Ten Signs a Web3 / Crypto Job Might be a Scam

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  • Published on December 22, 2022

Are you on the hunt for a job in the Web3 or cryptocurrency industry? While many legitimate opportunities are available, it's essential to be aware of the potential for scams. Recruitment scams are common in today's job market, and the Web3 and cryptocurrency industries are no exception.

Scammers often impersonate HR professionals or recruiters to trick job seekers into providing sensitive information or paying fees. This blog post will cover critical tips and red flags to look out for when applying for jobs at Web3 or crypto companies, so you can avoid falling victim to a scam.

These scams can take many forms, and it's essential to be aware of the tactics that scammers use so you can protect yourself from falling victim to one.

Here are ten things to watch to help you identify potential scams when looking for a job in the crypto industry:

Very little (or no) information about the company and founders online

This is the first thing you should start with. Research the company: Look up its website and social media profiles to verify its legitimate business. Check to see if they have a physical address and phone number listed. Try to find the legal entity that is behind the brand. Look on Crunchbase and try to find out more about the founders and the funding. If you are still looking for these, this is probably a scam.

Communication via WhatsApp, Messenger, Viber and other non-“official” channels

Another tactic that scammers may use is conducting interviews or calls via messaging apps like WhatsApp, Viber, or Facebook Messenger. While sometimes companies use these platforms for communication, it's essential to be cautious if you are asked to conduct a job interview or provide personal information through one of these apps.

Poor grammar / bad language

One common mistake in the communication of a recruitment scam is poor grammar or spelling. Legitimate companies will typically have professional standards and templates for their written communication, so if you notice mistakes in emails or job listings, it could be a red flag. Scammers are only sometimes in excellent command of the English language, so they use online translation services. Also, simple things like too many new lines or double spaces can be a good indicator.

Using free email / non-legitimate company emails

While legitimate companies will typically use a professional email domain, scammers can also use email addresses with similar domains to trick people into thinking they are legitimate. For example, a scammer might use an email address like "hr@companyname.co" instead of "hr@companyname.com" to appear legitimate.

To protect yourself from this scam, you must be vigilant and pay close attention to the email address used. If the domain name looks slightly off or unfamiliar, research to verify that it belongs to the company. You can also try contacting the company directly to confirm that the person getting you is a legitimate employee.

You are not able to verify the identity of the recruiter.

Verifying the identity of a recruiter is a critical step in protecting yourself from potential scams. If a recruiter contacts you, research to ensure they are whom they claim to be. One way to do this is to check their LinkedIn profile and see if it appears legitimate. You can also try contacting the company directly to confirm that the person getting you is a legitimate employee. By taking these simple steps, you can help protect yourself from falling victim to a recruitment scam.

Being forwarded to other domains during the application process

Another sign of a potential scam is the use of URLs that are not the company's official domain. Scammers may create fake websites or job listings using similar-sounding domain names to appear legitimate. Always verify the URL before applying for a job, providing personal information, ordering online equipment, and uploading documents.

You receive a job offer too fast

Be wary of any job that offers an immediate job offer before conducting an interview or requiring you to complete an application process. This could be a sign that the job is not legitimate. On average, the time to offer takes three months for specific industries and about 3-4 weeks for tech jobs. Even dynamic enterprises like crypto will never extend job offers one day after an interview or no interview at all.

Too much personal information is required

Finally, be cautious of any job that asks for personal information beyond what is typically required for a job application. This could include sensitive information like your social security number or bank account details. It could be a scam if a recruiter asks for more information than is necessary.

Being asked to buy/send crypto to “company” wallets for training

Another red flag to watch out for when looking for a job in the crypto industry is being asked to buy bitcoin or other cryptocurrencies as part of the training process. This is a common scam tactic; you should be very wary of any job requiring you to purchase crypto and send it to other wallets for training.

Legitimate companies will not ask you to buy bitcoin or any other cryptocurrency as part of the hiring or training process. If you are asked to do so, it is likely a scam, and you should not proceed with the opportunity.

Trust your instincts: too good to be true probably means it is fake

If something seems too good to be true or if you are asked to do something that feels uncomfortable or unethical, it is probably a scam. It's always a good idea to err on the side of caution and walk away from any questionable job opportunity.

In conclusion, being vigilant is essential when looking for a job in the Web3 or cryptocurrency industries. Scammers may attempt tricks to convince applicants to give them personal information or send cryptocurrency over. By watching out for red flags and being cautious when considering job opportunities, you can protect yourself from falling victim to a scam.

Finally, remember - plenty of companies are honest and offer great opportunities. Find your job in Web3 and Crypto on Web3jobs, where we have an extended process for vetting companies before publishing jobs.