Cryptocurrency Myth: Bust the Biggest Lies in Crypto Today

When people talk about cryptocurrency myth, a false belief about how crypto works that leads to financial loss or confusion. Also known as crypto scams, it's not just misinformation — it's a weapon used by bad actors to steal your money. You’ve probably heard that you can get rich overnight from a free airdrop, or that a new exchange is ‘the next Binance.’ Those aren’t rumors. They’re traps.

Take airdrop scams, fake token distributions that trick users into connecting wallets or paying fees. Posts here show how the "VLXPAD Grand Airdrop" never existed — only a MEXC trading reward. Same with SUKU NFTs and HyperGraph HGT: no official drops, just phishing links. Scammers copy real project names, tweak a word, and wait for you to click. They don’t need your password. They just need you to sign a transaction that empties your wallet.

Then there’s crypto tax myths, false ideas about when and how you owe taxes on crypto. Some say you only pay tax when you cash out. Others think if you trade one coin for another, it’s tax-free. Vietnam’s new 0.1% transaction tax proves that’s wrong — every trade counts, even if you lost money. Ignorance isn’t a defense. Tax agencies are tracking blockchain activity now, and they’re not asking nicely.

And what about fake crypto exchanges, platforms that look real but vanish with your funds? COSS locked users out in 2021. Beeblock doesn’t exist. United Exchange has zero reviews and no security info. These aren’t startups — they’re fronts. They promise low fees, fiat on-ramps, or margin trading. But if you can’t find a single independent review, or their website looks like it was built in 2017, walk away.

Even "legit" projects like BabySNEK or Howl City hide empty promises. They claim to link NFTs to physical objects or run racing games. But no one can play. No team is active. The market cap is a ghost. These aren’t scams in the classic sense — they’re just dead. And people still throw money at them because they believe the myth that "if it’s on blockchain, it must be valuable."

Here’s the truth: crypto doesn’t reward belief. It rewards understanding. The most dangerous myth isn’t that crypto is a bubble. It’s that you don’t need to do your own homework. Every post here pulls back the curtain — on airdrops that don’t exist, exchanges that are gone, tokens with no users, and tax rules that trip up beginners. You won’t find hype. You’ll find facts. What you do with them is up to you.