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Author Topic: [Guide] How to detect fake token and spot scammers.  (Read 336 times)
Coolcryptovator
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October 13, 2018, 04:35:53 PM
Last edit: October 13, 2018, 05:36:59 PM by Coolcryptovator
 #1

I have noticed few case about fake token. Scammers are trying to scam by new way. I have remember 3 case with fake token.

1. Airdrop of fake token.
2. Fake collateral for loan.
3. Promote/sale fake token.


Airdrop of fake token.
I have noticed and remember that someone's promoting a airdrop with fake token. It was happened on outside of forum. Airdrop form have asked for send gas fee to their contract address. But once I check token contract it wasn't real one. Someone just create fake token and airdrop form to scam people's. Usually we are much greedy. Just think if scammer reached to 1 million people's than how much they could raise only from gas fee ? So if you found any airdrop like this than must be check on their website, ANN thread and bounty thread. Just use Google search and you will able to find it. Also same trap on telegram airdrop bot. I have found a similar case, check it here.

Fake collateral for loan.
I have noticed a scammer send fake token for collateral of loan. You can check this case here. Lender wasn't aware about that fake token and he send btc for loan. But scammer exit with fund. Once lender check token for sale than he saw that sent token is fake. Original token contract and scammer sent token contract isn't same. So be aware about if you found same case.

Promote/sale fake token.
This case are ongoing. You can check more details here. A scammer team has been promoting fake Telcoin token. They have added this token in forkdelta manually. But really this is fake contract address. They are trying to sale in low price. But original token has listed also on forkdelta. But both token contract is different. So if any greedy people's try to buy this fake token means he will get scam.


So what should we do if found similar case?

Actually this is very simple. I think most of us already know process, this post especially for newbie. If you found airdrop case that is ongoing ICO, then check their website, ANN thread and bounty thread. Also you can check their other social modes. Just use Google search than you will get result. Don't send any eth for airdrop gas fee. Usually ICO hasn't been asking for gas fee. If ask someone than verify the contract address from website.

If you found case like collateral of promoting fake token than simply use CMC for 100% confirmation. You can search on CMC for any token. Than click on token name. You will see full details. I will show how you will find contract address of original token.


Step- 1. Open CMC website, https://coinmarketcap.com and use search button. Like I will search "TEL" than click on TEL or your searched token. If already listed on CMC than it will show.


Step- 2 :  Now there will be full details of token. You can see I have marked explorer. Just click on there, it will redirect you original token contract address.



Step-3; Now you can match with fake token contract and original token contract. Fake token contract will always different from original. Two token contract address can't be same ever. Creator could be same address. But contract address will never match each other.



On addition: You can find there easily that, This token are trading on how many exchange. You can see bottom of page, there is market option. Just simply click on it and you will see that token are trading on which exchange.





I believe if you follow above step scammer will not able to scam you by fake token. Usually scammer will not create coin. Even create coin process are same.

Note: As far as I know it's very easy to create token on ethereum network. They just need gas fee to deploy token. I don't think more than 5$ need.

However if you found similar case than please make a thread on Scam Accusation board. Just don't save yourself, try to save others forum member's.  


Apologize for my broken English. Stay safe, prevent Scam and help forum.




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October 14, 2018, 07:31:52 AM
 #2



Scammers and people of the same mindset can get so creative just to fool people and grab some hard-earned money by fooling people. Right now it has become unfortunate that cryptocurrency has been utilized by many scammers to get what they want and they are usually appealing to our sense of greed by offering alleged profitable ventures. We should learn from the lessons of other people and always be careful that we are not victimized by these people who are just waiting on the sideline so they can poach on anyone. Scammers are the bad apples that must be taken out from the crates.

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October 15, 2018, 04:22:06 PM
 #3

Many newcomers to this market will not understand this. They are exploited and appropriated by the bad guys. I have seen a lot of cases lose money because of lack of understanding. Your writing is also part of helping newbies learn useful knowledge and avoid scams. Thank you
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October 16, 2018, 11:57:03 AM
 #4

Well this is a nice post. But you treating a post that is very important to everyone and that's includes the newbies I honestly feel it should have been  less complicated and summarized

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October 16, 2018, 03:48:33 PM
 #5

It is something everyone not very experienced in this sphere must read. And it really is a very good point about airdrops. So many people fall for that.
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October 26, 2018, 07:21:00 AM
 #6

Thanks Coolcryptovator, as usual excellent advice!
Unfortunately most of the "victims" (a little voluntary despite everything) do not read anything and act without any discernment...hundreds of members participate in scam projects, also being scammers...it is an endless cycle!


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October 26, 2018, 05:34:03 PM
 #7

Well. It's absolutely a nice information for us even within very short time I was planning to involve into some airdrop campaign so now have to check those site very carefully. Thanks again
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October 26, 2018, 05:41:27 PM
 #8

I have noticed few case about fake token. Scammers are trying to scam by new way. I have remember 3 case with fake token.

1. Airdrop of fake token.
2. Fake collateral for loan.
3. Promote/sale fake token.


Airdrop of fake token.
I have noticed and remember that someone's promoting a airdrop with fake token. It was happened on outside of forum. Airdrop form have asked for send gas fee to their contract address. But once I check token contract it wasn't real one. Someone just create fake token and airdrop form to scam people's. Usually we are much greedy. Just think if scammer reached to 1 million people's than how much they could raise only from gas fee ? So if you found any airdrop like this than must be check on their website, ANN thread and bounty thread. Just use Google search and you will able to find it. Also same trap on telegram airdrop bot. I have found a similar case, check it here.

Fake collateral for loan.
I have noticed a scammer send fake token for collateral of loan. You can check this case here. Lender wasn't aware about that fake token and he send btc for loan. But scammer exit with fund. Once lender check token for sale than he saw that sent token is fake. Original token contract and scammer sent token contract isn't same. So be aware about if you found same case.

Promote/sale fake token.
This case are ongoing. You can check more details here. A scammer team has been promoting fake Telcoin token. They have added this token in forkdelta manually. But really this is fake contract address. They are trying to sale in low price. But original token has listed also on forkdelta. But both token contract is different. So if any greedy people's try to buy this fake token means he will get scam.


So what should we do if found similar case?

Actually this is very simple. I think most of us already know process, this post especially for newbie. If you found airdrop case that is ongoing ICO, then check their website, ANN thread and bounty thread. Also you can check their other social modes. Just use Google search than you will get result. Don't send any eth for airdrop gas fee. Usually ICO hasn't been asking for gas fee. If ask someone than verify the contract address from website.

If you found case like collateral of promoting fake token than simply use CMC for 100% confirmation. You can search on CMC for any token. Than click on token name. You will see full details. I will show how you will find contract address of original token.


Step- 1. Open CMC website, https://coinmarketcap.com and use search button. Like I will search "TEL" than click on TEL or your searched token. If already listed on CMC than it will show.


Step- 2 :  Now there will be full details of token. You can see I have marked explorer. Just click on there, it will redirect you original token contract address.



Step-3; Now you can match with fake token contract and original token contract. Fake token contract will always different from original. Two token contract address can't be same ever. Creator could be same address. But contract address will never match each other.



On addition: You can find there easily that, This token are trading on how many exchange. You can see bottom of page, there is market option. Just simply click on it and you will see that token are trading on which exchange.





I believe if you follow above step scammer will not able to scam you by fake token. Usually scammer will not create coin. Even create coin process are same.

Note: As far as I know it's very easy to create token on ethereum network. They just need gas fee to deploy token. I don't think more than 5$ need.

However if you found similar case than please make a thread on Scam Accusation board. Just don't save yourself, try to save others forum member's.  


Apologize for my broken English. Stay safe, prevent Scam and help forum.





A nice post. A few days back I made a similar post detailing how Scammers where ripping people off in the name of TELCOIN ARBITRAGE. Do check out my post and you add the way these scammers have taken advantage of blockchain in ripping off investors in the name of Arbitrage. I had seen a total of buying worth 20-30 ETH on the scammers forkdelta page.
https://bitcointalk.org/index.php?topic=5041006
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November 25, 2018, 10:58:05 AM
 #9

this will be a great experience, I know that there are a lot of scamers where, more and more people are getting to know crypto, more and more scammers are guilty of selling tokens or the like,
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January 19, 2019, 07:09:28 PM
 #10

UP. Even me I find this thread to read again. Newcomers are welcome to learn here on how to spot fake token. Since I already know about  this but one thing i'm sure is that fake tokens are not in market unless it is not fake. Dead tokens are almost the same as fake token where there's no value to be seen so first to explore is the contract if it is the contract of the token like the guide.

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