Practical Guide to Cryptocurrency Scam Prevention

Cryptocurrency scammers often target inexperienced investors who are unfamiliar with industry practices and regulations but are eager to make quick profits from crypto assets. As a new investor, it is essential to understand basic security practices and remain cautious. This guide provides practical tips to help you identify and avoid scams and protect your assets.

How can I verify the identity of an Official ETZ Representative?

If someone claims to represent ETZ, do not immediately assume that they are an official representative. Instead, verify their identity through ETZ Official Verification Channels.

These verification channels can help you verify the authenticity of official domains, email addresses, phone numbers, Telegram accounts, WeChat accounts, and Twitter accounts.

However, even if the verification system indicates that the information has been verified, you should remain vigilant. Scammers may impersonate legitimate ETZ employees to conduct fraudulent activities.

If you have any questions, we recommend contacting ETZ Customer Support directly through the official ETZ website or mobile application to verify the person's identity.

What Are the Key Warning Signs of a Cryptocurrency Investment Scam?

The following signs may indicate that a project presents a potential fraud risk:

Unrealistic Profit Promises: Be cautious of projects that promise extremely high returns with little or no risk. All legitimate investments involve risk, and returns may fluctuate within reasonable ranges.
Withdrawal Restrictions: If a platform refuses your withdrawal request or claims that you must deposit additional funds before your withdrawal can be processed, this is a major warning sign. Legitimate platforms should not require additional payments to unlock or release your existing funds.
Suspicious Requests: Exercise extreme caution if someone requests sensitive personal information or makes unusual demands, such as requiring you to deposit additional funds before allowing you to withdraw. These are common tactics used by scammers.

ETZ places a high priority on protecting user assets and has implemented multiple layers of anti-fraud measures. For example, during the withdrawal process, if the system detects repeated attempts to transfer funds to a suspicious address, it may activate a cooling-off period and temporarily suspend the withdrawal operation, giving you additional time to reassess the security of the transaction.

What Basic Research Should I Conduct Before Investing?

Before committing funds to any platform or project, always conduct thorough due diligence. One of the most basic steps is to search for the project or platform name using a search engine.

You can also use specialized tools to obtain additional information. For example, who.is can provide information about a website's registration date and operating history, while platforms such as Scamadviser and Scamvoid can assess website reliability based on their respective databases.

How Can I Use Blockchain Analysis Tools to Assess Risk?

When you are preparing to transfer funds to an unfamiliar wallet address, consider checking the address using blockchain analysis tools such as Bitquery.

Pay particular attention to the address's historical balance changes, creation date, transaction frequency, fund flows, and the destinations of transferred funds.

Are Multi-Level Referral and Rebate Schemes Risky?

Yes. Multi-level referral programs that promise high returns and require users to deposit funds to upgrade their membership level often carry significant risks and may be scams.

These schemes often tie your returns to the number of people you recruit, without a sustainable underlying business or revenue model. Exercise extreme caution when encountering such programs.

How Can I Tell if Someone I Met Online May Be a Scammer?

Scammers often impersonate wealthy individuals and attempt to establish trust quickly by displaying photos of luxury cars, expensive goods, or an affluent lifestyle. However, closer examination may reveal inconsistencies or contradictions in their stories.

Pay particular attention to individuals who consistently refuse to meet in person or repeatedly claim that their device or equipment is malfunctioning whenever you suggest a video call.

Scammers frequently steal other people's photos from the internet to create fake identities. You can use tools such as FaceCheck.ID, TinEye, Google Images, or Baidu Image Search to perform a reverse image search and determine whether a photo may have been stolen or used to create a fraudulent identity.

Where Can I Find the Latest Scam Prevention Information and Case Studies?

ETZ regularly publishes anti-scam resources and real-world case studies through its official blog. We recommend following the official ETZ website to stay informed about the latest security practices, scam prevention strategies, and industry developments.

What Should I Do If I Have Been Scammed?

If you suspect that you have been the victim of a scam, take the following actions immediately:

Report to Law Enforcement: Report the incident to the relevant law enforcement authorities and provide all available evidence. Although recovery of your losses cannot be guaranteed, reporting the incident may increase the likelihood of identifying the scammers and recovering your assets.
Report to ETZ: Contact ETZ Customer Support as soon as possible and provide detailed information about the scam and any relevant evidence. For specific procedures, please refer to the relevant FAQ.
Report the Account: Report the scammer's account on the platform where you first encountered them, whether it is a website, application, or social media platform. This may help protect other users from falling victim to the same scam.
Beware of Fund Recovery Services: Exercise extreme caution with services that claim they can recover your lost funds. Some may be part of a secondary scam conducted by the same perpetrators. Before engaging any fund recovery service, conduct thorough research to verify its legitimacy.

Withdrawal Security and Anti-Fraud Measures

Why Did I Receive an Alert That My Withdrawal Was Blocked?

ETZ has implemented multiple anti-fraud measures to help protect your funds. If you receive an alert that your withdrawal has been blocked, it is likely because the address involved has been flagged as presenting a high risk of fraud or exhibiting characteristics associated with suspicious activity.

These alerts are intended to draw your attention to potential risks. You may receive such an alert under the following circumstances:

Your withdrawal behavior or transaction patterns are similar to those associated with known victims.
You have been placed on a potential victim monitoring list provided by law enforcement authorities or third-party security partners.
The destination address or website has been flagged as high risk or has been reported by other victims.

If you have independently confirmed that the destination address is accurate and trustworthy, you may proceed with the withdrawal.

What Options Are Available If I Decide to Proceed With the Withdrawal?

In general, you may proceed with the withdrawal once you have confirmed that the destination address is secure and legitimate.

Take time to reassess: Before proceeding with the withdrawal, conduct a thorough review of the destination address to verify its security and legitimacy. Avoid contacting the owner of the address directly, as doing so may interfere with your ability to independently assess the situation.

Seek an external opinion: Consult a trusted friend or family member for an additional perspective, but do not allow the owner of the destination address to become involved in the assessment.

Contact Customer Support: If you are confident that the destination address is legitimate and your funds are secure, contact ETZ Customer Support for assistance. You may be required to complete an anti-fraud questionnaire and provide detailed information about the purpose of the withdrawal. Following a review, the withdrawal restriction may be lifted.

Why Has ETZ Flagged My Address for Suspected Fraudulent Activity?

ETZ may flag your address or account if it has been reported as fraudulent or if its activity patterns are similar to those associated with confirmed fraudulent addresses or accounts.

If you believe that your address or account has been incorrectly flagged, you may submit an appeal by contacting ETZ Customer Support and providing relevant supporting evidence. Our team will review the case promptly and respond as soon as possible.

Why Does the System Display a Potential Fraud Risk Warning When I Withdraw Funds to My Own Wallet Address?

Your wallet address may be flagged as presenting a "fraud risk" for several possible reasons, including:

The wallet address is associated with a high-risk platform: If your wallet address originates from a high-risk platform and you do not hold the private keys to the wallet, your assets may not be as secure as you expect. Without control of the private keys, you may not have full control over your assets, which could create opportunities for scammers to gain access to your funds. We therefore recommend withdrawing funds only to wallets or platforms that you trust.
Your transaction activity resembles that of known victims: If your transaction activity is similar to transaction patterns associated with users who have been scammed, your withdrawal may also be flagged by the system. In such cases, please contact ETZ Customer Support for assistance.
You have been placed on a potential victim monitoring list: You may have been included on a potential victim monitoring list provided by law enforcement authorities, third-party security partners, or the ETZ risk control team.
You recently withdrew funds to a confirmed fraudulent address or account: If you have recently transferred funds to an address or account confirmed to be associated with fraudulent activity, you may still face a heightened risk of fraud, regardless of whether you have recovered your principal, profits, or commissions.

How to Identify and Avoid Cryptocurrency Scams

How to Identify and Avoid Cryptocurrency Scams