According to a Chainalysis report, over $14 billion worth of cryptocurrency was stolen by scammers in 2021. As digital asset adoption expands, Monero holders and crypto users at large must stay alert to evolving threats. We've previously covered major scams in this article. Here's an updated look at the latest tactics scammers use—and how you can protect your XMR.
Cryptojacking
In June 2021, the Crackonosh malware generated $2 million in Monero by hijacking computing power through pirated games. Infected downloads of popular titles like Grand Theft Auto V, Far Cry 5, and NBA 2K19 were hosted on pirate sites and silently ran mining processes on users' devices.
Cryptojacking refers to the unauthorized use of someone’s devices—PCs, phones, or tablets—to mine cryptocurrency. Besides infected game downloads, hackers often inject malicious scripts into websites or get users to click infected links that trigger background mining processes.
While cryptojacking doesn’t typically steal your files, it slows down system performance, increases CPU usage, and can cause overheating. Since Monero mining doesn’t require high-end hardware, the activity can go unnoticed for long periods.
How to protect yourself:
• Use reputable antivirus and anti-malware software on all devices.
• Install browser extensions like minerBlock or Anti Miner to block mining scripts.
• Use trusted ad blockers to reduce risk of script injections.
• Stay updated on the latest cryptojacking techniques.
• Block websites known to carry cryptojacking code.
Pig Butchering
The FBI estimates that romance-related investment scams cost victims $1 billion in 2021 alone. Known as “pig butchering,” this type of fraud combines emotional manipulation with investment deception. Scammers, often using platforms like Tinder, Facebook, or WhatsApp, build emotional relationships with victims and later convince them to invest in fake crypto platforms or apps.
The scammer rarely asks for money directly. Instead, they share convincing-looking websites or apps and ask the victim to “invest” funds. Victims only realize they’ve been duped when they attempt to withdraw their funds and are unable to.
How to protect yourself:
• Be cautious when forming online relationships, especially if crypto is brought into the conversation.
• Avoid sharing personal or financial information with new contacts.
• Only invest through legitimate and well-known platforms.
• Never click on unsolicited links sent by people you don’t know personally.
Rug Pull
In November 2021, investors lost over $3.38 million in the infamous Squid Game token scam. Promoted as a play-to-earn token based on the popular Netflix series (without official affiliation), the token spiked from $0.01 to over $2,800 before crashing to zero. The developers pulled all funds from the liquidity pool and vanished—leaving investors with worthless tokens.
These scams, known as “rug pulls,” involve creating a seemingly promising project, attracting investor funds, and then exiting the project without warning, draining all liquidity.
How to protect yourself:
• Stick with proven, well-established cryptocurrencies and DeFi projects.
• Investigate the development team and check if they’re verifiable and reputable.
• Be skeptical of coins offering unbelievable or guaranteed returns.
In addition to staying informed, one of the best ways to secure your digital assets is by using a trusted Monero wallet. Consider signing up for XMRWallet — a free, browser-based wallet that doesn’t require software downloads or registration. XMRWallet gives you full control of your coins and private keys while supporting multiple languages and keeping your privacy intact.
Staying vigilant against evolving scams and securing your XMR with a reliable wallet is essential to safeguarding your crypto journey.
