys are often disseminated to various recipients through various channels.

The scammers lure victims with the promise of free cryptocurrency. Upon accessing the wallet with the provided key, individuals may observe a substantial balance. This entices them to attempt to transfer the funds to their wallets. However, the malicious wallets lack the necessary "gas" – a fee to process transactions on the blockchain network. 

The duplication scams are famous among gamers who prey on users who desire quick and easy returns. The scheme operates on a straightforward premise: fraudsters promise to double your cryptocurrency holdings if you send them an agreed amount. 

They might entice you with an offer like "send 1 ETH and get 2 ETHs back!"  While the allure of doubling your investment can be strong, this is a classic case of deception. 

Once you send your cryptocurrency to the scammer's address, you'll never see it again. It's a simple yet effective scheme that thrives on the victim's hope of easy gains, leaving them with no recourse to recover their lost funds.

Malicious actors may attempt to exploit users with unsolicited airdrops of seemingly valuable tokens. These tokens are distributed to random wallet addresses to entice recipients to engage further.

Be cautious if you receive an unexpected airdrop. Scammers may employ malicious code within the token's smart contract or the decentralized exchange (DEX) used for trading. This code could grant them unauthorized access to your wallet and steal your cryptocurrency holdings if you attempt to swap the airdropped tokens.

It's crucial to exercise vigilance with airdrops. Only interact with tokens from reputable sources within the cryptocurrency ecosystem and verify any claims before proceeding.

It is always wise to avoid interacting with suspicious traders or wallet addresses. Treat unexpected airdrops skeptically, especially if you’ve never heard of the tokens. Always conduct thorough research to determine the legitimacy of the project and the value of the tokens. Using a reputable cryptocurrency aggregator like CoinGecko can help to verify the token’s market valuation. 

A recent example involved the creation of a fake Elon Musk account used to promote a malicious cryptocurrency project. Beyond creating false personas, scammers may also target genuine influencer accounts. Incidents like the September 2023 hack of Vitalik Buterin's Twitter account, a prominent figure in the cryptocurrency community, highlight this tactic. By compromising legitimate profiles, scammers can disseminate malicious links and further perpetuate their deception.

One way to avoid falling into these traps is to resist succumbing to the fear of missing out (FOMO) on purported investment opportunities. Avoid making impulsive decisions based on celebrity endorsements or social media hype, and instead prioritize rational decision-making grounded in thorough research and due diligence.

The sophisticated twist on traditional romance scams is a concerning development that has emerged in cryptocurrency. Perpetrators establish seemingly genuine emotional connections with victims, exploiting their trust and affection. Once rapport is built, the scammer maneuvers the victim into transferring cryptocurrency under false pretenses. These fabricated scenarios may involve claims of urgent family needs or lucrative, albeit fictitious, investment opportunities.

Furthermore, fraudsters have infiltrated online communities like Discord servers and Telegram groups, employing a tactic known as the "crypto bromance scam." Here, scammers position themselves as knowledgeable crypto enthusiasts, cultivating trust with victims by offering seemingly helpful advice. When the victim feels comfortable, the scammer exploits this trust to either elicit their private keys or manipulate them into actions that ultimately drain their cryptocurrency wallets.

Perpetrators of cryptocurrency mining scams frequently impersonate representatives of well-regarded entities within the industry, such as MetaMask (MEW) or Enkrypt.  

Alternatively, they may initiate contact by feigning a friendly and trusting rapport, and these individuals then entice unsuspecting victims with the promise of significant wealth generation through purportedly lucrative cryptocurrency mining programs. To make these opportunities appear especially attractive, they offer unrealistically high Annual Percentage Rates (APR) as returns on investment. Once victims deposit funds into the designated website, the funds disappear entirely, leaving them with no recourse.

Unfortunately, the exploitation often doesn't end there. Scammers may employ a variety of tactics to extract even more money from their targets. A common ploy involves claiming that deposited funds are now locked within the platform and require an additional security deposit to be fully accessible. Once victims comply with this initial "unlock fee," scammers may fabricate excuses, such as overpayment or underpayment discrepancies. These fabricated issues are then used to justify demands for further deposits to rectify the supposed errors. This cycle can continue indefinitely, with scammers inventing increasingly elaborate pretexts to withhold the promised returns.  

All the while, they are surreptitiously siphoning cryptocurrency directly into their own wallets. Because these transactions typically occur within self-custodial wallets, victims often do not realize the deception until it is too late.  This delay allows scammers to abscond with the stolen funds and evade detection due to the decentralized nature of cryptocurrency transactions.

If you ever find that your funds are unexpectedly locked in a protocol and subsequent deposits are requested to be released, refrain from making further investments. This is a red flag signaling potential scam activity, and additional deposits are likely to exacerbate losses rather than yield returns.

Address poisoning exploits a common user behavior in cryptocurrency transactions: copying and pasting wallet addresses. This tactic leverages software to generate addresses that closely resemble legitimate ones, targeting victims who rely on their wallet's recent activity for quick reference.

Scammers frequently identify used addresses in a user's transaction history. They then employ software to create a spoofed address with a high degree of similarity to the legitimate one, often differing by only a few characters at the beginning or end (areas prominently displayed in most wallets). To further the deception, a negligible amount of cryptocurrency might be sent to this fraudulent address, causing it to appear alongside the intended recipient in the recent activity list.

So when a user copies and pastes an address from their recent activity without carefully verifying the entire string, they risk unknowingly sending funds to the scammer's address. Due to the immutable nature of blockchain transactions, these lost funds are irretrievable.

A concerning trend within cryptocurrency communities on platforms like Telegram and Discord involves deceptive impersonation tactics. Malicious actors create usernames that closely mirror those of legitimate administrators or users. This similarity can make it difficult to discern authentic accounts from fraudulent ones.

Top 19 Crypto Scams in 2024: How to Avoid Them (Updated)

Compete for 2,500 USDT Every Week

Earn Points by Completing Tasks

Event Rules

Register now and get 10 points

Write/Reply Comments (0/5)

Publish an Article (0/5)

Share an Article on Social Media (0/5)

Like an Article (0/5)

Read an Article (0/5)

Weekly Leaderboard