MEXC Guide to Identifying Common Crypto Scams
As the cryptocurrency market continues to grow, more individuals are getting involved in crypto investing and trading. However, the anonymity and decentralized nature of digital assets have also created new opportunities for scammers. This article outlines several common tactics used in crypto-related scams, aiming to help users stay vigilant and avoid falling victim to fraud.
1. Whitelist Address Scams
Scammers often forge MEXC wallet addresses by tweaking the name to closely mimic official addresses. Posing as representatives of MEXC, they trick users into repeatedly transferring funds to these fake addresses, often under the guise of "deposit rebates" or similar incentives.
On networks like EOS or TLOS, where usernames can be customized, scammers take advantage of this feature to create deceptive names like "MEXC TLOS," making them appear legitimate.
Once the fake address is set up, they entice users with promises of attractive rewards to deposit funds into it.
After receiving a deposit, scammers typically take one of two approaches. Sometimes, they vanish immediately without returning any tokens, executing a one-time scam. In other cases, they return a small portion of the funds along with a so-called "reward" to appear trustworthy. They repeat this tactic to gain the victim's confidence, only to eventually defraud them of a much larger sum.
Example: A user has the MEXC username "makemoney." After obtaining this information, a scammer creates a fake EOS address named "mαkemoney." The scammer then claims this is the user's new EOS deposit address on MEXC and promises extra EOS for deposits. Once the user sends funds to this fake address, they quickly realize they've been scammed.
Important Reminders:
1) Adding an address to your withdrawal list or whitelist does not automatically link it to your MEXC account. Always verify the address's authenticity before adding it. Refer to "How to Set Withdrawal Settings" for more details.
2) Never share your personal information with strangers.
3) Before transferring funds, always confirm the recipient address through MEXC's official website or app.
Known Fake EOS Addresses:
2. Fake Official Information
Some scammers impersonate MEXC Customer Service or staff members, claiming issues like account abnormalities or frozen assets to trick users into sharing sensitive information such as verification codes, private keys, or even transferring funds.
For example, scammers may fake screenshots of MEXC Customer Service chats, making it seem like users are interacting with official support. Once trust is established, users are persuaded to send funds to the scammer's wallet.
Scammers may also use phishing websites or links to deceive users and steal their assets.
Important Reminders:
1) Anyone falsely claiming to be a MEXC partner or impersonating official staff is likely attempting fraud.
2) MEXC staff will never privately contact users to request transfers, verification codes, or private keys. You can verify identities using MEXC Verify. Learn more through"How to Use the Official MEXC Verification Channel."
3) Don't trust strangers requesting transfers. When in doubt, reach out to MEXC Customer Service for confirmation.
3. Investment Scams
Scammers often approach users on platforms like X (Twitter) or Telegram and invite them to join groups that falsely claim partnerships with major platforms or pose as official representatives. They use buzzwords like "arbitrage," "high returns," "trading signals," and "interest earnings" to build credibility. Fake group members frequently post fabricated profit screenshots to reinforce the illusion.
These scams often center around enticing opportunities such as new token investments that aren't listed on reputable exchanges, ICOs, gambling or betting schemes, pyramid and Ponzi schemes, or fake interest-bearing products. While they may appear legitimate at first, users who get involved frequently end up experiencing significant financial losses.
Important Reminder: Anyone falsely claiming to be affiliated with MEXC or impersonating MEXC staff is most likely a scammer. Stay alert and avoid all suspicious investment schemes, especially those disguised as gambling or high-return offers.
4. Impersonating Friends
Some scammers hijack or impersonate your friends' social accounts, requesting cryptocurrency for emergencies or temporary cash flow issues. They typically avoid video or voice verification to dodge identity confirmation.
Important Reminder: Before sending funds to anyone claiming to be a friend, always verify their identity directly.
5. Off-Platform Trading Scams
Scammers may build trust by pretending to be romantic partners, close friends, or investment mentors, eventually luring users into off-platform transactions. Common tactics include:
1) No payment after receiving tokens: You send crypto first, but the buyer never follows through with the payment.
2) No crypto after payment: You pay first, but the seller doesn't deliver the tokens.
3) Fake tokens: You pay, but the scammer sends counterfeit USDT not issued by Tether.
4) Delegated trading scams: The scammer first asks you to help sell a small amount of crypto on-platform. Later, they send fake USDT in a large transaction to scam you out of more funds.
Important Reminder: Avoid off-platform trades at all costs. These transactions carry high risks, and MEXC cannot guarantee the security of your assets. Always trade within the platform for your safety.
6. Fake Token Scams (Counterfeit MX)
Scammers may set up Telegram groups with names like "MEXC Official Arbitrage Group" and offer fake arbitrage opportunities. They instruct users to send ETH to a specific wallet in exchange for MX tokens. However, the tokens sent back are counterfeit and not issued by MEXC.
Important Reminder: Always rely on official MEXC announcements for event information. Only access events and promotions through the official website or app.
As the crypto market grows and evolves, scam tactics are becoming more sophisticated, presenting serious risks to investors. To protect your assets, it's crucial to stay vigilant, steer clear of off-platform transactions, and rely solely on official information sources. Strengthening your security awareness and consistently following proper safety procedures remain the most effective ways to safeguard your crypto holdings.
For more tips on scam prevention, account protection, and crypto safety, explore the Security Knowledge section on MEXC Learn. Structured learning is key to strengthening your risk awareness and securing your assets.