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With the number of bitcoin scams rapidly increasing, there are easy ways to check if a bitcoin address has been reported as being used by scammers, such as in fake bitcoin giveaways. You can also easily report any bitcoin address associated with a scam.
Check the “Bitcoin Abuse” database
The number of bitcoin scams is rapidly increasing. Many of them ask people to send bitcoins to the addresses they provide, such as bitcoin giveaway scams that promise to double the amount of bitcoin you send. Last week’s big Twitter hack, for example, got many high-profile accounts tweeted about fake bitcoin giveaways.
Before sending your bitcoin to an address, you can check if that address has been reported as being used in a scam. Bitcoin Abuse is a popular website with a public database of bitcoin addresses used by hackers and criminals. You can search for a bitcoin address, report a scam address, and monitor addresses reported by others.
If the bitcoin address you are looking for on the site has been reported by others, the site will display information, such as the number of times the address was reported, the date and time of the last report, the total amount of bitcoin it has received, and the number of transactions. There will also be a link to Blockchain.info to track transactions for the address. The site will also display all reports filed at the address.
The Bitcoin Abuse website also provides some statistics on the number of reported bitcoin scams. As of press time, there have been 156 reports in the last day, 989 in the last week and 4,112 in the last month.
Verify with “Scam Alert”
Another website where you can easily search for a bitcoin address is Scam Alert, a recently launched platform created by blockchain analytics and monitoring provider Whale Alert. The site explains that its “mission is to make blockchain safer for everyone to use by exposing scammers and other criminals who abuse it.” Users are encouraged to “Report scams, thefts and fraudulent websites involving any blockchain or cryptocurrency”.
When you enter an address that has been reported as being used by scammers, the site will immediately display a message saying: “Scam Confirmed … This address has been confirmed by Scam Alert as a scam. Do not send any payments to this address.”
You can also view the address scam report which shows information such as a description of the scam, any associated websites, the number of times it has been reported, and the address’s lifetime earnings in US dollars.
The Scam Alert website also provides some useful information on different types of crypto scams, such as sextortion, ransomware, Ponzi schemes, freebies, dark web and theft. It offers some basic tips on fraud prevention, such as “trust no one” and “verify”. The site’s list of top 10 scam addresses shows that the most successful scams based on the funds received are Ponzi schemes, fake exchanges, and fake bitcoin giveaways.
Youtube also has a lot of bitcoin scams, especially fake giveaways, both in videos and ads. Scammers would claim that famous people are giving away bitcoins, such as Spacex and Tesla CEO Elon Musk, Microsoft founder Bill Gates, Virgin Galactic president Chamath Palihapitiya, and Amazon CEO Jeff Bezos. Elon Musk BTC’s fake giveaway is one of the most successful bitcoin scams, having raided millions of dollars.
Prior to last week’s Twitter hack, Whale Alert reported on July 10 that it was “able to confirm US $ 38 million in bitcoin alone stolen by scammers over the past 4 years (excluding Ponzi schemes, which are an billion-dollar industry in its own right), of which 24 million in the first 6 months of 2020 “.
There are many other schemes designed to trick you into sending your bitcoin to them. As previously reported by news.Bitcoin.com, they include Bitcoin Trader, Bitcoin Revolution, Bitcoin Evolution, Moon Bitcoin Live, Bitcoin Loophole, Bitcoin Superstar, and Bitcoin Era. There are also many bitcoin email scams. Many of them may even appear legitimate, well-ranked by Google, with paid reviews on legitimate websites, like the Associated Press. However, you are not likely to see any bitcoins returned if you send them your coins. A scam even leaked the personal data of 250,000 people from 20 countries. Be careful and do your research before sending bitcoins to anyone.
What do you think of all these scams? Let us know in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, Bitcoin Abuse, Whale Alert, Scam Alert
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, nor a recommendation or endorsement of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use or reliance on any content, goods or services mentioned in this article .
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