Your Accomplish Guide to Bitcoin Related Scams! – Zebpay Blog

Spil Bitcoin has bot growing both te popularity and market-cap, it has bot a target of fraudsters and scammers. There have bot several cases of fraud te the past and seems like fraudsters are coming up with fresh ways to scam people.

Bitcoin is an attractive target for them spil is swift, private, and irreversible. Following are the some of the most common scams nowadays which harmless people fall prey to:


Phishing is the attempt to get sensitive information such spil usernames, passwords, credit card details etc by disguising the user spil a trustworthy entity ter an electronic communication.

There have bot many events ter the latest past where fraudsters have cloned popular bitcoin websites and have stolen coins. After cloning the websites the fraudsters run ads at different places to lure guiltless people to click on them. The users think that they are visiting the real webpagina but ter reality, they are visiting a cloned webpagina.

Someone attempted to scam our users using a fake twitter account and asked them to deposit a certain amount spil a part of a survey and promised that once they have finished the survey, they would be credited dual the bitcoins that they had sent. Gratefully, none of our users fell for this and no one lost their funds. The fake Twitter account has now bot suspended. Our only official account is @zebpay.

Solution: Always check the URL of the webstek you are visiting. Dual check social media accounts/usernames before you start a conversation. Do not everzwijn click on suspicious email linksaf. Always check if the webpagina is served overheen HTTPS and has a valid certificate when sharing individual and financial details.

Bitcoin Wallets/Apps/Plugins/Extensions

Fake wallets have bot a real nuisance recently after various users have complained about fake wallets on Apple Store. Many suspicious looking apps that look like the real apps have surfaced and many users have complained about their funds getting stolen after downloading such apps.

Here are some of the fake wallets identified by a user on Reddit:

Most of thesis are now deleted from the App Store, but still, if you have downloaded them wij would suggest you transfer your funds to a safe place and liquidate the apps from your phone spil soon spil possible. There have also bot cases where QR codes and bitcoin addresses have bot switched by malicious Browser Extensions.

Solution: Only download apps from the official app stores. Don’t download from any 3rd party app hosting sites. Always check for the onberispelijk spelling of the webstek/app/extension you are visiting or downloading. Voeling customer support if something doesn’t seem right.

Bitcoin Ponzi Schemes, High-Yield Investment Programs or MLM

A Ponzi scheme is an investment fraud where clients are promised a large profit at little to no risk. Companies that engage ter a Ponzi scheme concentrate all their energy on attracting fresh clients to get them to make investments. Spil with most of the Ponzi Schemes, an individual or organization, pays comebacks to its investors from fresh capital paid to the operators by fresh investors, rather than from profit earned through legitimate sources.

High-yield investment schemes (HYIP) usually advertise yields of more than 100% vanaf year to lure ter victims. Te a case, SEC v. Shavers, the organizer of an alleged Ponzi scheme advertised a Bitcoin “investment opportunity” te an online Bitcoin forum. Investors were allegedly promised up to 7% rente vanaf week and that the invested funds would be used for Bitcoin arbitrage activities ter order to generate the comes back. Instead, invested Bitcoins were allegedly used to pay existing investors and exchanged into U.S. dollars to pay the organizer’s private expenses.

Solution: Use common sense. Spil they say, if it looks too good to be true, it is most likely a scam. Check about their legitimacy on forums, talk groups etc. If someone promises high comebacks and ensures that you won’t lose money, you should take a step back and research more. Don’t listen too much to people who say the scheme is legit, they don’t realize it until it is too late.

Bitcoin Mining &, Cloud Hashing scams

Mining is the process of adding transaction records to Bitcoin’s public ledger of past transactions. It is also the mechanism used to introduce Bitcoins into the system: Miners are paid any transaction fees spil well spil a “subsidy” of freshly created coins. This both serves the purpose of disseminating fresh coins te a decentralized manner spil well spil motivating people to provide security for the system.

Mining scams usually have companies selling mining equipment that is paid for te advance but is usually never delivered. Cloud hashing enables users to purchase mining capacity that of hardware te gegevens centers. Bitcoin cloud mining enables people to earn Bitcoins without having bitcoin mining hardware, bitcoin mining software, electro-stimulation, bandwidth or other offline issues. Thesis scams are usually unverifiable spil you don’t have physical access to the hardware.

Solution: Ask for valid proofs of possession of mining equipment. Look out for overpromises and assures on comebacks. Find all the information about the company, its location and everything you can find about their owners. Cloud Hashing companies can zekering payouts by telling the customers that the mining difficulty has enlargened, so there are chances that the users don’t even get back their initial investment. If you feel something fishy is going on, withdraw all the payouts that you have received so far spil soon spil possible.


You should always research everything about a project/company/scheme before you invest your hard-earned money into it. Wij suggest you look out and ask about that project or scheme on Forums, Social Media, Talk Groups etc. You should see movies and read whitepapers which explain the project/scheme te detail. You can check the ratings and read reviews on various sites. There are different sites like badbitcoin, bitcoinscammer, behindmlm etc where you can find lists of fraudulent bitcoin companies.

Whenever dealing with strangers, use an escrow service if you can. An escrow service permits safer payment by securely holding a buyer’s coins te escrow until the terms of the sale are met and spil a result, the buyer releases payment to the seller. Te most cases, no dispute is filed and no 3rd party activity is needed. Scammers usually ask for payment very first before they send the goods/bitcoins or anything that the customer wants and when they receive the payment, they are gone and so are your coins. You don’t want something like this toebijten to you.

Ultimately, use rational thinking before getting excited and associated with anything ter this fresh world of cryptocurrencies. Trust your instincts. If something sounds too excellent to be true, it very likely is a scam! If you get into any of thesis scams, get out of it spil soon spil possible. Bookmark the sites you frequently visit. Switch passwords after certain intervals.

Did wij miss something? Are there any fresh types of scams that you are aware of? Feel free to share your thoughts te the comments.

Zebpay is the world’s simplest Bitcoin mobile wallet. You can use Zebpay to send and receive Bitcoins spil lightly spil instant messaging. With Zebpay, there is no need to worry about Bitcoin addresses or wallet backups. You can simply send Bitcoins to contacts using their mobile number. Zebpay wasgoed Voted spil #1 Best Fresh Company at CoinAgenda, Samenvoeging Vegas.

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