CEDEX, the global exchange that focuses on bridging the gap between the traditional diamond industry and the innovative financial markets, warns the community about fake airdrops and phishing scams.
“Dear CEDEX community, as cryptocurrencies continue to gain popularity, we have seen more and more scam artists trying to cash in. It is extremely important that you stay vigilant to protect your private data and cryptocurrency holdings.”
Earlier this week, a scammer created a fake CEDEX account on twitter and attempted a phishing scam. The account linked to a form that promoted an airdrop of CEDEX Coins. CEDEX is NOT conducting an airdrop. Fortunately, CEDEX was made aware of the fake profile and quickly got it taken down. However, there will likely be more scam attempts in the future.
Please, if you see anything discussing giveaways of CEDEX Coins, or any other cryptocurrencies for that matter, be extremely careful and skeptical. The vast majority of these are scams.
For those that aren’t aware, an airdrop is a method for distributing coins and tokens to investors. They are typically done with the purpose of increasing adoption and awareness of a blockchain project. Scam artists use fake airdrops to trick people into sending personal information including email addresses, cryptocurrency wallet addresses, and actual cryptocurrency assets.
It is a popular tactic to list a wallet address that will receive ‘donations’, saying that participants who send cryptocurrencies to that address will be sent a larger amount back to their own address in return. For example, you might see a phishing scam that says, “All Ethereum addresses who send 0.1 ETH to our address will get 10,000 CEDEX Coins in the airdrop.” Unsuspecting cryptocurrency investors think that sending the relatively small amount of ETH is how they register their wallet to receive the airdrop. That is NOT how airdrops work. You should not send cryptocurrencies to anybody who claims that they will send you back a greater amount in return.
As more money enters the cryptocurrency space, these scams are only going to increase in popularity. That’s why it’s so important that you remain cautious, especially when anything sounds ‘too good to be true.’ Here are a few tips to protect yourself from phishing scams in the future:
Confirm Everything Through Multiple Sources
If you see something about an CEDEX Coin airdrop on twitter, make sure that it is the official account. Look for news about the airdrop on the official CEDEX website. Get confirmation from team and community members on Telegram or Facebook. If you receive an email or message on social media about an event but there is no word of it on Telegram, Facebook, or CEDEX.com, then it almost certainly a scam and you should ignore it.
Never Give A Stranger Your Private Key
If somebody asks you for your private key, that should immediately set off a red flag. The only circumstance in which that might make sense is if you have a custodial wallet. Even then, exercise great caution.
Doublecheck All Addresses Before Sending Coins to Them
There are several tools that you can use to determine if a particular wallet address is a scam:
- Search the address on info
- Search the address on Etherscan. Addresses associated with scams might have a warning, like the one below.
- Search the address on MetaMask. If a scam has been detected, you’ll see a warning like the one below.
Note that an address which isn’t flagged as a scam by any of the above sources isn’t necessarily trustworthy. It’s possible that the address just hasn’t been reported or detected yet. Still use all the other safety precautions before sending cryptocurrencies or personal data.
If you find any phishing scams for CEDEX Coins, please report them to the team at [email protected]