How to Identify Cryptocurrency Scams

[The3max]

Check media tools, community chat addresses, mailboxes, websites, contacts, ... Besides, be careful in using data from the internet when downloading ...

[1714872304]

1714872304

[Darklinkz]

Most of peoples would lazy to read their whitepaper , but for fact some scam project just copied another whitepaper , they just too lazy to make their own. another thing you can check their social media and their admin or moderator. Most of them using fake admin or moderator account

Apparently, even the most legit looking projects are now turning as having an exit scam in the end. It means the real challenge for traders and investors is to profit before  we end up as lossers. We might have did great on doing our due diligence before joining the project but we can;t guarantee on how dedicated the team will be on the project's success. They might be very inspired and enthusiastic at the first years but you will feel like they have abandoned it and just selling their own tokens after the lock-up contract period ends.

[Reatim]

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

This is a good link to help us preventing to be a victim though I had stopped investing I other areas in crypto like IEO and ICO instead I focused in ranking Cryptocurrency to keep me safer ..

We need more like this now as scamming is really creating this community to be a bad impression from newbie investors and to old time as well

[witcher_sense]

Most of peoples would lazy to read their whitepaper , but for fact some scam project just copied another whitepaper , they just too lazy to make their own. another thing you can check their social media and their admin or moderator. Most of them using fake admin or moderator account

The copied and plagiarized documentation that projects offer us is a big problem in the cryptocurrency space. Moreover, this problem occurs not only in scam projects, well-known projects copy some ideas word for word, this happens very often, they literally rewrite other people's achievements for their needs.

Indeed, only a small number of startups have truly ingenious concepts; these startups become the pillars of the entire cryptocurrency market. Basically, only these ingenious ideas have a chance of success in the future, the rest are either scammers or loss-making investments, both of which lead to the loss of investor money.

[darewaller]

Most of peoples would lazy to read their whitepaper , but for fact some scam project just copied another whitepaper , they just too lazy to make their own. another thing you can check their social media and their admin or moderator. Most of them using fake admin or moderator account

The copied and plagiarized documentation that projects offer us is a big problem in the cryptocurrency space. Moreover, this problem occurs not only in scam projects, well-known projects copy some ideas word for word, this happens very often, they literally rewrite other people's achievements for their needs.

Indeed, only a small number of startups have truly ingenious concepts; these startups become the pillars of the entire cryptocurrency market. Basically, only these ingenious ideas have a chance of success in the future, the rest are either scammers or loss-making investments, both of which lead to the loss of investor money.

To avoid all these plagiarized projects, it is best that we just allow them to be fully established before we think of investing in them, at least by the time they enter exchange, one problem would have already been dealt with.

I mean the problem of scamming us before they get to enter exchange, from their entrance into exchange, we could now filter it further to projects that are on quack exchanges or projects that are on reliable exchanges like binance, kucoin, bittrex because I believe that project that would have made use of these exchanges will still have some level of integrity in them, even though they can also fail when the developer is such that is inexperience and lacks the enthusiasm to push a project forward.

[Janation]

IMO,its simple to identify most of the crypto related scams.

When you see someone saying your going to get huge profits then its scam.

When there is assured amount of profit margin then its scam.

Fake project team or copied whitepaper then its scam.

This is the common signs that a project is a scam.

But still, a lot of people are getting scammed.

And as long as this keeps in going, as long as people are getting scammed, scammers will never stop this. So as an investor, please, educate yourselves about these projects. It will not just keep yourself from getting scammed but also to stop the scammers from getting scammed.

[1982dre]

If you are offered an incredibly lucrative offer, it is most likely a scam

This is the best description. If it sounds to good to be truth it's a scam ;-)

[AmoreJaz]

If you are offered an incredibly lucrative offer, it is most likely a scam

This is the best description. If it sounds to good to be truth it's a scam ;-)

lucrative offers are the best way to catch gullible users. sometimes they dont even ask why they can get such returns, not even checking the background of the offer!
 the link op posted is very clear how those scammers get their potential victims. if you are a long-time crypto user, you should not fall on those tricks. you should know better!

[VDraci]

Most scam projects always looks good in the eye with highest offers you can't find elsewhere just to get better attention to the scam project others are
1. Btc doublers xxx
2. Phishing attempts
3. Fake wallets with inbuilt spyware Etc

[xvids]

Nice article and it is really true most of us falls into the trap because we panic or buy the fake news ,
Most of us never really check where did the source came from,This fake news is created to pump or dump the market.
And most of the time it always works because of those people who falls into it.

[Irvinn]

In recent years, even at the beginning of 2016, not only a lot of junk coins appeared on the cryptocurrency market, but also a lot of information that is distributed not only by competitors but also by fraudsters themselves.  Based on this, it is very difficult to separate the grains from the husk and determine where the fraud is, and where is a really promising project, with a professional team.  If we take new projects as an example, then not all companies that are not active today are fraudulent, because unprofessional teams are to blame for their failed prospects.  If we can check the White Paper of the project and analyze the value of the project for society, then we cannot be sure of the professionalism of the developers.  Although in many cases, their consultants and partners can be authoritative.

[crypthough]

Hello,

always check the White Paper, check the Team, check social media, do some research about the project and if the project promises an extreme high safe profit it's often a clue that the project is probably a scam. It's an effort, but it's clearly worth to take this effort and check the project thoroughly. Rather do a little bit more research than too less.

[imstillthebest]

not all new into the crypto world are highly going to get scammed . what if they are already an existing trader or investor of stocks but they also want to try cryptos  . these guys have an adequate experience to know if the project is scam or legit   . 

same as when there is a complete newbie that does not have any experience on money making business but as long as he is a wise guy , he will look for guides and wont easily trust a stranger

[BennyK]

There are various factors to consider when running checks on a project in order to identify its authenticity. The common factors to consider include;
1.The whitepaper: The whitepaper is checked for layout and structure. Whitepaper full of typos tells the experienced level of the team
2. The team; Study the team of the project by visiting their social media outlets and crosschecking if the provided data on each platform is coherent with the other. This can be used to identify fake or scammers.

[Reatim]

We know some ICO and IEO are scam with lower interesting by investor, always checks how many investor have buy and invest their money at some cryptocurrency project.

Not only “Some” but almost all of them are scammers and runs by organize groups here in this community,we an see the pattern of projects that almost the same with others and sometimes released also at the same time

If I were you OP?prevent your self from engaging with this ICO and IEO instead put your money in bitcoin and the top 20 at least from the rankings

[Luiscross34]

Dozens of fresh cryptocurrencies launch every month, and also alongside these new coins and tokens will come many original coin offerings (ICOs). The appetite among an extensive swimming pool of investors for these opportunities continues to grow, maybe even in spite of the reality that cryptocurrencies are battered in 2018. These elements combine to encourage scammers. All things considered, if investors have established they're prepared to throw money toward an extremely speculative cryptocurrency, they appear to be just as apt to purchase fraudulent tokens or even ICOs.

 For the cryptocurrency investor wanting to create the most of the multitude of different purchase possibilities while staying protected from sketchy coins and fraudulent ICOs and tokens, the possibility can be daunting. Blockchain and cryptocurrency science is developing at a fast pace, as well as seasoned investors may find it difficult to match the terminology. While there is no assurance that any cryptocurrency or maybe blockchain related startup will be successful or legitimate more

[nicecrypto]

There are various factors to consider when running checks on a project in order to identify its authenticity. The common factors to consider include;
1.The whitepaper: The whitepaper is checked for layout and structure. Whitepaper full of typos tells the experienced level of the team
2. The team; Study the team of the project by visiting their social media outlets and crosschecking if the provided data on each platform is coherent with the other. This can be used to identify fake or scammers.

In my opinion, the team should be placed more emphasis on because the team make up the foundation of a project and if they are legit then their is 90% that project will be legit as well,
It is very important to do background check on the team of a project, check their track record, their previous and present career records, what experience they have on which fields and any other vital information that will be necessary to give more clarification, if team are real, project is likely to succeed.

[thisappointed]

We know some ICO and IEO are scam with lower interesting by investor, always checks how many investor have buy and invest their money at some cryptocurrency project.

However, this is not always true. There are also big ICOs way back then that turned out to be a scammed in the end, a lot of investors bought that coins believing that it would be a good investment, but sadly, it was just a disappointment for both investors and bounty hunters, that is why identifying cryptocurrency scams would be a headache, the only thing that we could do is just trial and error.

But in my experience, the most easiest way to spot if a certain ICO is just a scam is if they can't provide solid information about their ICO, they don't have any website or their whitepaper is just copy pasted on other ICOs.

[xSkylarx]

We know some ICO and IEO are scam with lower interesting by investor, always checks how many investor have buy and invest their money at some cryptocurrency project.

But in my experience, the most easiest way to spot if a certain ICO is just a scam is if they can't provide solid information about their ICO, they don't have any website or their whitepaper is just copy pasted on other ICOs.

One way also is to look at their advisors. ICO's way back 2017 have some popular advisors like the creator of ethereum or waves. If they support the project then it will reduce the chance of being a scam. If they join many blockchain or crypto events then that proves they are serious about their project.

[Jocuserious]

Twitter Facebook linkedin telegram many people give me offer for Investment a site then you will get more profitable. I think i always avoid this fake and scammers offers because my money is important for me, which small or big so money is money. About myself i will never invest in site which i don't think about so always i want take safety myself.