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Decentralized finance (DeFi) has experienced tremendous growth in recent years, with crypto becoming an important part of many investment portfolios.
However, the increase in crypto adoption has also drawn unwanted attention from a malicious group of opportunists: scammers. From 2020 to 2021, losses from crypto-related scams rose 79%, with scammers stealing $14 billion in cryptocurrency in 2021 from users across the globe.
Such scams have caused investors to lose not only billions of dollars but also their trust in the industry. In addition, these schemes have evoked feelings of doubt and fear, dissuading potential investors from making their first crypto investments.
This article explains the various types of crypto scams and provides examples of each one — with tips on how to avoid getting scammed in the first place.