Baiting is a deceptive tactic used by scammers to lure individuals into a trap, specifically targeting victims interested in cryptocurrencies. Typically, this involves promising high returns or exclusive opportunities that seem too good to be true.

The scammer may create a fake persona or platform, presenting themselves as a successful trader or an innovative investment opportunity. They often use social media, forums, or email to reach potential victims. Once someone expresses interest, the bait might include persuasive language about significant profits, limited-time offers, or the chance to join an exclusive group.

Once victims take the bait and invest their money or provide personal information, they often find themselves defrauded. The scammers may disappear, or the platform may turn out to be non-existent. As with other scams, it’s essential to conduct thorough research and remain skeptical of offers that promise quick and substantial gains with minimal risk.