OKx | Common Scams in Cryptocurrency

OKx | Common Scams in Cryptocurrency

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In recent years, the number of cryptocurrency scams grow rapidly in the crypto world, the ways of scammers defrauding cryptocurrency investors have evolved tremendously over time.  

We have sorted out the most common fraud types that occured frequently,

  1. Fake promotional activities on social media

  2. Phishing SMS

  3. Malious software

1. Fake promotional activities on social media

With this type of fraud, it usually starts with users receiving some sort of announcement via various social media channels (e.g. Telegram, WeChat, QQ groups etc.) that promotes a sale. The promotional activity often requests users to transfer ETH to a wallet to receive a higher amount of OKB in return. Once users transfer the ETH to the scammers' wallet, users lose all their assets and will not receive anything in return. Users should always be aware that the transaction cannot be reverted, after withdrawals were made. 

2. Smishing (Spam Text Messaging)

Smishing is a very typical fraud nowadays. Scammers will impersonate a person/official OKX/ Gov authorities and send spam text messages to you that attempt to get you to click a link so as to collect your personal data. The SMS may contain, for example, "Follow the link to complete the compliance procedures to avoid your account being frozen. (non-OKX domain).com".  Any informations you provided at the fake official website will be recorded by the scammers, hence they can easily log in to your account and withdraw your assets.

When you are in doubt about your account, please reach out to us directly or get the link verified at the official OKX verification channel.

3. Malious software

When installing a software, you should always ensure the authenceity of the applications.  Malious applications might seem very leigitimate because they look very similar to the official one. These apps are designed to steal your account and asset.

To prevent this, It is recommended to always download the application from official website, and also check the provider's information when downloading from Apple Store or Google Play Store.

See also: lastest announcement