Bait-and-switch in cryptocurrency refers to a deceptive marketing tactic where a misleading offer is presented to attract potential investors or users. Typically, this involves promoting a highly attractive investment opportunity or product, only to switch it out for something less desirable or valuable once the individual shows interest.

For example, a project might promote an initial coin offering (ICO) with promises of high returns and strong fundamentals. Once users invest, the terms of the project may change, revealing hidden fees or subpar features that were not initially disclosed.

This tactic undermines trust in the cryptocurrency market and can lead to significant financial losses for those who fall for the deception. To protect themselves, investors should conduct thorough research, verify claims, and stay cautious of offers that seem too good to be true.