Cybercrime Southeast Europe Newsletter No. 52
Dear Clients,
Recently, the crypto space has become a magnet for fraudsters who use various methods to deceive investors. These scams have become sophisticated and often go unnoticed until it’s too late. Below, we’ll introduce you to the most common types of crypto scams you need to be aware of and how to protect yourself.
- Wallet Draining Scams
Fraudsters can easily drain your wallet by tricking you into revealing your private keys or seed phrases. They may also link you to malicious websites or use other methods to gain access to your funds and transfer them out of your account.
How to Protect Yourself?
- Never share your private keys or seed phrases.
- Make sure you are on an official and trustworthy website, especially when using decentralized exchanges.
- Use a hardware wallet for added security.
- Cryptocurrency Mining Schemes
Fraudsters often promise incredible returns from cryptocurrency mining, while in reality offering nothing but scams. They may also convince you to buy overpriced mining equipment that’s worth far less than they claim.
How to Protect Yourself?
- Avoid offers with unrealistic promises of high returns.
- Don’t download mining apps – most of them are not worth the trouble.
- Fake Customer Support Scams
Fraudsters pose as customer support representatives of exchanges and wallets, claiming they can help with account issues, frozen funds, or lost passwords. Their goal is to get you to reveal your private keys, seed phrases, or login credentials.
How to Protect Yourself?
- Contact customer support only through official channels.
- Avoid clicking on suspicious links.
- Remember: legitimate customer support never asks for private keys!
- “Rug Pull” Scams
These scams occur when developers launch a crypto project with low market capitalization and no locked liquidity, allowing them to withdraw funds as soon as they gather enough money.
How to Protect Yourself?
- Check whether the token’s liquidity is locked using tools like Etherscan, BscScan, and RugCheck.
- Avoid projects with low market capitalization and anonymous teams.
- Dusting Attacks
Fraudsters send small amounts of cryptocurrency (called “dust”) to your address to track your transactions and attempt to de-anonymize you.
How to Protect Yourself?
- If you receive an unknown small deposit, do not transfer it to exchanges or main wallets.
- Use a wallet that has protection against dusting attacks.
- Pump-and-Dump Manipulations
Fraudsters artificially inflate the price of worthless tokens, often meme coins, in order to sell them at a profit, causing the market to crash and leading to losses for other investors.
How to Protect Yourself?
- If a token is being aggressively promoted without real fundamentals, it’s likely a scam.
- If the price rises sharply within a few hours and trading volume is low relative to market capitalization, it’s a strong signal of a pump-and-dump scheme.
- Hacked Accounts Deceiving Followers
Fraudsters hack the accounts of well-known influencers on platforms like YouTube and Twitter, using their credibility to deceive victims. They often promise to double your funds, promote fake tokens, or offer free airdrops that require you to connect your wallet to suspicious websites.
How to Protect Yourself?
- If an account suddenly starts promoting crypto offers, check the official channels of the person or company to see if there are warnings about a hack.
- “Pig Butchering” Investment Scams
This is a romance scam where fraudsters contact victims via social media or dating apps, suggesting a “safe” crypto investment, usually through a platform they control.
How to Protect Yourself?
- If someone you’ve just met insists on a crypto investment, it’s likely a scam.
- Before investing, check if the platform is legal and regulated.
- Never trust guaranteed returns – if it sounds too good to be true, it probably is a scam!
Conclusion
The crypto space is full of risks, but with caution and knowledge, you can protect yourself from the most common scams. Before making any investments, always do your research, be skeptical, and trust your instincts. Keep in mind that fraudsters are constantly coming up with new methods, so stay alert, informed, and ready to protect yourself.
Kind Regards,
Zoran Miljakovic
Attorney at Law
We warn you about another scam – the fake investment platform “Eaconomy”!
Recently, a new scam called “Eaconomy” has emerged in the Balkans, operating as a pyramid scheme. This platform primarily targets young people, promising quick and easy profits through investments and training programs.
How does the scam work?
“Eaconomy” presents itself as an educational platform offering courses and tools for financial market trading. However, its core business model relies on recruiting new members who pay membership fees, while existing members earn commissions for bringing in newcomers. This structure has all the characteristics of a pyramid scheme, which is illegal in many countries.
Key warning signs of a scam:
- Recruitment-focused earnings – The main source of income comes from enrolling new members rather than selling actual products or services.
- Unrealistic profit promises – Potential members are lured with the prospect of a luxurious lifestyle with minimal effort, which is often too good to be true.
- Lack of transparency – Information about the company, its headquarters, and licenses is often vague or unavailable.
How to protect yourself?
- Research before investing – Check the company’s details, read reviews, and look for independent sources of information.
- Be cautious of offers that sound too good to be true – High returns with minimal risk are a common red flag.
- Avoid platforms that require upfront payments for membership or training – Legitimate companies usually do not demand such payments.
If you have been targeted or victimized by this scam, contact us to discuss possible legal actions.
Stay alert and informed to protect yourself and your finances!
4o
Kind Regards,
Zoran Miljakovic
Attorney at Law