There's no end to the drama in crypto these days. A few days ago, it was the fake liquor scandal; today, I saw a KOL leading followers into an altcoin pump-and-dump. With the market this quiet, everyone should stay alert. Don't put any KOL on a pedestal—see through the mystique. Don't pin your hopes of making money on someone else; some KOLs may be even poorer than you!

At the moment, Binance Square is the most established platform of its kind among exchanges. Scammers and fraud rings have their eyes on all the fish swimming around there, too. Here are a few common scams to watch out for:

1. Trading signals (This really tests your mindset; technical skill is only one part of it. I won't even get into the gamblers who blow up their accounts by following signals too often. Some traders are good at trading on their own, but once they start offering signals and the amount of followers’ funds grows, their mindset changes. This can also lead to liquidation or the risk of holding losing positions—or adding more margin themselves.)

2. Fee rebates (Binance's official red line for spot and futures trading fee rebates is 20%. If you go over 20% and someone reports you, you could lose your Binance Captain status. No one doing this at scale wants to take that risk. People who run referral campaigns can offer rebates of up to 45%, but they also have limited slots—not everyone who asks gets approved as a referral partner. Binance Captains can offer up to 50%, but they are evaluated every quarter; you can't just hand out 50% to anyone. Take a look at those offering more than 20%: either they're not operating at scale, or they're small. Big KOLs won't offer huge rebates—not because they don't want to, but because they can't cross that red line. I've had several people try to bait me by claiming to pay hundreds of thousands of U in monthly fees, and I turned them all down.)

3. People who only show off profits from opening positions and claim they're making money every day. The goal is to play on your admiration for the successful, then funnel you to a small exchange where they can collect hefty fees from you. Some even profit directly from their clients' losses.

4. Paid groups. This is also one of the ways KOLs monetize their audience. Opinions differ, and I've seen plenty of people say they're not worth the money or that they lost money after joining. Of course, there are good paid groups too—you'll have to find them yourself.

5. People who are constantly hyping up altcoins. Keep your eyes open: you never know when the altcoin they're promoting is one they're involved in themselves, or one they're dumping in coordination with the project team. Don't be left holding the bag—stay away from altcoins!

6. People selling software or investment products and boasting about how amazing they are and how much they can make every month. Remember, you're not their ancestor—if there were a reliable way to make money, it wouldn't be available to us.

In crypto, all we see every day are stories of people making money or getting rich overnight. They stir up that desire within us to escape an ordinary life, and our restless minds can no longer settle down. Every day, we're looking for gurus and experts to help us make money. In real life, would someone with money bring someone broke along for the ride? If they would, either you're very close, or they want to take advantage of you. In crypto, why would someone who's never even met you help you make money? Focus on improving yourself. Learning more technical skills and building trading experience and market intuition are worth more than anything else!