Avoiding Scams in Web3



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Fake Giveaways

Some scam websites promise something in exchange for connecting your social media accounts. The scammer then takes your login info for more scams.

Example: “Connect your wallet for a free Bored Ape Yacht Club NFT (worth over $200K)”

Solution: If it’s too good to be true, it probably is.
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Scammers will buy credentials that look similar to a major brand to fool consumers into giving up their information.

Example: “gooogle.com instead of google.com”

Solution: Double check the URL and Security(SSL) of websites that you want to transact with.
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Coin Swap

Scammers will offer to buy your NFTs with a crypto currency that cost way less than the asked for currency.

Example: A scammer offers 50 Polygon for an NFT that cost 50 Ethereum

Solution: Double check the type of cryptocurrency being transacted.
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Rug Pulls

Scammers are also directly setting up NFT projects, and when consumers purchase the NFTs, the founders disappear, taking the money with them
Solution: Do Your Own Research (DYOR) because ultimately information is protection.
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If a scammer gets to your friend’s accounts, you could be at risk of accidentally transacting with a scammer

Example: Your friend loses their web3 credentials and the scammer messages everyone in their contacts. If your open the message contents, you could be exposing yourself to the same scam.

Solution: Trust/Verify who you’re dealing with before Sending/Buying.
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General Advice

Never share private keys/seed phrase or passwords with any website or person.

You are completely in control of your finances with crypto, nobody can reverse a transaction once it occurs on the blockchain.

Solution: Trust/Verify who you’re dealing with before Sending/Buying.

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