Phishing Scams in Crypto - How i was Scammed and How u can avoid it!

in hive-175254 •  2 months ago 

Recently I was trying to buy some tokens from a decentralized exchange and I became a victim of phishing. I want to share this blog with you all so you don't fall into the same trap.

Phishing is the process when we enter our details(password) into a fake/imposter website that looks exactly like the main website. Once you enter your details: the password and phrases(meta mask, or any Wallet phrase in general); on clicking on the submit button all these details (passwords) are passed on to the host of the fake website.

Now the host of the website has access to the wallet and can withdraw all the assets to his/her account.
Since crypto is very secure we can see to which account all these assets move into but we do not know who owns the account so a Cyber security platform with the current tech level would help retrieve the assets lost.

Usually how phishing occurs :

  1. Fake website: This is what I explained above where we enter details into a fake website and then the host has access to all assets.

MY STORY: " EXPERIENCE ON HOW MY ASSETS WERE STOLEN" (based on the fake website)
I tried to purchase some tokens using the fantom wallet but as soon as I swapped my tokens on refreshing the page my wallet balance was about 2$. I am currently a student and panicked and tried contacting the customer service asap.
here's my chat with them:

WhatsApp Image 2021-11-25 at 3.31.27 PM.jpeg

WhatsApp Image 2021-11-25 at 3.32.01 PM.jpeg
Images are taken from my chat

"As I mentioned above once your assets are withdrawn by the phishing website host, it's gone forever ", so the customer service couldn't do anything about it as well. In the end, it was a lesson learned to be very careful in which website we enter our passwords and phrases into.

2)Social media tweet's
We never know who is behind an account, using celebrity profiles to gain public trust. Here even if they ask for a small crypto transaction to connect wallets or enter a password. Once assets are sent are lost forever! Because most of These are handled by bots and most likely fraud.
Make sure when you invest in these places that you have done your share of research about their authenticity.

3)Scam Email and messages :
This is the most widely and common phishing technique. Here, we are sent scam catchy messages saying we have won "xyz$" and once we connect our Crypto wallet or bank account to them we can redeem them. Many times even people aware of what phishing is get caught in these and lose their asset's. Never give your wallet phrase to anyone and never reply to such message and email with any of your information.

How to prevent such scams from happening?
✓Make sure to always check if the website is the authentic/original website.
✓ Use only mainstream wallets such as meta mask and even when you import wallet to a new device make sure the extension is authentic.
✓ Do not hand over your wallet phrase on any website that is asking for "importing your wallet", when your extension is already Imported and working.
✓Use modern (non-add tracking) browser such as brave where your even paid to use it!
✓ Do not reply to scam emails and messages which are too good to be true, especially the ones which demand personal information.

My goal in this blog was to share my experience of getting scammed so that no one else reading this Blog faces it in the future.

Hope you learned something new in this blog, let me know your thoughts in the comments :^)


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In the crypto space, one really has to be careful of bad actors. Adequate security measures has to be put in place in order to prevent one's assets from being attacked by scammers. Sorry about your loss.

The tips you gave out on how to prevent attacks are really important. Thanks for sharing buddy

yes, I couldn't agree more!
With the current advancement in tech, we must realise how it is a double-edged sword that could be used for or against us.
If we follow the above tips we should be able to avoid losses considerably.
Glad you liked the blog ^^

Hello @the-prithvi, this is really amazing yesterday i read about another person who also lost their tokens in a similar way.

What is happening is cause for alarms because we do not know how things are happening until the tokens have been completely lost. So we must be very careful with the web pages that we are using.

hii @tocho2,
Glad you found this blog useful, yes I couldn't agree more we need to be aware of the different ways phishing is possible to not be its next victim.
Thankyou for reading the entire post ^^

Thanks @the-prithvi for sharing your experience.

Similar topics should be a lesson for all of us. Being hacked is such a common issue nowadays :/

Cheers buddy,

Glad many are finding this blog informative :^)
This era as tech is evolving so are the scams we need to equip ourselves with the latest info to ward off/ prevent these scams from happening to us!
Thnx for taking your time reading the blog ^^