A common cryptocurrency scam found on the Google Play Store are so-called “fake wallets.” These are apps that look like real cryptocurrency “wallets” for online trading, but in actuality are little more than phishing opportunities for unscrupulous thieves. The most common fake wallets rip the user’s private keys and seed money. There are a number of ways to suss out a fake wallet from a real one. For example, real cryptocurrency wallets have official websites that you can visit to find out more information about the company. Additionally, real cryptocurrency wallets have been on the Google Play store and/or the Apple store for quite some time — and they have good reviews in the store.
Pyramid and Ponzi Schemes
Pump and Dump Scams
How to Avoid Common Cryptocurrency Scams
- Only invest what you can afford to lose. The cryptocurrency market is volatile — more than the stock market — and over-investing is never a good idea.
- When considering a Bitcoin wallet (in particular), look for a wallet that’s listed on Bitcoin.org. This website is maintained, and trusted, by the Bitcoin community effort.
- Do thorough research on all investment opportunities before making a decision.
- Always keep your eye on the market to see what the latest “scams” are all about.