Cryptocurrency Scam Took Money And Ran Etherum

Cryptocurrency scam took money and ran etherum

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Everyday more and more people are falling for scams. Scams that will take your money and run. There has been a recent spike in these scams, so I feel this article should help a lot of people, especially the less experienced. Please share this article to help stop the scammers, don’t let them win! Recently, InsureX had to shut down their ICO due to all the scams people were pulling off, this just goes to show that you need to do your research before sending ANY money to anyone.

If it seems sketchy, then it probably is.

ICO Scams

ICO’s (or Initial Coin Offering) is a way for companies to fund their ideas/projects through crowdfunding.

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Scammers see these ICO’s as a potentially easy way to make money. Basically what they’ll do is make an exact copy of the official site and place it on a similar domain with only a letter or two that are different than the original. Then, they’ll go to social media and advertise it like it’s the next big ICO and provide a link to their fake, replica ICO site. When you contribute to that fake address, you’re just giving your money to scammers.

Another type of ICO scam is where the whole ICO is a scam, meaning that the people who run the ICO don’t really have new technology that they’re going to build with the funds they receive.

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Instead, they’re going to take the (potentially) millions of dollars raised and spend it on some nice Lambos! To learn more about how to evaluate an ICO, refer to this article.

How to Avoid ICO Scams: The best way to avoid this type of scam is to only click links provided by official social media accounts of the company doing the ICO.

Don’t click links from random reddit posts, don’t click links from people in Facebook groups, and definitely don’t click links from people who message you with a link to an ICO. Bookmark the URL before the sale, then use the bookmark to access the site at time of purchase.

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Please do your research beforehand and find the official accounts of the company before sending your money! If you are unsure if the account is official is not, look at the follow count and see what kind of things they’re posting. If it looks sketchy like the one below, turn away and keep looking for the official.


Insurex Scam Account Example


In my experience with ICO’s, they’ll never start early and they’ll never mention the payment address in updates.

Cryptocurrency scam took money and ran etherum

The only time you should see the payment address is right before you send your money on the official ICO site.

Wallet Phishing Scams

Phishing has been around for a long time, but the scammers are getting smarter. Similarly to the ICO scams, scammers will set up a site similar to a popular wallet.

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MyEtherWallet is a perfect example. The official, legit URL is: After just a few minutes of searching, I found many look-a-like sites.

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For example, is a SCAM. If you enter your private key in either “View Wallet Info” or “Send Ether and Tokens”, the scammer will be able to access your wallet.

If you do visit this site to see what it looks like, DO NOT enter any info (such as private key, seed, password, etc) and delete it from your history when you are done so you don’t accidently return to it.

How to Avoid Wallet Phishing Scams: Always check the URL before entering any private/sensitive information to make sure that it’s the legit site.

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Even if you clicked a link to the site, double check the URL in the address bar as hyperlinks can be spoofed (For example did not take you to Google, did it? 😉 – opens in a new tab).

Most scam sites won’t update automatically, in real time.

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For example look to see if the site has a block counter, like MyEtherWallet:

MyEtherWallet Latest Block #

and make sure that number matches the one found on Latest Block #

Message App Scams

Telegram and Slack are popular messaging apps that cryptocurrency developers use to communicate with the community.

Because of this, most of the communication about new ICO’s, ICO updates, etc happen on these apps.

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The thing is, there are a lot of scammers that use these too…

If you get a message that looks something like…

Example of Scam Message

or like this…

…then it’s a scam.

NEVER believe what anyone says to you unless if’s from the OFFICIAL TEAM.

Cryptocurrency scam took money and ran etherum

If the scam is so good it tricks even you, check the URL in the address bar to make sure it took you to the legit site.

Some other possible scenarios scammers will use are:

  • “There was a problem with XYZ tokens and we need to…”
  • “Hey, I lost 483 ETH on these scammers. Check your balance here!!”
  • “We’re issuing free tokens to our ICO participants.

    Log in to claim yours!!”

Remember, if it sounds too good to be true, then it probably is.

The Bottom Line

If you’re smart about it, these scams should be easy to spot.

Cryptocurrency scam took money and ran etherum

If there are other scams that were not mentioned in the article, don’t hesitate to comment below and inform us all! Also, please share this post so no one else will fall for these scams.

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