How to Spot and Avoid Bitcoin Scams, The most common scams in crypto and how to stay safe. The Most Common Bitcoin Scams 1. Ponzi & Pyramid Schemes Ponzi & Pyramid Schemes Scammers promise guaranteed returns and ask you to recruit others. Watch for: "Guaranteed profits," daily returns, referral bonuses. 2. Phishing & Fake Wallets Phishing & Fake Wallets Fake websites and apps designed to steal your login or recovery phrase. Red flags: Emails asking you to "fix your wallet", misspelled URLs, fake app stores. 3. Support Impersonation Scams Support Impersonation Scams Fraudsters pretend to be wallet support on Telegram, Discord, or social media. Rule: No legitimate wallet provider — including Speed Wallet — will ever ask for your recovery phrase. 4. Romance/Pig-Butchering Scams Romance/Pig-Butchering Scams Scammers build emotional trust before pushing fake crypto investments. Warning signs: New relationships involving crypto advice or "exclusive opportunities". 5. Fake Bitcoin Giveaways Fake Bitcoin Giveaways Social media posts promising to double any Bitcoin you send. Reality: Legitimate giveaways never require payment. 6. Fake Exchanges & Cloud Mining Fake Exchanges & Cloud Mining Professional-looking platforms that block withdrawals once you deposit funds. Tip: Check company info, regulatory presence, and community reviews. 7. Clipboard Malware Clipboard Malware Malware secretly replaces the Bitcoin address you copied before you paste it. Safeguard: Always double-check the first and last characters before sending Bitcoin. 8. Exchange Hacks & Security Breaches Hacks & Security Breaches Even legit exchanges can get hacked — putting your funds at risk if they're stored there. Safeguard: Avoid storing large amounts of crypto on exchanges.