Any Proven Method To Identify SCAM 🤬 Projects At ICO Stage Or Even Before⁉️

[dlite560]

We all know that Crypto industry is full of scammers l. But everytime they able to cheat newbies and sometimes more experienced ones as well.

Is It Really Possible To Identify A Scam Project Right At The Beginning?

Many projects launched on daily basis. Some are extremely successful while others are less. But many SCAM projects are being launched as well just to pull out money from the pocket of innocent people.

Recently a Scam project "DXSWAP.NET" did exactly the same.

They also run a bounty campaign on Bitcointalk forum tu prove their legitimacy and gain more attraction. But ran away right after the pre-sale ICO.

Bounty Thread:
https://bitcointalk.org/index.php?topic=5373220.0

They took heavy amount of money including my $200 in a false manner.

Proof:

[image height=400]

I am not much worried about my loss but I want to prevent others from being scammed.

So please share your experience on how to identify a scam project at or before ICO.

[Bttzed03]

~ But Is It Really Possible To Identify A Scam Project Right At The Beginning Of Its Launch?

There are basic steps to identify the legitimacy of a start up project but they are not 100% guaranteed effective as you already experienced. Learning from the lessons of 2017, a verifiable team is one of the best deterrent and it's at the top of my list. You never really know what they have in mind but they would think twice before scamming if people know their real names/faces. Having an aggressive marketing campaign is a 50-50 for me. It's either they are serious in securing funds to develop the project or they are desperate to take your money.

[wajik-tempe]

I usually joined their group chat and see how the project teams answer the questions of the investors, see if they are helding AMA in voice / video chatt regularly and see if their answer is in line with their project's target.
But this is just a few factors, scam projects is hard to detect when the owner of the projects is not gonna scam at first and they really want to build the project. But when something that they not expected happen, like technical issues or something happen while on the way, they might be change their mind to scam the people.

[dlite560]

~ But Is It Really Possible To Identify A Scam Project Right At The Beginning Of Its Launch?

There are basic steps to identify the legitimacy of a start up project but they are not 100% guaranteed effective as you already experienced. Learning from the lessons of 2017, a verifiable .

Could you ever believe that I was an admin of their chat. But still could not identify. They have team as well with faces on their site as well.

And moreover I am not the only one cheated, almost 3,4 people serving their community been cheated ☺️.

Anyway, thanks for your suggestions.

[Kunnu]

Sorry to hear about your loss probably you will have done deep research by your side about this scam project but unfortunately became a victim of this scam which also gives you an obvious answer of your question, investing in new projects after deep research doesn't give a guarantee to not being a victim of scam it's all depends on our risk taking strength that's why I would suggest you to invest your money in old and quality projects instead of investing in new projects which have no determined future hopefully you will recover your loss through other options and move forward in life.

[zasad@]

Discussion about fraud in these topics

[WARNING] DXSWAP Plagiarized Whitepaper
https://bitcointalk.org/index.php?topic=5373159.msg58594963#msg58594963

DXSWAP IS ANOTHER SCAM PROJECT
https://bitcointalk.org/index.php?topic=5374347.msg58585193#msg58585193

Amount Scammed:($2696$ + 1BNB (613$) + 252.99+ 62.81$)= 3624.8$
Payment Method: This people brought using direct buy option in DXSWAP.

Advanced users won't fall for this kind of scam, but I feel sorry for newbies.
You don't need to spend more than $ 10 for testing.

[dothebeats]

Well, it seems that they got the better out of your judgment. One thing I've learned in dealing with new projects is to see how are they planning to attract people to support them. If they are planning a massive airdrop, with no regard for tokenomics and coin supply, it might hint that they are just there to create hype and dump on the buyers. Second, if the ones behind the project are unidentifiable, and the project itself isn't associated with any organization with an already established crypto reputation, tread with caution and wait until these things are clarified.

Oh and better check the whitepaper. Most of the time, they are just bits and pieces of previous projects rolled into one. And if what they state there doesn't make sense, then it's best to stay away from it.

[dlite560]

Sorry to hear about your loss probably you will have done deep research by your side about this scam project but unfortunately became a victim of this scam which also gives you an obvious answer of your question, investing in new projects after deep research doesn't give a guarantee to not being a victim of scam it's all depends on our risk taking strength that's why I would suggest you to invest your money in old and quality projects instead of investing in new projects which have no determined future hopefully you will recover your loss through other options and move forward in life.

Thanks for your advice mate 👏.

I don't how I fell into their trap although knowing all these things.

Anyway, next time I will be extra careful.

[asriloni]

Could you ever believe that I was an admin of their chat.

Did you get paid to be admin on their chat group? I see that the bounty manager of dxswap has been closing the campaign caused by the team was a scammer.

But still could not identify. They have team as well with faces on their site as well.

I'm sure that if they will not try to reveal their face even they may be only using the fake identities. The scammers will always remain anonymous and that's why you should never trusted a project that runs by anonymous developers. The probability to be a scam project was very high.

And moreover I am not the only one cheated, almost 3,4 people serving their community been cheated ☺️.

Is that means all of admins that got hired already cheated?

Anyway, thanks for your suggestions.

There are some suggestions above me but the best thing should from the identity of team and code.

[dlite560]

Did you get paid to be admin on their chat group? I see that the bounty manager of dxswap has been closing the campaign caused by the team was a scammer.

Actually I was hired two days before they commit the scam. I was promised to pay after 1 week but on the 3rd day they ran away and deleye every thing.

Is that means all of admins that got hired already cheated?

Yes, there was 2 other guys that I know as well working from some time. They also been the victum.

[LogitechMouse]

I am not much worried about my loss but I want to prevent others from being scammed.

So please share your experience on how to identify a scam project at or before ICO.

Correct me but identifying whether a project is a SCAM even before its ICO stage is impossible to do.
Just think of it. If we know that there is a method to identify scam, do you think that SCAM projects still exists until now?

SCAM projects are always there and will always be there. New projects are the ones who are mostly the scam projects. This is also the reason why I'm not investing into new projects. Not because I'm afraid to get scammed but because I don't want myself to get scammed.

There are some projects in the past that seems to be legit. Whitepaper looks good and the team is great and they are responding with every question. Things are looking good but after a few weeks, they are getting the money and run with it. Right now, there is no proven method to identify which new projects are scam and which are not and I doubt if there will be ever a method to prove it.

[tvplus006]

...New projects are the ones who are mostly the scam projects. This is also the reason why I'm not investing into new projects. Not because I'm afraid to get scammed but because I don't want myself to get scammed. ..

A lot of money does not get into your wallet and this is a consequence of the fact that you identify all new projects as scam. The easiest way to choose a new project is to evaluate the venture funds that invest in project. And if you see among investors, for example, a16z, 3 AC, Alameda Research and Coinbase Ventures, then you can boldly invest.

[decodx]

Is It Really Possible To Identify A Scam Project Right At The Beginning?

Scams are becoming more and more common in the crypto industry and they may involve anyone from an general public to an infamous entrepreneurs. So if you have to choose one project to invest in, don't be so concerned about profits. What you should consider is the nature of the project and the work that is being done. Some projects are genuine and they are being carried out by people who really want to make a positive impact on their community. However, others are not. There are people who have gone to great lengths to get your money, and are just looking to line their own pockets at your expense.

A potential scam project may be easy to spot by just looking at how much effort has been put into presenting it. For example: Does the website have a professional look and feel? Is the White Paper unique or do you find it contains copied parts? Is the project/product name used as the "generic" name or "hype" instead of the trademarked name? These questions can help you to evaluate if the project is legitimate or not. Another clear sign of a possible scam project would be the lack of focus and a lack of involvement from the team. This is typically a red flag that something doesn't seem right.

If you're in doubt, it is always best to take caution. Especially if you want to protect your money.

[Ararbermas]

New start up project is so skeptical mate, i mean no one can identify if it's legitimate or not since there's not yet history that can prove they can totally guarantee a good return after all.. It's like you're trying your luck on it for short. Actually some say it's base on the team behind and the data but mostly results of new projects with a good idea are not good.. Probably that's the reason why mostly investors preferred top crypto not a new alts just to prevent losses..

[fvb]

Is It Really Possible To Identify A Scam Project Right At The Beginning?

Mainly interested in social media. But if I want to learn deeply about the project, then I use the instructions that were written by experienced people. Here on the forum, there are such posts, for example, one of them. https://bitcointalk.org/index.php?topic=5125435.0

[kaya11]

Did you get paid to be admin on their chat group? I see that the bounty manager of dxswap has been closing the campaign caused by the team was a scammer.

Actually I was hired two days before they commit the scam. I was promised to pay after 1 week but on the 3rd day they ran away and deleye every thing.

Is that means all of admins that got hired already cheated?

Yes, there was 2 other guys that I know as well working from some time. They also been the victum.

Luckily you have missed judgement by the mods of this forum as promoting ICO projects are strictly punishable. Shame on the guys who constantly get easy money put of people who earned it hard.

For OP too bad for you they've got ahead of you and it is lesson not only for you but for all of the people whore planning to invest on new projects. There are top notch people here that could give you answers and they are as good as gold. It's another wake up call for us to not fully trust and do our own respective research before we give them free money.

[Fivestar4everMVP]

Well, as bad as it sounds, unfortunately, there is no proven way by which scam projects can be identified before or during presale or ico, you as the investor have to read between the lines, weigh every option on your scale and know if they meet your prescription of what can be considered legitimate, scammers have gotten so intelligent and highly sophisticated that sometimes, it's very difficult to spot or suspect anything until it finally happens.

I recently bought a token which rewards 3 selected holders in BUSD ones every week, I never knew how they get the BUSD which they reward this holders with, but when I discovered, I had to sell off the tokens at a great loss, and this was to save myself from loosing more in the future.

[fullhdpixel]

please share your experience on how to identify a scam project at or before ICO.

You must learn from others' mistakes. If you go through this forum then you could find lots of similar experiences shared by other forum people by the times of 2018/2019. I mean you could not identify any scam projects from the initial stage itself but the only solution could be just staying away from all ICOs. Because, if you keep investing in some 5 to 10 project then only one might get you good returns and all others will end up scamming you at any stage. I have seen many projects go up to the stage of listing in exchanges but you will not able to get back your invested money as heavy dump will happen before they open deposit option for their token.

So, identifying at initial stage or at any stage may not help you but just staying away alone will secure your hard earned money. Invest only with bitcoin and enjoy 99.9% assured returns in long term holding.

[Bttzed03]

~
Could you ever believe that I was an admin of their chat. But still could not identify. They have team as well with faces on their site as well.

And moreover I am not the only one cheated, almost 3,4 people serving their community been cheated ☺️.

Ah well, I'm not surprised because admins/mods doesn't usually have insider information.

Regarding faces on the website, there are some projects putting up fake profiles there and some have been caught. It's the reason why I said verified identities.

~
Verifiable team is not also guaranteed of project legitimacy based on my experience the helbiz project on 2017, team revealed  their true identity. Actually they made live video streaming on youtube promoting  their project but in the end after they collected  money by dumping their token in the market they abandoned it and whoever asked to CEO on his social media accounts about helbiz token he easily block the person as well as on their main telegram they do desame.

Like I said, no method is 100% guaranteed effective.

Some token holders file a case against helbiz.

Another reason why it's on top of my list is the option for the investors to sue them.

[yhiaali3]

It is necessary to share all bad experiences with scam projects so that the rest of the people are warned against falling victim to these fraudulent projects, unfortunately Crypto has become full of these fraudulent projects that have caused a lot of abuse, it is very difficult to determine whether the project is scam or not while it is still in its infancy because Most of these scammers have become highly experienced in deceiving people through advertising and using methods that attract people easily, the best thing is to use the review sites that use specialized experts to analyze these projects.