Web3 scams come in all shapes and sizes, and they are becoming increasingly complex. Here are three common scams from 2025 that you need to watch out for. 

Elon Musk Impersonators

Elon Musk, the owner of social media platform X, is an outspoken investor in cryptocurrency with a reach of millions upon millions of people. His large audience and his propensity to share his thoughts around onchain assets makes him the perfect character for impersonation scams. Imposters will use Musk’s image and credibility to lure you in with sophisticated tactics. There are reports of YouTube livestreams featuring “Musk” where viewers are asked to send Bitcoin and other crypto to Musk himself, usually with a promise of doubling or tripling your investment in a short period of time. The truth is the video of Musk has been altered or is being misused, and the offer is completely fake. You will never see your investment returned. It doesn’t stop at Musk, either. His businesses, affiliates, and colleagues are also being used as bait for unsuspecting crypto investors.

It can be incredibly difficult to spot a scam as complex as a fake video livestream, but you can take action to protect yourself in even the most convincing situations. The most basic thing you can do is ask yourself whether the offer seems too good to be true. Any promise of suspiciously high ROIs is a warning sign, not an opportunity. You may also find that there is a sense of urgency around making the investment. This is by design. Urgency combined with the trust of Musk are the perfect tools to get you to drop your guard and invest in their scam.

“Coinbase” Phishing Attacks

Coinbase is one of the largest crypto exchange networks in the world, making it a prime target for phishing attacks. In March 2025, it was reported that Coinbase users had lost over $46 million in cryptocurrency due to extensive phishing attacks. Here’s how it works. A supposed representative from Coinbase will contact you to resolve some sort of issue, usually a security issue to scare you into contacting them right away. They’ll ask you a series of questions, maybe your account password, private key, or even seed phrase. All of this will be under the guise of confirming your identity. To help enhance the scam, they will sometimes use multiple channels at once. You might receive real-time confirmation emails while on the phone with a representative. Unfortunately, this common scam feels very official and real, but it’s just a ruse to get you to give up your confidential information.

Remember that trusted exchanges like Coinbase will not ask you for your login credentials, private key, or seed phrase. It’s also very rare to receive an unsolicited phone call; any unexpected contact should be approached with caution. Check with your exchange to see what their contact policies are so you can be aware and prepared.

‍The $LIBRA Rug Pull

As more people have become aware of Web3, they have also become more aware of the potential risks. Rug pulls are reportedly on the decline in 2025 but that doesn’t mean the consequences of a rug pull are any less devastating. 

Despite driving a market cap of $4.56 billion in just two hours, the Solana token LIBRA is now known as one of the more notable rug pulls of 2025. What makes this story unique is the support from Argentinian President Javier Milei. His stamp of approval on LIBRA resulted in an inherent level of trust around the token, resulting in a high level of confidence and hype. Within hours of launching and hitting its market cap, LIBRA almost completely collapsed, leaving investors with a token that was next to worthless. President Milei has now walked back his support of LIBRA, but it doesn’t change the losses experienced by investors. 

Direct support from an influential figure can muddy the cryptocurrency waters. In the case of LIBRA, governmental support was the catalyst to a high market cap. If investors took a closer look, they would have realized that the project plan backing LIBRA was not transparent. This should always be a red flag for onchain assets. Had there been a transparent project plan, investors would have been aware that LIBRA’s founders held over 80% of the token. This made it easy for the founders to fleece investors by quickly cashing out and causing the price of LIBRA to plummet.

Scams are everywhere and the best way to protect yourself is through education. Learn more about how you can protect your Web3 digital identity with the resources from .locker’s Learning Hub and Help Center. User guides, checklists, and more can be found to help you establish a comprehensive Web3 security program.