Crypto Scam: How to Spot Fake Projects, Fake Exchanges, and Protect Your Wallet

When you hear crypto scam, a deceptive scheme designed to steal cryptocurrency from unsuspecting users. Also known as crypto fraud, it’s not just about hackers—it’s about fake websites, fake teams, and fake promises that look real until it’s too late. Every year, people lose billions because they trusted something that looked legit. The fake airdrop, a trick where scammers pretend to give away free tokens in exchange for wallet access or private keys is one of the most common. You see a post saying "Claim your 10,000 $PGC tokens now!"—but the link asks you to connect your wallet. That’s not a gift. That’s a theft.

scam exchange, a platform that looks like a real crypto trading site but either steals funds, disappears after launch, or has zero real volume is another big danger. Look at Altsbit or GalaxyOne—both were marketed as trustworthy, but one got hacked, the other was built on a myth. These platforms often promise low fees, high yields, or exclusive access. But if there’s no audit, no team info, no customer support, and no history, it’s a red flag. Even if it’s on Twitter or Telegram, don’t trust it just because it has a logo and a whitepaper. The phishing attack, a method where scammers mimic official sites like Coinbase or MetaMask to steal login details is silent, fast, and effective. You think you’re logging in to your wallet. You’re not. You’re giving your keys to someone in a basement somewhere.

These scams don’t just target new users. Even experienced traders got burned by the SWAPP airdrop hoax, the SHREW ICO that never launched, or the Polyient Games DEX that didn’t exist. The pattern is always the same: urgency, exclusivity, and a demand for action before you think. No real project will ever ask you to send crypto to claim a reward. No legitimate exchange will message you first. If it feels too good to be true, it is. The best defense isn’t fancy tools—it’s skepticism. Check the team. Look for audits. Search for reviews from people who actually used it. If you can’t find a single honest opinion, walk away.

Below, you’ll find real breakdowns of failed projects, exposed scams, and the tactics scammers use today. These aren’t hypotheticals. These are cases where people lost money—and now we know exactly how it happened. Learn from them before you become the next story.