Bitcoin Forum

Guys be careful of the following crypto projects as they all have one thing in common, and this is the first rule for me to spotting scam crypto projects, we are here looking for the next x20 crypto project when altcoin season returns and these bad people are here to give investors like us false hope.

Whenever you are doing your research on a project and the node dashboard looks like below, run, no matter how much you think it is legit.

https://i.postimg.cc/ncg7T1r3/2024-08-26-08-11-26-312.jpg

Gelios - The team went MIA.
Xally AI: A Bitcoin Layer 2, they offer Node sales and the damn dashboard people is sketchy.
Navy AI: the dashboard of the node sale of Xally AI is same/identical to that of Navy AI, like it belongs to the same people.

SynonAI, also the same with Xally AI and Navy AI.
TONSquare: same damn dashboard.

You could say that this isn't enough evidence that these projects all scam, well the entire communication hubs have came to not active anymore, no more communications, Xally, gelios and others, dead.

A total fund of 184 ETH and Thousands of BNB was moved by the team from Xally to binance , same as Helios, at first the team claimed it was necessary but now the funds are gone.

Be careful with AI projects, just because they are the most top niche in crypto space today makes it a better target for scam developers. Making things easier is no always good, this is a big concern with crypto as anyone can just run a code and get a block chain project ready in minutes.

Thank you for the update, alot is expected to go wrong with AI projects just like every other hype projects, as there is legit project so are there scam projects, the cryptocurrency market is much vulnerable to scammers and the reason because of the hieght of privacy and decentralisation in the cryptocurrency space.


But then we need to do our own part so as to stay safe in the crypto space and only pay attention to solid projects like bitcoin and less for altcoins most especially the new wave in the market like memecoins and the AI projects.

These days there are lots of predators out there who are ready to steal our crypto assets, cheaply or more elegantly, it's up to us to be clever in doing research.


You said that we might think the evidence you provided was not strong enough for the claims you made, the proof of funds transfer that you mentioned could be additional evidence to strengthen the evidence you have, so it would be better for you to include an on-chain TX-ID from the transaction you said.

Scammers and hackers go where the money is, and they go for what's trending in the industry. First, we have the NFT, then the memes, and now we have the AIs. All of these trends have a share of scammers on them, so if you're going with the flow and investing in what's trending in the market, be sure you arm yourself with the knowledge on how to trace these fake projects.

Scammers and hackers are skilled at imitating good projects, so be sure to check the reviews, comments, and insights of other investors and that the investors you are checking for advice are not shills for scam projects.
Experience is a good teacher when it comes to investing in Cryptocurrency, so take all the best experience and listen to experienced investors that will not sell you.

Usually they find a honey pot on crypto and they try to join with latest trend since they know the attention of people is there and provably that they can catch as many investor as they can especially if they join on the hype.

This is why its important to know that we should not join on used or repetitive names since obviously they would end up as scam. Maybe good to invest on first who introduce the project since they have chance to succeed or maybe we should forget about investing on these scam tokens. We see a lot of experiences that they end up being scammed that's why we must learn from other and just go to reputable coins since this is more better decision when it comes on investment.

So they pulled classic ICO, not even collecting trough launchpads on centralized exchanges? I didn't think people would fell to these, but i guess when newbies don't have experience about past scam types, they fall for them again and again. I am certain that at some point cloud mining pyramid scams will come back, those were popular in the past, because first they paid, and new people certainly will fall for those, if they fall for icos. I admit that they are flavoured with AI, so scams aren't as easy to catch.

And about those AI projects: Those are not going to stop. There are obvious AI bots writing in bitcointalk as well, but those are hard to prove. What we can look at is the tone they are writing. If it's just generic and polite vague crap with trendy subjects and hyped words without any meaningful substance, it's always AI. AI doesn't invent anything new in terms of coding. It's not smart, and shines only in plagiarism. But it's not like it's all bad. It can be a tool to teach people how to regocnize AI content, because AI's mistakes are often very different from human mistakes.

It’s always important to DYOR but sometimes even that won’t save you. I invested in a presale in March & it turned out to be a rug pull. When it was time to claim their site wasn’t working & during this time they were rugging us. Since then I have claimed but there is no liquidity & the tokens are near worthless. It’s a jungle out there, only invest what you can afford to lose & just hope for the best.

I totally agree both with OP and you. It's essential to stay vigilant and not hope for good things ahead for trendy projects especially, always check all things that you can and keep doing it while it's possible with the recourses given.

In last one decade, we have crypto world is heaven for the scammers and hackers because they have enough things for staying without doing anything and still many things are favouring them because we are having the biggest newbies base mostly they are not well aware about these tactics and things which bring by these scammers and then as they feel comfortable they are having their own charisma work, and they disappear with the hard-earned money from them even we are having too much about awareness, but greediness always kills, and we are having nothing to do about these things.

As OP is doing it's good try to keep things on track and spread of knowledge about this all but still we need more strong platforms about this because with the unity and well awareness we can achieve better results in future otherwise these will be stayed rich without having any hard work.

Yes, this is the primary rule when you are really that making some investment here on this space on which you would really be needing up for you to invest on the amount on which you can afford to lose.
No matter how well you do make out your own research but doesnt mean that you would be saving up yourself on potential scams. We cant be perfect because there are really things which do really looks legit
but ending up on being a scam and i have experience this thing for how many times already even no matter how you do make yourself that being too cautious about the potential risks but it cant be avoided
that there would really be those times or moments that you had still stepped on the same thing again and again. This is why invest on what you can afford to lose as always.

It is really that actually new to me with the current trend on scamming out investors via with those fake nodes. We do know that when it comes to interest such as this then this is something
that really looks fresh and looks legit because we've seen on how nodes do make money specially on $TIA which it is really that something worth of the invest wayback.
This is why people or investors would really be interested on diving in, but now scammers had also included into this kind of scamming method which it do really works or simply effective.

Due to the upcoming bull run, there are a lot of new projects out there that most of them were created to scam their investors and that is why one needs to be careful with how much you put into this new projects because they are like gambling and no one knows the one that is legit and will bring profit. This is why I don't invest in project or believe that I can make good profits from them because it mostly ends up the opposite way. You cannot DYOR to know which project is legit or a scam because only the dev and the insiders knows this.

I have been in such a situation in the past and it was not a sweet experience. Then everything was perfect with the project, they were fully funded and marketing was superb as well product which was a crypto payment system. Team were not anonymous and were known and reputable people who had on several occasions engaged in physical crypto conferences so everything was set to have a blast of a project so those of us who invested were waiting to enjoy a good ride with the project. Unfortunately,  when they lunched, the project died almost immediately and we all lost money. Till date they have not recovered and team became confused. So DYOR does not always lead to success, so one should always consider investing what he can afford to lose.

Most of these new projects may be just writing ink on paper in terms of the goals, developments, and technology that they will provide to their communities. After launching their token and holding a presale on IDO platforms to gather significant funds from investors, they often faiil to deliver on their promises, leaving investors with significant losses.

The matter does not stop at the artificial intelligence sector only. Still, it is attractive to these unethical developers to attract those who aspire to achieve huge returns through their project that will provide new and innovative technology to the industry and which will affect the performnce of their token. Therefore, there are many copycats and imitated projects in the market, so DYOR does not stand on one side or two sides only. This must be comprehensive of many matters and comparisons to choose the unique project that may stand out, and if DYOR is not enough with new projects, the investors can rely on established and old projects in the market instead.

Any project that has to do with node sales is simply a no, no for me. Since the success of XAI and Aethir, there have been dozens of similar projects. As a matter of fact, there was one that was offering a nose sale on X in early 2024. They were doing plenty of discounted sales and happy hours just so they can lure people to make payments. Whenever a new narrative cooks, there would be plenty of wannabe copycats that are simply just scams. I tend to avoid these.

Just like with tap games, you are right ;D I didn't go into the XAI or Aethir, so I appreciate your input and experience. It's essential to not lose yourself in the trends that are going on because there will be always people luring others into the pot.

You can minimize the risks, but they still will be there, you are right. DYOR is still needed though, it's non-negotiable if you don't want to gamble on your funds, of course.