TOP 4 fraudulent schemes often found in online cryptocurrency exchanges! Features, precautions, current recommendations


In parallel with the growing demand, popularity and cost of cryptocurrencies, scammers with online thieves began to rapidly concentrate in this area. They are attracted by the possibility of rapid enrichment on the holders of crypto coins. Given the fact that virtual currency circulates exclusively in cyberspace, the attention of criminals has focused on services where they often change cryptocurrencies or sell bitcoins and other altcoins. These are, in particular, online exchangers.

Let us analyze in detail the schematic diagram of the most common deception methods associated with services that convert digital coins. Let’s analyze the structure of this type of fraud. In addition, effective security measures will be given, the timely adoption of which will save crypto capital from theft.

Compromised maps and triangle

A user who has crypto money decides to sell a couple of ethereum or bitcoin cash coins in any online conversion service. After the required procedures, the person receives payment, and he transfers the agreed amount of virtual currency to the buyer’s crypto wallet account.

Then 2 fraudulent scenarios are possible:

✅  A little later, a certain person contacts the seller of the cryptocurrency, stating that he performed the transaction by mistake. Threatening with the court and the police, he demands the return of the fiat currency.

✅  Another fraudulent user may call, which the alleged fraudster has involved in a fraudulent scheme. The thief here seemed to be an intermediary and initiated an exchange deal. They also start intimidation by the court, prison or colossal compensation. The circuit is called a “triangle”.

Both situations are designed solely to frighten the user who exchanged cryptocurrencies in an online service. He must experience panic and return the amount transferred to him (digital or virtual money). This is what the scammers assume. However, no laws were violated here, since cryptocurrency is not officially a monetary instrument in Russia. It can be freely sold, purchased or converted without having a license. There is no need to fear punishment, especially imprisonment or huge fines.

Attention! For a reliable safety net, any step of the transaction in cryptocurrency exchangers should always be followed and the correspondence from the chat should be recorded in the screenshots. At the same time, it is imperative to find out in advance the details of the buyer’s cryptocurrency wallet and not accept transactions from the terminals!

As for compromised cards, fraudsters may not perform fraudulent actions at all, but commit banal money laundering. The frightened user here returns the funds to the buyer and receives their own crypto coins, but the scammers in this scheme will already receive fiat currency from a “clean” person. It is extremely rare for such groups to expose and punish all participants in the system in a row.

Customer carelessness

The deception technique is relevant for transactions and conversions of digital coins through online exchangers using the Yandex.Money service. The buyer, who is interested in the offered coins, sends the address of the crypto wallet, immediately making a transaction of the required amount of fiat currency. However, he uses the Yandex.Money system, in which money transfers are protected by a protection code. The user, having seen the system message about the balance replenishment, quickly transfers the crypto coins and immediately loses them.

The outcome of the fraudulent operation is obvious here – the thief after the transaction of altcoins or bitcoins will not bother to send a protection code to activate the receipt of fiat. It turns out a deception due to the inattention of the seller of the virtual currency. A day later, the fraudster will automatically return the entire amount to the Yandex.Money wallet and free crypto coins will remain.

It is necessary to prevent this deception like this:

✅  Before sending coins, immediately be interested in the protection code. The thief, of course, will deny all sorts of excuses or disappear from the chat altogether.

✅  You need to wait for the time interval before activating the dispute. This option does not appear immediately. It will take a little waiting to open a dispute (under the button for sending digital coins).

✅  Opening a dispute is required. An honest client will adequately respond to these actions, and the fraudster in the system will not start arguing, since it will be necessary to provide all the details for the transaction. Here the idea of ​​deception will completely fail due to the automatic withdrawal of funds by the system from the used Yandex.Money wallet after 12 hours if the operation is not confirmed by the participants.

Often, fraudsters start heartfelt conversations in the chat, gradually begging for an early transfer of ethereum classic, eos, monero, ripple or other crypto-coins that are the object of the transaction. They beg to send the coins as soon as possible, since they have already sent the money, but technical problems and failures in the Network are preventing them from being credited so far. They immediately send photos of receipts, screenshots, etc. They can use fake SMS about crediting money to the card.

It is extremely important not to believe such tricks and any excuses and petitions. You need to show firm relentlessness and accurately check all steps of the financial transaction. It is contraindicated to be gullible here, since the case is related to money.

Reputable seller

On some online cryptocurrency exchange service, a seller whose account is overflowing with delightful, positive customer comments offers dash coins, bitcoin gold or other assets at a unique price below the market average. In any market, including cryptocurrency, there is a well-established tendency – an honest, rated, well-known trader always sets slightly inflated prices when carrying out transactions. If you have accumulated authority, there is a positive one, then it is advisable to earn extra money on this.

However, fraudsters use the evidence of this principle here. They are spent on purchased reviews, comments, positive rating votes and other elements of credibility boost. They spend time, sometimes significant amounts, but the volume of such investments is repaid many times over even with a single fraudulent transaction made with an expensive crypto coin. Such “sellers” simply receive the fiat currency of gullible, selfish customers, without transferring virtual money to the crypto wallet.

Fraudulent accounts have a couple of common attributes that are common:

✅  Identical or very similar type of style for written comments, reviews and characteristics. Internet thieves often try to minimize the effort by creating multiple dummy accounts. Accordingly, the style ✅  of the profile design will be the simplest.

An abundance of screenshots, pictures and galleries with “proofs” of successful translations or profitable cooperation with this particular seller. Naturally, such evidence is fake. This is easily done in every modern photo editor.

✅  The minimum spread of the price range in most of the cryptocurrency purchases. This is a relative sign that will make it possible to suspect a fraudster. There are also honest speculators who work exclusively on 1-2, maybe 3 digital coins and as much as possible identical amounts, however, this is a rarity. Decent people who make money on conversions in online exchangers use every chance they give to earn money. Of course, they work with a wide range of cryptoassets.

Feature! A small volume of conversions of certified, serious-minded investors actually cannot attract due to the minimum profitability and onerous fuss with transactions. Fraudsters, on the contrary, are focused on frequent transactions with small amounts. This is how many inexperienced newbies and greed-blinded larger cryptocurrency market players are attracted!

The obvious recommendation of specialists is cryptocurrency transactions exclusively on certified platforms. All operations are in strict accordance with the regulations and without regard to ratings, reviews and other easily faked entourage.

Earnings on exchange rate differences

 Despite the advertised revelations of various scams, people continue to stubbornly try to get profit from simple actions.

The scheme of scammers is something like this:

✅  The “good” author of the post describes a super-profitable, secret system of making money on the Internet.

✅  You need to purchase bitcoin or ethereum (any other top crypto coins) in a specific online exchanger using the specified link.

✅  In another proposed service, using the provided link, it is necessary to perform a reverse conversion of the virtual currency.

✅  Miraculously, the difference in quotes is always beneficial for the client.

✅  It turns out a solid profit.

It seems that the scheme is ideal and simple – sit and make exchange transactions all day and withdraw money. However, it is impossible in fact to withdraw the listed funds, since the services to which the links were given are owned by the organizer of the fraud. The result is the loss of fiat currency or digital coins.

The most specific signs of such scams are as follows:

✅  Low thresholds for entering the online exchanger system, for example, 0.03 BTC, 3.7 LTC, or maybe 0.80 ETH.

✅  The abundance of available options for crediting funds to an individual account in the exchange service.

✅  Unrelenting pressure for information about supposedly changing exchange rates and increasing urge to close the deal.

✅  The requirement to replenish the account under various pretexts – there is not enough money, it is more profitable now to invest more fiat, make even amounts, etc.


Each cryptocurrency, due to the popularity of blockchain projects and the inflated hype, has value. This, of course, attracts unclean individuals who want to take possession of other people’s crypto-coins by fraud. Their usual goal is the popular, expensive and actively used virtual money on the Internet – bitcoin, ripple, monero, litecoin, ethereum, dash, etc.

A lot of cryptocurrency holders concentrate on online services that offer technically simple and fast conversions. Here scammers often catch their victims seeking to instantly get rich on exchange transactions. Especially cyber warriors are developing methods of all kinds of complexity to deceive users. Such a ridiculous loss of crypto capital or individual altcoins can be prevented by showing elementary care, as well as a little excessive suspicion.

The schemes described above are classic, however, some of their elements contain almost all fraudulent methods of taking over someone else’s cryptocurrency. It is necessary to constantly follow the safety recommendations specified in them so that the existing cryptocoins are not lost irretrievably due to stupidity, greed and inattention. Work only with reliable crypto exchanges and trusted best bitcoin exchangers.

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