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The Hidden Scale of Crypto Scams in Australia
Scams are becoming more and more prevalent. There are AI scams, phishing scams, and social-engineering scams that target everyone. These things are a lot more common than most people think. Many people are quick to share details over the phone without realising the risks, and it’s often money they can’t afford to lose.
How Social Engineering Tricks You Into Handing Over Your Assets
Social engineering is when scammers trick you into giving them access to your assets or information. It often starts small — someone gains a little trust, collects small pieces of personal data, and eventually uses it to unlock accounts or wallets. Over time, those small breaches lead to large losses.
Staking Scams: When “High Yield” Turns Into a Trap
A growing number of investors are being caught in staking scams. Assets sit idle in wallets, and people look for ways to earn more. Scammers exploit that by promising “safe” yields of 12%, 20%, or even higher. In most cases, those returns make no sense. Some victims have handed over more than 80% of their portfolios to platforms that appear legitimate until the day they try to withdraw — and can’t.
Anyone promising guaranteed daily or monthly returns is lying. If it sounds too good to be true, it is. Even legitimate staking carries risk. Tokens can be locked for days or weeks, leaving investors without liquidity just when they need it most.
When “Safe” Platforms Collapse and Claw Back Your Funds
Some scams are disguised as legitimate businesses. The Celsius collapse showed that even large, trusted platforms can fail — and that withdrawals made before bankruptcy can still be clawed back. Many investors learned that they could be sued months later for funds they rightfully withdrew. Risks like these highlight why diversification and careful custody selection matter.
The New Wave: Phishing Emails, SIM-Swaps and Fake Support Calls
Many scams now use fake emails and text messages from “exchanges” or “support” to steal data. Others hijack phone numbers through SIM-swap attacks, intercepting SMS codes and taking over accounts. Avoid using text messages for two-factor authentication. Use an authenticator app or physical key instead, and keep unique passwords for every account.
Practical Security Habits Every Investor Should Adopt
- Keep self-custody or use a trusted regulated custodian.
- Never share details or confirm information to inbound callers.
- Question all promised returns.
- Test withdrawals before committing large amounts.
- Review your security settings regularly.
Crypto markets will always attract scams, but awareness and discipline reduce the risk dramatically.
Uptrade helps investors safeguard their digital assets through secure custody and local Australian regulation — giving clients confidence in a market full of noise.
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