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Crypto scams involve digital currency transactions. Scammers lure people with the promise of high returns. They use the complexity of cryptocurrency to confuse their victims. Scammers often use social media platforms for their schemes. They impersonate celebrities or influencers to gain trust. They may also use fake testimonials to add credibility. These scammers ask for initial investments. They promise huge profits in return. However, once the payment is made, they disappear. The victim is left with no way to recover their money. Ponzi schemes are another common type of crypto scam. In these schemes, returns are paid using the funds of new investors. This continues until the scheme collapses and most investors lose their money. In pump and dump schemes, scammers inflate the price of a cryptocurrency. They convince others to buy it. Once the price is high enough, they sell their shares and the price crashes. The other investors are then left with worthless currency.