A report that details the most common cryptocurrency scams of 2022 has been published by Binance Security as part of its attempts to make the market safer for everyone in the wake of the failure of the FTX exchange.

To begin, there is the Phishing Link Scam. Scammers employ phishing as a common tool in the Web 2 age. This is because con artists may easily create a harmful website and spam its links to unsuspecting users. In this article, we will mostly examine the tactics con artists will use to obtain your private keys.

The second kind of fraud is the Ice-Phishing scam. A user’s tokens may be stolen in this way without the disclosure of private keys, since the user is misled into signing a transaction that allows the attacker access to them. This method expands upon the original “Phishing.”

Event spoofing and NFT sleep minting are the third most widespread cryptocurrency fraud. Scammers’ “event faking” technique involves sending customers arbitrary BEP20 tokens and then asking for their input on a fake event.

Scammers may be inventive with how they pull off BEP20 event spoofing by building on simpler techniques. By “NFT Sleep Minting,” we mean the fraudulent practice of sending NFTs straight to the wallets of well-known creators. However, the fraudster can get the NFT back using a backdoor technique in the code.

Afterwards, Ponzi schemes. No legitimate method of gaining benefits or profits is used in such cons. For the most part, new investors’ money is used to compensate previous ones. The whole system will collapse whenever fresh funding is no longer available to sustain it.

Finally, we come to MEV cons and frauds. Scammers employ crypto jargon like “MEV (Maximal Extractable Value)”, “Arbitrage trading bot”, “Sniper bot”, and “Front-run bot” to promise passive income of a few thousand dollars a day. These are marketed on Twitter, Tiktok, and Blockchain Explorers.