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That random cryptocurrency you received? Here’s how to tell if it’s a scam

Cryptocurrency is a hot topic on social media. It seems like everybody is making a killing with digital currency, and that has people feeling left out. This makes crypto a prime target for scammers to use as bait to lure in victims.

The FBI has seen a surge in cybercrimes related to crypto exchanges, digital wallets and wire transfers. Crooks are contacting people while posing as companies and government agencies. The potential victim is told they won the lottery or have money coming to them, but they must pay a fee in crypto to unlock the funds. Tap or click here for details on these scams.

Another scam recently surfaced in which crooks send tokens that point their targets to a website created to steal crypto. Read on to see how the scam works and avoid it.

There’s always a price

Developers and companies sometimes airdrop crypto to their early users and investors. The currency is automatically accepted by the recipient, who can access it by performing a task such as sharing social media posts to promote a company or service. Sometimes, they have to hold onto a particular token to be eligible to receive another.

Twitter user and Solidity developer @shegenerates Tweeted that she received tokens worth $30,000. The tokens were named after a website, which she indicated is a red flag.

The tokens point to a phishing site that requests permission to access the victim’s crypto wallet, @shegenerates told Motherboard. If approved, the scammer can then steal from the account.

Attempting to swap the token results in a failed transaction, and this information is permanently posted to the blockchain. This notifies the scammers which victims are likely to interact and puts them in danger of being targeted again.

Don’t fall for it

Never assume “free” crypto you get out of nowhere is real. And don’t reply to the offer. The same can be applied to similar phishing scams related to unexpected deliveries, shopping, payment apps and more. Tap or click here to check out five recent scams that have been making the rounds.

In general, don’t respond or click on any unsolicited messages no matter how you receive them.

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