In one of our previous blog posts we talked about crypto/bitcoin faucets and how to earn with them.We mentioned that this can be easy and beginner-friendly way to dive in the crypto world without investing or trading.
However, not all are good.
You see, there is a dark side as well - crypto faucet scams that will try to trick you in exchange for your time and money.
To help you avoid this, we decided to show you some typical signs of crypto faucet scams and we’ll also provide some notorious examples.
Let’s get started.
Warning! Faucet scam in sight
Crypto faucet scams are websites that will trick you into depositing your funds in exchange for completing minor tasks, such as playing games. But, once you reach a certain amount and try to withdraw your funds, you won’t be able to do it.
The most common are faucet wallet scams. Contrary to conventional faucet wallets, these scam wallets will lure you to deposit your coins, and only after doing that, you’ll be able to click withdraw. But, here is the thing, once you click that button, nothing will happen.
And it gets worst.
There are also faucet scams that claim a minimum withdrawal amount. The problem is, earning coins on these websites will be slow and the amount will be minimal, so you’ll never be able to earn enough coins to withdraw them.
Now that we know what faucet scams are, let’s take a look at some of them.
Examples of crypto faucet scams
This is quite a sophisticated crypto faucet scam that spanns several years. QoinPro’s website was launched in 2014, which was announced on BitcoinTalk.
How did it work?
Users would create an account, do a couple of tasks, and received daily deposits in their wallets. Or that is how it should have happened. However, the sad truth is that people who requested withdrawals never received their coins.
Complaints that started on social media led QoinPro to take down their website. According to the team behind the faucet scam, the reason was to upgrade, and the website would relaunch on May 25, 2018. Of course, that didn’t happen.
The website is filled with ads and it claims that new customers can earn up to 25 euros in bet credits.
Here is how it works:
- You open account and deposit at least 5 Euros, and claim the offer to receive a matched amount in bet credits, up to a maximum of 25 euros.
- Then, you have to release your bet credits, and after that your bet credits will be available shortly after your qualifying bets have settled.
But, things aren’t as simple as they seem.
Users on BitcoinTalk have been complaining about this bitcoin faucet for a while. Apparently, even after a week of reaching the minimum amount, they couldn’t withdraw their coins.
Also, some users complained that they got banned without obvious reason. And after reaching out to support, they got either no answer at all, or an unrelated, automated response.
Be careful and think twice before you open an account
So, how can you protect yourself from faucet scams?
Start by going through threads on BitcoinTalk and Reddit, and talk with the other members of community. Don’t deposit any coins and remember, faucet websites can’t make you rich.
If you run into a website promising something like that, run away and never look back.