How to Identify Cryptocurrency Scams

[Blawpaw]

It is always very difficult to detect a scam as scammers are getting bolder than ever! You should always be suspicious when the offer is too good to be true. Usually, when this happens this is a red alert that someone is trying to pull a scam. When paying in cryptos things can get a lot more complicated as you need to be sure that you are dealing with the real deal, otherwise your cryptos will be lost as you do not have any means of stopping a transaction after it is done. Before making any payments using cryptos you should do your investigation and be absolutely sure of what you are doing and who you are dealing with.

[pragna]

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 this is very urgent post here for all crypto investors. Before reading this post i could not understand how could i say a project scam but now this helpful post always help me to find out scam project. I suggest to read every men in forum to read this post. Thanks.

[Edraket31]

It is always very difficult to detect a scam as scammers are getting bolder than ever! You should always be suspicious when the offer is too good to be true. Usually, when this happens this is a red alert that someone is trying to pull a scam. When paying in cryptos things can get a lot more complicated as you need to be sure that you are dealing with the real deal, otherwise your cryptos will be lost as you do not have any means of stopping a transaction after it is done. Before making any payments using cryptos you should do your investigation and be absolutely sure of what you are doing and who you are dealing with.

Yes, this was the main reason why investors are tired in investing in crypto, that's why there's a lot of good projects that is coming in the market but cannot become successful because as per them there was lack of investors. For now, we should all aware that although ICO was dying, still there's a lot of scammers that still trying  their luck in doing ICO and they are even entering IEO too.

[Ayiranorea]

Nowadays people simply mark everything as a scam without analyzing better about the project's core concept, team behind, and the scheduled development. From my view one out of five projects gets to be a scam, but if we go deep into it the scheduled development might have got little delayed. Without proper understanding people just mention it a scam.

[SirLancelot]

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'm always surprised when I see people that engage themselves in investment that they don't know much about. It's really funny, how do you invest in something when you don't know the people that are running the project and where they are from. I can never invest in any project if the team are not being transparent with who they are and their plans. Investing in projects like that is like taking a huge risk, because you can wake up tomorrow and they may decide to call off the project without refunding their investors (scammers) and there will be no way for you to trace them.

Knowing the team is not the only thing that is important , you also need to know what their plans are, and the possibility of them achieving success with the project. These and more are the things you have to check before you for any investment so that you don't waste your hard earned money on nothing.

[diazepam666]

You don't know to identify the scam projects you can check the scam accusation board which can be helpful for every newbies to learn how find the scammers around us.
This is the biggest headache in the cryptocurrency market.
So please do research about the project white paper and team details to see they are worth or not.

[SuperBro]

Another scam is happening now.The founder of Lendefi project is a known scammer and con artist.
Robin Dey was shut down by ASIC in Australia and scammed investors out of millions in the Malta DX scam 2 years ago. He then went on to try and run a scam in India called Hempcorp.
Please read this document: https://www.dropbox.com/s/n0ee5hnx92dz7ca/TIMELINE%20OF%20EVENTS%20Adam%20March%202019%20-%20Google%20Docs.pdf?dl=0

[goldade]

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 very great article. I think every newbie should have a read at this. They are especially susceptible to scams like the ones mentioned here.
I think one of the biggest form of scams Airdrops. While genuine Airdrops can actually be profitable and should be distributed for free, they've been outnumbered by the fake ones. These fake ones ask for 
 a certain amount of money in Btc, ETH or other coins before withdrawal can be processed only to find out after sending the fee, that your withdrawal was not intended to be processed.
Keep away from these.

[xcaret]

What about the exchange itself being a huge scam?  google the sentence below . It tells how the founder vanished ( faked his death ? ) and took the only passwords to the 250 million in BTC with him.
               
Crypto exchange Quadriga was a fraud and founder was running Ponzi scheme, OSC report finds
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[k@suy]

Yeah, this is really important article to read.
Today we have only on coinmarketcap over 2000 cryptocurrencies...
and to be honest, we have to say, that most of them will be a shitcoin in future..
Shitcoins are good only to fast trading and run away - no longterm vision, no holding.

and most of them are scam now , it is free to be posted in cmc and cg that's why they can be listed in a week or less. There's some chances that when people know that a certain project is in this site it caches their attention easily which is not a good thing, they need to research for it, listed in this site is not a good sign that it would not run in the future, sometimes they use this for them to get people's trust so it is a trap sometimes, so be careful.

[sayaya17]

The points in the article are indeed important to help those beginners who want to try investing in crypto. However, sometimes greed and
not thinking rationally will only lead to a scammer. How can there be a large return from a small investment, unless it  is a  scammer who
always promises a large income. We will not be gullible because that’s impossible.

[angrynerd88]

I have examined in many forums, Great thing they given those fake twitter accounts for us to be watchful at whatever point we see them. But giving absent gigantic reward is to some degree suspicious subsequently numerous still drops for the colossal cash they are giving absent. And scammers are utilizing huge exchange's title to urge the believe of the crypto people. Fraud individuals can do everything presently and I did not indeed think they may fake exchanges as prior, so it is necessary be careful to dealing with emails and unknown links.

[rokon1234]

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 am very happy to learn something new from the link of the article you provided.In the future I will also be wary of such scam projects.Many like me can now get some idea about cryptocurrency scam from the link you provided.Thus, if all scam projects can be identified, we will not see any scam projects in cryptocurrency in the future.

[Obito]

The points in the article are indeed important to help those beginners who want to try investing in crypto. However, sometimes greed and
not thinking rationally will only lead to a scammer. How can there be a large return from a small investment, unless it  is a  scammer who
always promises a large income. We will not be gullible because that’s impossible.

Only way for someone not to get scammed is to have the ability to think in spite of pressure, do a simple research on the scheme that you are being introduced most have some sort of testimonials about those scheme which could prove the legitimacy of the scheme or not. Another thing is that someone needs to have a common sense, if there are red flags but you still go for the scheme then you will get scammed. My rule of thumb is, why are they offering me this?

[Wipeout2097]

Really a valuable thread to know every newbie to avoid scam projects,It isn't simple to distinguish cryptocurrency tricks, and I think no one will know in case at long last, one program or venture will trick the individuals.Its hard to  identify them until they reach a few stage, and they open their personality by running absent from their duties. While, at that point they are trick individuals, and we cannot do anything since they are taking off us with their guarantees.May it possible will  back once more within the future with the modern idea to scam individuals and once once more, we are going be difficult to know them within the starting.

[TunchikV]

Hope this information will help newbies to aware of cryptocurrency scam projects. Newbies usually want quickly to get an "easy money" and they don't think at all. Scam projects specifically intended to this. It's necessary to examine thoroughly all the aspects of the project before investing money.

[FinneysTrueVision]

Basically, the best way to avoid being scammed is to use common sense. The most common type of scam is where you are promised a large sum of BTC but the only way you can receive it is by sending the other person a smaller amount of BTC. They try to justify this by saying it is for some kind of fees but in reality they will just take your money and never give you any prize.

[posi]

Basically, the best way to avoid being scammed is to use common sense. The most common type of scam is where you are promised a large sum of BTC but the only way you can receive it is by sending the other person a smaller amount of BTC. They try to justify this by saying it is for some kind of fees but in reality they will just take your money and never give you any prize.

The use of common sense is not enough to avoid being a scam and scams are carried out through various ways, not by ROI promising investment only. The best way to avoid a been scam is to be informed about the strategy scammer, not the use of the common sense.

[Ryker1]

Basically, the best way to avoid being scammed is to use common sense. The most common type of scam is where you are promised a large sum of BTC but the only way you can receive it is by sending the other person a smaller amount of BTC. They try to justify this by saying it is for some kind of fees but in reality they will just take your money and never give you any prize.

The use of common sense is not enough to avoid being a scam and scams are carried out through various ways, not by ROI promising investment only. The best way to avoid a been scam is to be informed about the strategy scammer, not the use of the common sense.

Well, all in all, --it is start with the ^{[common sense]}. Through this instinct, you will notice that you are prone to scam and in fact, scams activities are there are too many factors to consider. As investors, our responsibility and extend our diligence to have further research if there is a potential project to invest in, not just by the hype of people. However, these are those things to consider and you perhaps begin to suspect if you heard this, asking money and asking your personal identity.

[best123]

The article is nice. But these scammers this day's are smart. They will make you believe them by all means. I fell victim to some DeFi pre-sale late last year. I encourage every investors to do alot of research about every project before investing.