Crypto scammers are getting more creative every year, with tactics designed to catch even experienced investors off guard. Their goal? To stir up a mix of urgency, excitement and FOMO (fear of missing out), making users act fast without second thoughts.

So, how do they do it?

One popular trick is the fake airdrop, where scammers create a convincing giveaway linked to popular projects. These “airdrops” lead to phishing sites that look like official platforms but exist solely to capture wallet credentials and drain funds.

Pump-and-dump schemes are another favorite. Scammers hype a token, inflating its price through influencers or bots. As soon as enough people buy in, they sell off their holdings, leaving the token’s price to collapse and investors with losses.

Social engineering is also common, with scammers posing as exchange support staff or influencers offering exclusive investment tips. Through social channels, they establish credibility, only to redirect users to malicious websites or request crypto transfers for fake purposes.

Recently, crypto job scams have even emerged, where victims are offered roles that require an initial “investment” as part of onboarding — then the scammers disappear with the funds.

Today’s guide will walk you through some of the biggest crypto scams of 2024. Along the way, you might recognize some of the tactics and methods aforementioned.

Let’s begin a witch hunt!

Top 10 cryptocurrency scams of 2024 exposed

1. The Froggy Coin rug pull

In early 2024, Froggy Coin’s rug pull showcased a classic decentralized finance (DeFi) scam. Marketed as a meme token, Froggy Coin targeted social media users, attracting investors with playful branding and promises of rapid gains. Developers built hype on platforms such as X and Reddit, presenting the token as a community-driven project with solid backing.

Initial investors funded the liquidity pool, boosting Froggy Coin’s value and credibility. When the developers decided enough funds were amassed, they pulled the rug — abruptly draining liquidity and crashing the token’s value.

Investors were left unable to sell or recover funds as the scammers transferred assets to anonymous wallets and disappeared.

2. DIO token pump-and-dump

Recently, Jump Trading faced allegations of operating a pump-and-dump scheme with the DIO token, initially intended for a gaming project by Fracture Labs.

The developer loaned Jump millions of DIO tokens to stabilize the launch on HTX (formerly Huobi). After using influencers to boost the token’s popularity, Jump sold its entire holding at the peak price, causing a sharp drop as the token’s value plummeted. Jump then repurchased the DIO tokens at a fraction of their high, returning them to Fracture Labs but leaving the token’s value severely devalued.

3. MetaMask phishing scam

In 2024, a sophisticated phishing scam targeted MetaMask users through fake Google Play ads. Scammers placed ads linking to cloned MetaMask wallet app pages, making it difficult for users to distinguish from the original. Victims who entered private keys or seed phrases on these sites found their wallets drained.

The scale of the attack prompted MetaMask to issue public warnings and security groups like ChainPatrol to track malicious domains. However, attackers continually registered new domains to evade blocking. Indeed, cloned apps remain a serious risk, especially for popular wallets like MetaMask.

4. Crypto loan assistance scams

Crypto loan assistance scams took money-mule tactics to new levels in 2024. Scammers recruited unwitting participants by promising lucrative “loan” processing jobs, requiring no collateral.

Victims, often job-seekers or those seeking fast income, acted as intermediaries by transferring funds between wallets, which the scammers framed as “loan repayments.” In reality, participants handled illicit funds, unknowingly becoming accomplices in money laundering schemes.

Many victims only realized they’d been scammed when authorities traced illegal transfers back to them, risking legal consequences and frozen accounts.

5. The XRP airdrop scam

In 2024, scammers exploited excitement around Ripple’s recent legal victories by launching a fake XRP

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airdrop. Impersonating Ripple’s CEO, Brad Garlinghouse, scammers promoted generous XRP rewards to celebrate Ripple’s success, using convincing social media ads. Victims were directed to phishing sites, where they either sent XRP for “verification” or connected their wallets, granting scammers access.

Ripple quickly issued warnings, advising users to avoid unofficial airdrop claims, but the scam persisted, leveraging platforms such as X and YouTube for a broader reach.

6. Adam brothers’ $60-million bot scheme

In 2024, a Ponzi scheme led by brothers Jonathan and Tanner Adam deceived investors with promises of easy, high returns from a non-existent crypto trading bot.

The Adam brothers lured investors by advertising 13.5% monthly returns, claiming their bot could exploit price differences across exchanges. However, the bot was a sham. Instead of trading, they used new investments to pay returns to earlier investors, maintaining the illusion of profitability.

Most of the $60 million they raised funded luxury purchases, including expensive cars and a $30-million condo. As the scheme unraveled, the SEC charged the brothers, seeking asset freezes and penalties.

Did you know? Ponzi schemes rely on continuously recruiting new investors to pay returns to earlier ones. In contrast, pyramid schemes emphasize recruiting participants directly, where each participant is responsible for enrolling new members, creating a hierarchical structure.

7. SIM-swapping scams

In 2024, a series of SIM-swapping scams targeted crypto holders across North America, resulting in millions in stolen assets.

Fraudsters manipulated telecom providers to transfer victims’ phone numbers to new SIM cards, allowing them to intercept two-factor authentication (2FA) codes and gain access to crypto accounts.

In Toronto, 10 individuals were arrested for conducting SIM swaps that compromised over 1,500 accounts, resulting in over $1 million in losses. Law enforcement continues to urge telecom providers to strengthen security, as these attacks highlight the vulnerability of SMS-based 2FA and the importance of using authenticator apps or hardware keys.

8. Binance support impersonation schemes

Scammers impersonating Binance customer support staff contacted users via social media, luring them into sharing login details or wallet access. These imposters, using platforms like Instagram and Telegram, claimed to help with account issues or secure investments, directing victims to phishing sites where sensitive information was collected. Once scammers gained access, they quickly emptied wallets.

Did you know? Phishing scams alone resulted in substantial losses for Binance, with September 2024 seeing approximately $46 million stolen through fake support schemes. On average, phishing scams targeted around 11,000 users each month, amounting to a total of $127 million in losses during Q3. Binance has responded by implementing multiple security layers, including custom pop-up alerts, malicious address databases and direct outreach to educate users on recognizing imposters and avoiding common traps in customer support scams.

9. LinkedIn job scams

Crypto job seekers on LinkedIn were targeted in a social engineering scam where scammers posed as recruiters from established crypto companies. Promising “crypto investment analyst” roles, these scammers engaged in detailed chats with candidates, eventually requesting a small crypto transfer as part of the onboarding process. Once the funds were sent, communication ceased, leaving victims without a job or their money.

Scammers used realistic LinkedIn profiles with company logos and endorsements to appear legitimate. The US Federal Bureau of Investigation and cybersecurity firms have since warned job seekers to verify offers directly with companies and avoid transferring funds as part of employment.

10. Counterfeit NFTs

One prominent case involves PHAYC and Phunky Ape Yacht Club (PAYC), which created near-identical copies of the popular Bored Ape Yacht Club (BAYC) collection. These counterfeit non-fungible tokens (NFTs) mirrored the original BAYC design with minor tweaks, such as reversed images or color adjustments, making them appear legitimate at first glance.

The scam worked by listing these copies on major NFT marketplaces, where they attracted buyers who thought they were purchasing from a high-value collection. PHAYC and PAYC listings were initially accepted on OpenSea and other platforms, but once discovered as copies, they were removed.

This left buyers holding tokens with little to no resale value, as their true nature was revealed. Buyers who thought they were investing in a prestigious collection found themselves stuck with worthless assets.

Did you know? FBI data revealed that crypto-related fraud complaints rose 45% in 2023, resulting in over $5.6 billion in reported losses, with a similar upward trajectory anticipated in 2024 as scammers refine their methods. Scams are now also shorter than ever, with many operations lasting only about 42 days on average in 2024, compared to over 270 days in previous years.

Protecting yourself from cryptocurrency scams and red flags to look out for

As mentioned, scammers are constantly changing their methods to stay undetected; it takes a keen eye to spot the red flags. Fortunately, there are only a few to look out for.

Unrealistic returns: If an investment promises sky-high returns with “no risk,” that’s often a scam. Crypto markets are volatile; no legitimate investment can guarantee massive profits.

Suspicious social media connections: Scammers frequently reach out via social media, often posing as experts, influencers or even friends offering “opportunities.” Avoid engaging with unsolicited offers and verify profiles independently before trusting anyone with your funds.

Urgency and pressure tactics: Many scams involve high-pressure tactics, urging quick decisions with “limited-time offers.” Scammers use urgency to push victims into acting without thinking; remember, legitimate investments don’t pressure you to decide instantly.

The presence of phishing sites and fake apps: Double-check websites and app sources. Scammers clone popular sites or release fake wallet apps to trick users into entering sensitive information. Only use official links from trusted sources like app stores or verified websites.

Suspicious payment requests: Requests for crypto payments or account details, especially from unsolicited contacts, are almost always scams. Official companies won’t ask for sensitive information via direct message or ask for crypto as payment over other methods.

Anonymous or hard-to-verify teams: Legitimate crypto projects typically have public teams with verifiable backgrounds. Be cautious of projects with anonymous founders or teams that can’t be found outside of a single website or platform.

Like California during the gold rush, Web3 is pretty rough right now, with scammers and schemes at every corner. But just as the old frontier became cities like Los Angeles, crypto’s wild days will give way to stability and value.

Hang tight, stay sharp, dodge the cons, and know that this chaotic landscape will eventually transform into something solid.

Disclaimer：

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