What are scam tokens #

Scam tokens are cryptocurrencies used by bad actors to trick you into losing funds. They can take many forms. From tokens designed to be unsellable, to projects that disappear after attracting buyers, to tokens that include instructions in their name or description directing you to a malicious site or transaction.

Because wallet addresses are public, anyone can send tokens to your wallet. Receiving a token doesn't mean you bought it, and it doesn't harm your wallet on its own. Risk comes from engaging with the token.

Common types of token scams #

Fake token airdrops #

Unsolicited tokens sent to your wallet to lure you into visiting an external site. Do not interact with tokens you didn't buy.

Pump-and-dump tokens #

A token is heavily promoted to drive up the price, then sold off by those behind it. The price drops quickly, leaving other buyers with tokens that have little or no value.

Honeypot tokens #

These tokens appear tradeable but are designed so that only certain wallets can sell. Buyers are unable to recover their funds.

Rug pulls #

A project attracts buyers and builds apparent legitimacy, then the creators withdraw funds and abandon it. This is common with new tokens that promote limited-time opportunities or guaranteed returns.

Impersonation tokens #

These tokens copy the name, ticker, logo, or branding of a real project to get you to buy the wrong asset. Always verify the contract address before buying, even if everything else looks familiar.

How to spot and avoid scam tokens #

Scams can be hard to spot, but knowing what to look for before you buy and inside your wallet can help you protect your funds.

Before you buy #

Watch for these warning signs when researching a token or project:

• Promises of guaranteed returns or risk-free rewards
• No verifiable information about the team or project
• Heavy focus on rewards with no clear product or purpose
• Urgency tactics like limited time offers or countdown timers
• Poor quality website with vague language, broken links, or missing details
• Manufactured hype on social media with no real community behind it
• Very low liquidity or market cap combined with sudden price spikes
• Phantom displays a warning on the token. Always read these before proceeding

For help verifying a token before you buy, see Understanding token security signals.

Inside your wallet #

Phantom will never ask you to claim a reward, or connect your wallet to any third party site. Anyone telling you otherwise is attempting to steal your funds. Watch out for:

• Tokens that appear in your wallet that you didn't buy
• Links in token names or descriptions
• Sites asking you to verify your wallet or claim a reward
• Tokens with names or logos similar to ones you already own

What to do #

• Always search for a token by its contract address, not its name or symbol
• If a token appears in your wallet unexpectedly, do not click anything and do not try to swap, sell, or send it. Hide and report it in Phantom
• If something feels off, don't interact

If you interacted with a scam token #

If you think you've already interacted with a scam token, see I was scammed or my wallet was drained. What can I do? for next steps.