How to swap crypto safely & avoid common scams

Common crypto swapping scams to avoid

Fake or malicious crypto swap sites

The scam: Cloned platforms that steal your funds on approval

Bad actors often replicate popular DEXs – like Uniswap, PancakeSwap, or even cross-chain platforms – by mimicking their user interface and hosting them on nearly identical URLs. These fake swap sites lure users into connecting their crypto wallets. Once connected, a malicious smart contract asks for approval and silently executes transactions to drain your assets.

Why it works: Everything looks familiar – logos, design, even fake audit badges. But behind the scenes, you're not interacting with a decentralized exchange. You're handing over access to a wallet-draining script.

Case in point: In June 2025, Cointelegraph’s website was hijacked via a front-end exploit. A fake banner promoted a “CoinTelegraph ICO Airdrop,” complete with a forged CertiK audit badge. Users who clicked were led to a spoofed swap site, where malicious contracts siphoned off assets once the wallet was connected and token approvals were granted.

Protect yourself:

• Always verify URLs – bookmark the correct ones and avoid links shared in pop-ups or Telegram chats;

• Use tools that show smart contract security ratings before interacting;

• Revoke token approvals regularly if you’ve connected to untrusted platforms.

Scam tokens with no liquidity or exit

The scam: Honeypot tokens that trap your crypto on purpose

Sometimes you don’t even visit a scam site – the scam comes to you. Airdropped tokens with convincing names or promoted “new gems” often encourage users to trade them back into ETH or USDT. But here’s the trick: those tokens are coded to be unsellable or rigged with hidden fees that quietly drain your gas.

Common traps include:

• No liquidity pools: The token shows up in your wallet but can’t be swapped;

• Honeypot contracts: You can buy, but not sell;

• Gas siphoning: Some contracts drain ETH when you attempt a swap.

Recent trends: Binance’s SAFU team reported a spike in these honeypot scams in mid-2025. In some cases, only the token creator could sell – everyone else was stuck holding the bag. 

Another twist called token poisoning emerged on Solana, where attackers airdropped tokens that mimicked legit holdings. Users who tried to trade them inadvertently interacted with the scam version, locking up their funds.

How to avoid it:

• Use token scanners to check for liquidity and liquidity pool risks;

• Don’t interact with unknown tokens in your wallet – especially unsolicited ones;

• Check if a token address is listed on trusted aggregators before swapping crypto tokens.

Phishing via token approval scams

The scam: Sites trick users into granting unlimited wallet permissions

In these attacks, users are prompted to “approve” access to their tokens – often under the guise of verifying a wallet or confirming a transaction. But once you approve, scammers gain unrestricted access to transfer your funds without needing future confirmation.

Unlike traditional crypto swap transactions, these approvals stay active in the background – and you might not notice until it’s too late.

Real-world example: On June 20, 2025, CoinMarketCap was briefly compromised. A fake pop-up urged users to “Verify Wallet” and grant full approval for ERC-20 tokens. Despite swift action to remove the malicious script, reports indicated that some users lost funds after unknowingly handing over access.

The U.S. Secret Service later linked similar approval phishing tactics to over $4 million in on-chain thefts. These scams often use legitimate-looking domains and urgent messages to push users into acting fast.