Be Aware of Scams as Crypto prices goes up!

[uniquark]

Thanks for sharing this information. However in reality, it's very tough to find the scan at it's early stage. Hope there will be some way to find out very soon to prevent this kind of scams.

It's easy to identify these scams if you're not greedy about quickly making a large amount of money in a short time. All of my promises to earn profits above 1.5% per day are all signs of fraud

[cahbagus555]

That's true because scam projects and ico's would take this market's opportunity to conduct a project that is only fraud and scam. We should be aware on what ico or project we would enter, we should do first a background research about the project, team, and staffs if they are simillar with the ones who have scam accusations.

Scammers always trying to steal our money and they use many ways to scams us. If we think many ICOs are scams, better invest when the project listed in exchangers and right now, IEOs more popular than ICOs

[andika2018]

I myself got scam by Icenter. I knew it was ponzi-like scam, thinking I can exit before I got ripoff BUT they were cleverer and exited before I could.

You see, this is how many people that has fallen a victim of these scam ico has operated in this industry, they tend not to do enough research or go for quality project before investing, and they pick project randomly by just assuming it will be a good one or one that they can quickly take advantage of even if they are bad.

The way you think is the way many other thinks out there, so you might not be lucky to be the first that will be successful in the game before it blows out, would it not have been better you invested that money in bitcoin or top 20 coin than the way you lost it deliberately on this project?

Its better to join in some IEOs from big exchangers. Its more legit because managed by exchanger and they must be make their own research before held IEOs. Many investor lossing trust on ICOs because too many scam in 2018 and hopely there is regulation about ICOs in near future

[Kezacky]

That's true because scam projects and ico's would take this market's opportunity to conduct a project that is only fraud and scam. We should be aware on what ico or project we would enter, we should do first a background research about the project, team, and staffs if they are simillar with the ones who have scam accusations.

Scammers always trying to steal our money and they use many ways to scams us. If we think many ICOs are scams, better invest when the project listed in exchangers and right now, IEOs more popular than ICOs

The IEO currently has public support quickly based on what they have done related to the stock exchange when the project has finished. but that does not mean that the IEO is not a fraud, they may turn out to be bad if the opportunity arises. whatever it is, whether it's IEO / ICO, my advice is don't be easy to believe, always be on the alert, and if there is suspicion it's better to avoid it.

[fabuloveu]

Since last year prices dive, many scams also exited causing a double whammy to victims. As prices starts to pick up, expect another round of scamming to surface soon enough.

Below is and article about crypto scamming that occured previously. Only knowledge can prevent us from getting scammed.

Original article here: https://www.channelnewsasia.com/news/commentary/cryptocurrency-bitcoins-scams-crime-fraud-investors-lose-billion-11534842

It is important we have this kind of message often on this forum. But as much as greed still lives, people will see the message and still fall victim of scam because of greed. My advice to everyone is to checkup all the existing alt and invest it. they are very cheap and affordable now.

[xvids]

Not just when the price goes up we should always be cautious when it comes to our money specially in crypto currency,
We know that scammer would do anything for money ,
The crypto price is getting higher and the scammers and hackers would be active at this time for sure so be careful on the links that you would see ,free money that you would hear  because they might be the reason why you would lose your money.

[KennyR]

That's true because scam projects and ico's would take this market's opportunity to conduct a project that is only fraud and scam. We should be aware on what ico or project we would enter, we should do first a background research about the project, team, and staffs if they are simillar with the ones who have scam accusations.

Scammers always trying to steal our money and they use many ways to scams us. If we think many ICOs are scams, better invest when the project listed in exchangers and right now, IEOs more popular than ICOs

ICO's were truly the best years back to get good profit, but things changed when more ico's strike the market with similar project backing. These days IEOs keep on coming and there is good number of projects for investing. Over the days, through IEOs more scams will emerge. It is us who keep things more analytic and get the best.

[Mikhail.YT]

Since last year prices dive, many scams also exited causing a double whammy to victims. As prices starts to pick up, expect another round of scamming to surface soon enough.

Below is and article about crypto scamming that occured previously. Only knowledge can prevent us from getting scammed.

Original article here: https://www.channelnewsasia.com/news/commentary/cryptocurrency-bitcoins-scams-crime-fraud-investors-lose-billion-11534842

Commentary: How are investors still falling for cryptocurrency scams?
By Nir Kshetri, Channelnewsasia

One scam cryptocurrency founder defrauded investors billions by convincing others that their nonexistent cryptocurrency was real, Nir Kshetri at University of North Carolina-Greensboro points out.

GREENSBORO, North Carolina: Millions of cryptocurrency investors have been scammed out of massive sums of real money.
In 2018, losses from cryptocurrency-related crimes amounted to US$1.7 billion. The criminals use both old-fashioned and new-technology tactics to swindle their marks in schemes based on digital currencies exchanged through online databases called blockchains.
From researching blockchain, cryptocurrency and cybercrime, I can see that some cryptocurrency fraudsters rely on tried-and-true Ponzi schemes that use income from new participants to pay out returns to earlier investors.
Others use highly automatised and sophisticated processes, including automated software that interacts with Telegram, an internet-based instant-messaging system popular among people interested in cryptocurrencies.
Even when a cryptocurrency plan is legitimate, fraudsters can still manipulate its price in the marketplace.
An even more basic question arises, though: How are unsuspecting investors attracted to cryptocurrency frauds in the first place?

FAST-TALKING SWINDLERS
Some cryptocurrency fraudsters appeal to people’s greed, promising big returns. For example, an unknown group of entrepreneurs runs the scam bot iCenter, which is a Ponzi scheme for Bitcoin and Litecoin. It doesn’t provide information on investment strategies, but somehow promises investors 1.2 per cent daily returns.
The iCenter scheme operates through a group chat on Telegram. It starts with a small group of scammers who are in on the racket. They get a referral code that they share with others, in blogs and on social media, hoping to get them to join the chat.
Once there, the newcomers see encouraging and exciting messages from the original scammers. Some newcomers decide to invest, at which point they are assigned an individual bitcoin wallet, into which they can deposit bitcoins. They agree to wait some period of time – 99 or 120 days – to receive a significant return.
During that time, the newcomers often use social media to share their own referral codes with friends and contacts, bringing more people into the group chat and into the investment scheme.
There’s no actual investment of the funds in any legitimate business. Instead, when new people join, the person who recruited them gets a percentage of the new funds, and the cycle continues, paying out to earlier participants from each round of newer investors.
Some members work especially hard to bring in new funds, posting tutorial videos and pictures of themselves holding large amounts of money as enticements to join the scam.

LIES AND MORE LIES
Some scammers go for straight-up deception. The founders of scam cryptocurrency OneCoin defrauded investors of US$3.8 billion by convincing people their nonexistent cryptocurrency was real.
Other scams are based on impressing potential victims with jargon or claims of specialised knowledge. The Global Trading scammers claimed they took advantage of price differences on various cryptocurrency exchanges to profit from what is called arbitrage – simply buying cheaply and selling at higher prices. Really they just took investors’ money.
Global Trading used a bot on Telegram, too – investors could send a balance inquiry message and get a response with false information about how much was in their account, sometimes even seeing balances climb by 1 per cent in an hour.
With returns looking like that, who could blame people for sharing the scheme with their friends and family on social media?

EXPLOITING FRIENDS AND FAMILY
Once a scheme has started, it stays alive – at least for a while – through social media. One person gets taken in by the promise of big returns on cryptocurrency investments and spreads the word to friends and family members.
Sometimes big names get involved. For instance, the kingpin behind GainBitcoin and other alleged scams in India convinced a number of Bollywood celebrities to promote his book Cryptocurrency For Beginners.
He even tried to make himself a bit of a celebrity, proclaiming himself a “cryptocurrency guru,” as he led efforts that cost investors between US$769 million and US$2 billion.
Not all the celebrities know they’re involved. In one blog post, iCenter featured a video that purported to be an endorsement by Dwayne “The Rock” Johnson, holding a sign featuring iCenter’s logo. Videos of Justin Timberlake and Christopher Walken were deceptively edited so they appeared to praise iCenter, too.

FRAUDULENT INITIAL COIN OFFERINGS
Another popular scam technique is called an “initial coin offering”. A potentially legitimate investment opportunity, an initial coin offering essentially is a way for a startup cryptocurrency company to raise money from its future users: In exchange for sending active cryptocurrencies like bitcoin and ethereum, customers are promised a discount on the new cryptocoins.
Many initial coin offerings have turned out to be scams, with organisers engaging in cunning plots, even renting fake offices and creating fancy-looking marketing materials.
In 2017, a lot of hype and media coverage about cryptocurrencies fed a huge wave of initial coin offering fraud. In 2018, about 1,000 initial coin offering efforts collapsed, costing backers at least US$100 million.
Many of these projects had no original ideas – more than 15 per cent of them had copied ideas from other cryptocurrency efforts, or even plagiarised supporting documentation.
Investors looking for returns in a new technology sector are still interested in blockchains and cryptocurrencies – but should beware that they are complex systems that are new even to those who are selling them. Newcomers and relative experts alike have fallen prey to scams.
In an environment like the current cryptocurrency market, potential investors should be very careful to research what they’re putting their money into and be sure to find out who is involved as well as what the actual plan is for making real money – without defrauding others.
Nir Kshetri is professor of management at University of North Carolina-Greensboro. This commentary first appeared on The Conversation.

Source: CNA/nr

Thanks for the reminder my friend. This is one of the things that I thought of when I'm seeing the prices go up again. Just to recall when ETH was around 600ish and ICO's were a hot trend, that was the time when there were so much scams and they all disappeared when the market dropped. And now that it's starting to climb back up, yes. We might expect these scams to come back again. Good thing though that we now have IEO's which provides security to us, investors instead of the traditional ICO's. I participated in one IEO that didn't only sell out their first round of IEO, but together with their private sales. IEO's allows us to see what we invested at rather than waiting for the tokens to be released at the traditional fund raising to be finished

[GGmith]

Thanks for sharing this information. However in reality, it's very tough to find the scan at it's early stage. Hope there will be some way to find out very soon to prevent this kind of scams.

It's easy to identify these scams if you're not greedy about quickly making a large amount of money in a short time. All of my promises to earn profits above 1.5% per day are all signs of fraud

need to be aware of such signs, even I don't dare to take advantage of 1.5% a day both in investment or trade, except with bitcoin I believe that because bitcoin has given me profits after what happened yesterday with the increase in the price of bitcoin.

[Chika08]

Yea that reminds me of 2017 market boom and many scam and fake projects came up and duped many. I also hear bitconnect is trying to open up again. This is time to be more careful

[maculeth]

That's true because scam projects and ico's would take this market's opportunity to conduct a project that is only fraud and scam. We should be aware on what ico or project we would enter, we should do first a background research about the project, team, and staffs if they are simillar with the ones who have scam accusations.

it's easy, don't join for a new project because they will certainly commit fraud that takes advantage of rising market trends. while there are still many old projects that have not made payments even though the market trend has started to rise.

[Astvile]

That's true because scam projects and ico's would take this market's opportunity to conduct a project that is only fraud and scam. We should be aware on what ico or project we would enter, we should do first a background research about the project, team, and staffs if they are simillar with the ones who have scam accusations.

Actually last bullrun where bitcoin is so high many icos are succesful on paying members both bounty and investors compared to when bitcoin is totally dump.But scammers does not follow a pattern so they may scam this time around so becareful

[el kaka22]

Scams do not stop in real life neither, there are scams that have been going on with fiat for centuries now, even during Greek/Macedonian/roman times (even as far as Egyptian times) there were scam artists who stole money from people, so it would be naive to think that bitcoin or any crypto would stop that. Just like when crypto was used to buy drugs and hire hitman to kill people how everyone claimed "bitcoin causes drug usage!!", well no it didn't people used dollars and fiat way before bitcoin started to actually buy drugs, now its just provides privacy on top of that.

Scams will never end, it didn't end with fiat, it didn't end with banking revolution and it will not end with crypto neither, people who are looking to make a quick buck from fooling people will continue to exist forever.

[masterrex]

Cryptocurrency base fraudster is like hiding in the dark, thats why they are very active nowadays! In some intances they used their real identity to prove that the project or investment they offered is true and legit. so we better extra careful and the best thing to do is double check any platforms or investments site that you want to get involve or before you join or invest, observe precautionary measures in everything you do specially when the money is getting involve. scams are always present anywhere the fraudsters are just waiting the right time to strike and devour its victim. specially when the market was hot and showing impressive performance like these days so goodluck everyone.

[Kemileye]

I myself got scam by Icenter. I knew it was ponzi-like scam, thinking I can exit before I got ripoff BUT they were cleverer and exited before I could.

Really, I got to know about icenter late last year and I was told they are very legit and have a well organized blueprint for the investment plan. I am actually surprised seeing that I center is a scam.

[Dexion]

Really, I got to know about icenter late last year and I was told they are very legit and have a well organized blueprint for the investment plan. I am actually surprised seeing that I center is a scam.

because indeed sometimes projects that look promising and are likely to succeed can also be a scam. it all depends on the commitment of the developer and team. sometimes from the beginning they were serious about working on the project but in their journey they became greedy and escaped investors' money.

[Andrey13101991]

Yea that reminds me of 2017 market boom and many scam and fake projects came up and duped many. I also hear bitconnect is trying to open up again. This is time to be more careful

as soon as the market shows growth - there are many scammers who want to deceive people. I'm sure when even greater growth begins there will be a lot of people who will lose their money

[Gabmot]

Truth undiluted! I could remember truly as regards several vases of scams coming from wicked folks seizing the opportunity of many rushing into crypto to pitch their tents there cos first, many saw it as a way to make huge money so quick. Second, many sees it as their saviour away from some options like Real estate and the likes, where they think they can't get quick money as they can with crypto. Hence,  we must be careful again this time around.

[Wale777]

You are right we all have to be at alert and don't be victim of scam as another bullrun just ushered in, be informed and don't be fooled by scammers, they can use the opportunity of this rise in price to get people in their net as people are motivated to invest more because of the positive market. Be careful with every transaction

[Vaculin]

You are right we all have to be at alert and don't be victim of scam as another bullrun just ushered in, be informed and don't be fooled by scammers, they can use the opportunity of this rise in price to get people in their net as people are motivated to invest more because of the positive market. Be careful with every transaction

Yes. We should always be careful  in every decisions we made so that we will not be taken advantage with the scammers around. It's best to be always aware on the different investments we made especially now that the market is finally making its growth from the struggles we had in the previous months.