Consumer Protection Tuesday: How Scammers Are Targeting Crypto Communities on Discord and Telegram

This post is part of a weekly Tuesday series at Coinbase about the latest consumer protection and security measures for crypto owners.

At Coinbase, we’re on a mission to help update the financial system to make it safer and more secure. While only 0.14% of blockchain transactions are used for illicit activity, and cash remains the preferred medium for illegal transactions, crypto security is always a top priority. Coinbase maintains a robust compliance program, which includes Know Your Customer (KYC) checks, sanctions screenings, suspicious activity reporting, and strong law enforcement partnerships to detect and prevent illicit activity on our platform.

Why Discord and Telegram Are Prime Targets

Crypto culture thrives on community, and platforms like Discord and Telegram have become essential for users to learn, trade, and connect. But this sense of openness also creates an opportunity for scammers.

In the last year, scams across these platforms have surged. Some users have lost thousands of dollars simply by clicking the wrong link or trusting the wrong person. The scammers' tactics continue to evolve, but their goal remains the same: gain access to your funds.

Here are four of the most common scams on Discord and Telegram right now, and how to steer clear of them.

1. Impersonation of Customer Support

Scammers monitor public chats for users who post questions or express frustration. Minutes later, a DM arrives from someone claiming to be an official support rep complete with a fake profile picture and job title.

They’ll say they need to verify your identity, then ask for your seed phrase or private key. That’s all it takes for them to drain your wallet.

Protect Yourself: Support teams will never initiate a private conversation or ask for your seed phrase. If someone does, it’s a scam.

2. “You Just Won!” Giveaway Scams

You might get a message saying you won free ETH, BTC, or an exclusive NFT drop. All you have to do is click a link or connect your wallet to claim the prize.

These are almost always fake. The link may install malware, or the wallet connection could give scammers access to your assets.

Protect Yourself: If you didn’t enter a giveaway, you didn’t win one. Always double-check promotions on the official project website or Twitter.

3. Pump-and-Dump Groups Disguised as Insider Alpha

These groups claim to offer "exclusive investment insights." Members are told to buy into obscure tokens that are “about to skyrocket.”

But the insiders already own the token and plan to dump it as prices rise—leaving everyone else holding the bag.

Protect Yourself: Stick to tokens you’ve researched. Hype and urgency are tools scammers use to override your better judgment.

4. Hijacked Admin and Bot Accounts

Even official accounts aren’t immune. Scammers have been known to compromise admin or bot accounts in popular servers or channels. A single fake announcement can spread fast and convince hundreds of users to follow a malicious link.

These scams are often time-sensitive, urging immediate action to claim a reward or participate in a “limited” offer.

Protect Yourself: Always cross-reference announcements with trusted sources like the official website or verified Twitter account. Be especially cautious with anything requiring you to connect your wallet.

Simple Steps to Stay Secure on Chat Platforms

Here’s what you can do right now to lower your risk:

• Turn off direct messages from server members in Discord.

• Avoid clicking on shortened or suspicious links sent through Telegram or Discord DMs.

• Bookmark official websites and avoid using search results to navigate to crypto tools or exchanges.

• Enable multi-factor authentication on all accounts tied to your crypto holdings.

• Stay skeptical. If someone says it’s urgent, that’s your cue to slow down.

Final Thoughts

Scammers are counting on confusion, urgency, and misplaced trust. But you have the tools to stop them.

At Coinbase, we’re committed to helping the crypto community stay informed and secure. As new scams surface, we’ll continue to provide the insights and education you need to keep your assets—and your peace of mind—intact.

Stay safe, stay sharp, and always double-check before you click.