How to Identify Cryptocurrency Scams

[Thefrolly]

Scammers are gradually taking our community, and for us to be fully armed and prepared to fall as victims, we have to actively equip ourselves with proper knowledge and information that would give us a foresight towards projects. I think many people fall as victims to these scammers because they are not proper aware of what a good project should entail. Sometimes, it is not so hard to spot a fake project from a real one.

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[Dreamr]

Hey, this recently published article on how to avoid risky investments and spot frauds mentions our forum  

Link: https://medium.com/@Peter_UXer/how-to-identify-cryptocurrency-scams-813c32816ddf?source=friends_link&sk=da150ce8128c348da4b0dfdbf57e8e12

I think the best way to identify the SCAM project is by looking at the team, the team of developers. SCAMMERS always try to hide their own identities and domain information, they often use fake identities without a link to their LinkedIn profiles. When you see something doggie with the team or domain registration stay away.    

[Colt81]

Hey, this recently published article on how to avoid risky investments and spot frauds mentions our forum  

Link: https://medium.com/@Peter_UXer/how-to-identify-cryptocurrency-scams-813c32816ddf?source=friends_link&sk=da150ce8128c348da4b0dfdbf57e8e12

I think the best way to identify the SCAM project is by looking at the team, the team of developers. SCAMMERS always try to hide their own identities and domain information, they often use fake identities without a link to their LinkedIn profiles. When you see something doggie with the team or domain registration stay away.    

In my own opinion, it is hard to predict if the project is a scam or not because there are still projects that has a good whitepapers and has a great team, but their project is a scam or a fraud. That is why we should properly check every details in a project for us to know if it is a scam or not.

[sapnu]

Hey, this recently published article on how to avoid risky investments and spot frauds mentions our forum 

Link: https://medium.com/@Peter_UXer/how-to-identify-cryptocurrency-scams-813c32816ddf?source=friends_link&sk=da150ce8128c348da4b0dfdbf57e8e12

You can actually see it first at the whitepaper of that cryptocurrency since it is the most important thing in a campaign/project, it serves as the backbone of the project because all the plans and mission is stated there. Also you can check the team of that particular project and check if it obviously legit. Another thing you should consider of identifying scam projects is the moderator or the bounty manager itself if the account is in low trust or called red trust. Another and the last thing you should consider is the reviews of other people who are buying or joining that project since they experienced that themselves. You should consider these things for you to protect your money and to achieve your goal here which is to earn money by trading or different kind/way of earning here. Because in a place like these there are lots of scammers since we are making money here.

[lepbagong]

Hey, this recently published article on how to avoid risky investments and spot frauds mentions our forum  

Link: https://medium.com/@Peter_UXer/how-to-identify-cryptocurrency-scams-813c32816ddf?source=friends_link&sk=da150ce8128c348da4b0dfdbf57e8e12

I think the best way to identify the SCAM project is by looking at the team, the team of developers. SCAMMERS always try to hide their own identities and domain information, they often use fake identities without a link to their LinkedIn profiles. When you see something doggie with the team or domain registration stay away.    

In my own opinion, it is hard to predict if the project is a scam or not because there are still projects that has a good whitepapers and has a great team, but their project is a scam or a fraud. That is why we should properly check every details in a project for us to know if it is a scam or not.

I strongly agree and agree that to determine a scam project is not only seen from the team and the provision of the web, etc. to provide a very good explanation of the project.
because now there are already many projects that just want to make a momentary profit.
it is better to wait a week from the start of the project, is there really a lot of demand?
but that also won't guarantee being fooled in the end, so the luck factor also matters.

[doomistake]

I do not have enough experience, but I have read in a few sites to avoid :
phishing  emails(receive an unsolicited email  )
Avoid sites that are not trusted (do not contain https study the team of project
check the the White paper

You'll notice that after you joined any bounties or signature campaign, there are emails which for me is obviously a phising link but they look like legit if you are not going to pay attention. Phising sites are hard to notice in my opinion when you are in rush, for example is when the trading platform sent you an email that you successfully sold your coin, so because you are excited, you didn't notice that you accidentally added a letter to the site where you are going to, that happens to be a phising link, after that, you received an email that you successfully withdraw your funds (the hackers did).

Scammers have different new ideas just to earn money even in the dirtiest way, they have the courage because of the anonymity we have in the internet especially when we are using cryptocurrency. It could happen in just a blink of an eye, you'll know you've been scammed or hack when it is already too late.

[ChrisPop]

Decent article, but I'd stick to my simple rule: if it walks like a duck and it quacks like a duck it is most probably a duck and I trust my probabilities.   On a more serious note if something seems to be too good to be true then it probably is! But do not confound a big opportunity with a scam. When you do that you've already transformed in that skeptic guy no one likes. In order to avoid that you need to undergo a close investigation of the revenue/business/trading model of any opportunity. After all if you are an investor you need to take care of your funds & what better way to do it besides doing your own research.

[finzyoj]

I don't go any further when I want to check whether a new token or even a gambling site is scam or legit. I just go on the Scam Accusations and Reputation sub boards of this forum and there you have it, you can now filter the scam projects. For me this forum is best source of every kind of information about crypto because it is made intended for dealing with this matter. Well, Reddit is helpful too, but it is broader. The crypto community here is bigger .

[bounceback]

I can say I'm still a beginner in the world of cryptocurrency but I have asked my friends who have a lot of experience in the world of cryptocurrency, in my opinion how to identify cryptocurrency fraud if you want to explore, first see a site that is safe or not and never put your cryptocurrency account on a pishing site, in my opinion a little easy way to identify cryptocurrency fraud, especially we've read in articles posted before.

[cotton ball]

To Identify Cryptocurrency Scams look with many drama about their coin after ended of ICO, drama fro delay start when ICO have success raised hard cap with many cases try for make investor disappointed and waiting for long time, they make many kinds drama with listing and not  according the road map way.

[SummerBliss]

Hey, this recently published article on how to avoid risky investments and spot frauds mentions our forum 

Link: https://medium.com/@Peter_UXer/how-to-identify-cryptocurrency-scams-813c32816ddf?source=friends_link&sk=da150ce8128c348da4b0dfdbf57e8e12

Seriously speaking scams are all around us and we need to outrage them or say avoid them with our experience.This article is really helpful and deals with technical aspects and provide us guidelines for how to be safe from them.Some ICO looks promising and bold but they are mere fake projects in reality formed by the scammers to collect money from peoples.So we need to understand that we ignore scam mails,twiiter accounts or any such thing which offers something without any cost.You need to investigate throughly like background of team,white paper,objective,market cap and other neccesary details of the project.

[clickerz]

Just few days after one product of ICO or IEO launching to the public we know the way of scam or success, many scam investment using fake data and using other whitepaper document, you have more careful with your investment choose because not all is save for your investing.

True. A scam project is not transparent at all . Key officials are not easy to be reach and seldom replies after the project launch. They are active during the sale period on telegram or twitter but nowhere to find several  months after launching. Also, you can smell something is wrong when key officials are  fighting over funds,mismanagement, some are swapping  their coins, when developer leaves, and finally website is offline and no updates anymore.

[WatchMaker]

This article is a must-have for every crypto or non-crypto newbie.

Agreed. But actually all these things are so simple that even a child can guess them before investing.

And because its so simple to understand wether its scam or not, so more people proceed even they know that it is scam, since they knew already how it works and how they can profit especially in ponzis.

Some of the scams are happening today because people are lazy to dig information about the companies that are investing their money. with a simple google search or domain lookup, you can uncover a scam. Sometimes even with common sense, you can uncover a scam (e.g bitconnect) or by looking at the project team from identities - usually fake or not available on the project website.   

[Youghoor]

Identifying cryptocurrency scams can only be easy and simple when you understand and know the qualities of a workable crypto project. Usually scam projects have unrealistic achievable  aims and missions. They don't represent any specific solutions to a particular problem in the crypto ecosystem .

[d3nz]

Its easy to identify if the cryptocurrency is a scam. First, they don't have proper information of the team behind and second is they have a social media that's a lot of fake accounts like from Telegram, twitter and Discord and were talking about the altcoins just like Bitconnect. They are gone now and left all their investors in vain.

That's why be vigilant and always check the background of the project before investing on them or buying their token/coin since they may have fake volumes.

[jhonjhon]

Scam can be easily identified by simply researching on the project you are offered with. Most scams offer very promising returns or relatively high returns which is too good to be true. If anyone will offer you to invest in something that doesn’t need more work or effort but can give high returns then think twice that must be a scam. Another thing, if someone emails so to do this and that please always verify if because our technology in advancing and scammers are very skilled that they can get your personal information by you simply clicking a link.

[Capt00]

Scam can be easily identified by simply researching on the project you are offered with. Most scams offer very promising returns or relatively high returns which is too good to be true. If anyone will offer you to invest in something that doesn’t need more work or effort but can give high returns then think twice that must be a scam. Another thing, if someone emails so to do this and that please always verify if because our technology in advancing and scammers are very skilled that they can get your personal information by you simply clicking a link.

If we really think it very thoroughly it is true that identifying scam projects is easy but what made it difficult is that it is talking about money and returns and most of the time, humans being humans cannot think other things aside from the returns they are about to get if they invest on the project. I think everyone should know how to deal with their emotions or greed to avoid getting scammed.
Scam cannot be eliminated completely but if you as a person and investor you should be responsible in safekeeping your coins and by safekeeping it means that you have to know what your trying to put yourself into by researching and don’t let your greed decide on what steps to make.

[cutesgirl]

You can identify with scam crypto with low trusted of investor with this altcoin, many altcoin although success on listing with big exchange market after faced problem by owner and government regulation at their country will make price down and become scam altcoin, you have sell before price dump and altcoin delist from exchange market.

[Palider]

To make it simple, Study and learn first about the investment or project you are participating in.
There are many ways to find out if a project is a scam. The first one on my list is Transparency, Of course if you want  trust from the potential investor you will show yourself and let them know who you are and what you have accomplished and achieved.

This is where a project is first known, so we don't have to believe their marketing right away. We need to analyze it so that we can be sure.

[Oneandpure]

Just checking with telegram channel group because there are many member of bounty and ICO investor, we know with scam bounty campaign or ICO investment with thousand respond about this campaign and ICO, many investor will said true about what his investment and have check with team, owner look real or fake, just check few hours you will know about bounty or ICO is scam or not.