Not your wallet. Not your Crypto – How to avoid Crypto scams

At Elbaite we believe that education is the best defence against scams. The higher your scam IQ the less likely you are to become victim to one.

For as long as money has existed, there have been scammers trying to steal it. As technology becomes increasingly complex, so too do scammers and their methods. As cryptocurrency has jetted into the mainstream, more people than ever are starting to invest. While this is extremely exciting for the future of global finance, this mad rush of crypto investing has also attracted the attention of scammers who are capitalising off user inexperience.

Some examples of some common Internet scams:


Phishing is a type of scam that tricks you into giving out personal information. It is usually in the form of a link or attachment appearing to be from a well known source. It will lead to a different page, often a fake website (more about fake websites below ⬇️ ⬇️ ) where you are asked to enter personal identification details that are then stolen. 

An example of a Phishing email.

Fake websites/exchanges:

Scammers can make very realistic looking websites to obtain personal information such as license numbers, passport details, bank/credit card details from their victims. Some of these websites are very professional and hard to distinguish from the originals. 

A good tactic is to check URLs. Often they will be slightly off e.g. When trading with Elbaite, always double check that our URL is if you encounter any variations of this URL such as or  it is very likely that it is a fake website. Please do not enter any personal details and contact us ASAP.

Romance Scams:

Scammers create online fake identities to emotionally manipulate victims out of money. Romance scammers often go to great lengths to gain a victim’s trust. Once they have built a relationship they start to ask for money/gifts/account details often under the guise of an emotionally charged event such as a family emergency, expensive operation etc. 

Imposter scams:

This usually happens in the form of someone impersonating an employee of an organisation who tricks you into handing over sensitive information such as your bank details. For example getting an unsolicited phone call from someone claiming to be a Government official saying you owe taxes and request that you immediately wire money to avoid imprisonment.  

Currently Elbaite is 100% based in Australia. We do not currently have any overseas employees or partners. If you receive a phone call from an overseas company stating they either work for, or are partnered with us in some way hang up and contact us.

Cryptocurrency is still in its infancy in mainstream society, and because of this many people are starting to invest without fully understanding how it works and scammers are capitalising on this. Elbaite has compiled a list of some red flags to watch out for, to keep you and your crypto safe!

🚩  If someone offers to buy cryptocurrency for you or on your behalf.

If someone buys crypto for you, they can use their wallet instead of yours. Meaning they can use your money to send crypto to themselves! If your crypto goes into someone else’s wallet, there is very little anyone can do to recover, reverse or refund it. 

Only ever buy crypto for yourself using a crypto wallet that only you (and no-one else) has access to.

🚩 Asking for your wallet address or private keys  

This is the mother of all red flags. Never ever give out your crypto wallet private keys under any circumstances. Elbaite or any legitimate cryptocurrency exchange will ever ask you for your private keys or for access to your wallet. If someone is asking for this information it is highly likely that they are a scammer. 

If someone has access to your private keys they can control your crypto wallet and steal all of your crypto.

What if i change my Password?    

If you have given out your private key to someone your crypto can still be accessed by them even if you change the password to your wallet.

Think of your crypto wallet like one of those key safes with the four digit code, and your private keys as the keys inside. If someone has copied the keys inside (i.e. they have your private key details) It doesn’t matter how many times you change the key safe password (i.e your wallet password) the scammers will use the copies they made of your “keys” to enter your house (your crypto).

🚩 Asking you to use a different wallet or change wallets.

Similar to red flag number 1. If you are being asked to change wallets or gives you a different wallet address to use instead of your own, this is a red flag. Scammers will have a myriad of reasons as to why you need to do this, once your crypto is in their wallet you will not be able to get it back. Remember – Not your wallet, not your crypto! 

🚩 If someone is asking you to lie or say that a particular wallet belongs to you when it does not.

The reason a scammer will tell you to lie to a crypto exchange is because they know that crypto exchanges such as Elbaite are well aware of their tactics, and will immediately advise against those actions and report them. 

At Elbaite we go above and beyond to create an environment where users can trade safely and confidently! We actively work with cybercrime authorities and educate and empower our users so we can work together to minimise cybercrime. If you think you may have fallen victim to a scam, or have noticed something that seems a bit dodgy, contact us or Cyber Crimes Australia.

Elbaite is the cryptocurrency exchange designed for Australian traders seeking safety, security and simplicity. Make an account today to start your crypto investment journey!

Disclaimer: The information on this website is purely for information. Elbaite is not a financial adviser, and nothing stated here is to be taken as financial advice. You should seek independent legal, financial, taxation or other advice relevant to your financial situation before making any investment decisions.

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