Have a bunch of your friends on Instagram suddenly gotten really into crypto investing? I know mine have! It seems like everyone is out there getting rich quick — and they want us to join them.
Just kidding! You already know that those crypto investment posts and Stories on Instagram are actually scammers — we kind of gave it away in the title. But they must be having at least some success or else they wouldn’t be so prolific right now. So let’s take a look at this latest trend in Instagram scams, including how to avoid getting scammed and what to do if they gotcha already.
Some recent Instagram crypto scams to look out for
Instagram crypto scams fall under the more general social media “hacks” (it’s really phishing, but we’ve already examined them in detail in a previous piece, so I’ll spare you the lecture this time) that are trending across the internet. Here are some of the latest and greatest ways that scammers are trying to get their hands on your hard-earned cash.
Crypto ransom lockouts
One Instagram crypto scam is a lockout, which is when a cyber criminal gets control of your profile and demands a ransom in the form of cryptocurrency if you want to get it back. They usually get control through phishing, like by sending a link from another hacked account asking for help. When you click on that link, they get your info, take over your account, and then make the demand.
Crypto “investment” scams
Another common Instagram crypto scam is…
