How to identify fraudulent in crypto currencies projects?

[SuperCrypto 7193]

In the world of cryptocurrencies, we encounter a lot of fraud and fraud on a daily basis. Some fraudulent currency projects have recently appeared that deceived many investors.
How do you know if a cryptocurrency is a serious project or just a scam?

Tips for detecting fraud and fraud
There are some lessons that can be learned that can help you avoid scams and have categorized them as follows:

• The question of who is behind the project: Find the company, the founders and the project team, check out their social media pages.
• Partnership: Many Crypto projects claim that they have entered into many partnerships with big and well-known names but in reality they may be just their users and customers so this must be verified.
• Checking the project on news sites: I recommend checking the type of newspaper articles about the project to see if they are written objectively, or published as part of a public relations campaign.
• Reaching the moon: It is a common term for misleading and may be merely propaganda in favor of parties affiliated with the project aiming at deceiving and gathering the largest possible number of investors.

 

These were some tips and guidelines that can help you and make you familiar with even a little bit about the way fraudulent operations proceed. And please if you have other suggestions to add to the site and enrich it.

 

[magd 5231]

Thank you. This will be good for novices until they find a way to avoid fraud. I always say that it is very necessary to search for the source of that project and the companies that support it, because the majority in fraud projects will not dare to steal the signature of a global company, so they will be exposed immediately.

[SuperCrypto 7193]

1 hour ago, Peter Urban said:

I dont believe projects which have bad design, cause they dont have enought money to only make it look good. Also I am looking at some reviews and I am trying to send to that app some small amount like 1 USD in crypto and trying to withdraw it if it is legit.

Professionalism of the site design is sometimes an indication of the seriousness of the project or not. Any successful project must include professional developers and designers to promote the project, and it should not take place without any concern.

[malik6314193 5449]

It is great topic which will help us to get the scammers easily. Thanks for sharing this useful information with us and i will also suggest to be careful about these things. 

[Maroua 1159]

Thank you for these tips, because everyone is looking for money, sometimes they are easily deceived by the ads of these fake projects. I hope you warn them. Thank you for this useful post.

[Jessica Karren 1242]

Your all these tips will help a lot of people to identify the fraud projects. Thanks for sharing. You can also read the public opinion or reviews about that project to identify whether it is scam or legit project.

[Saj555 2250]

Of course. Fake projects are now available almost everywhere. But we need to find out always what is a relevant project and what is not. But always research before investment in a project. And never also believe in greedy offers. Always be aware of these things and check the news about that projects. 

[Whited35 15285]

Good stuff! You may have also seen so many telegram based fake projects --you should have to be very careful from that sort of the scam projects. Recently , I lost a huge amounts of ETH in the ULTRA tokens from the scam project Ultrachain, always stay alert and be safe from the scammers. 

[Sunil kumar Behera 489]

It is great topic for newbies also helpful for me.There are lot of scammers a nd fake project are available in internet so you should identify them and leave them.Also in telegram site lot of scam site are available please don't click that if you do may you loss your access to your account.

[bliznec 22267]

There are a lot of scammers on cryptocurrencies now. I believe that, first of all, you need to read and observe user comments, and then make investments in a cryptocurrency project. Be careful, this is the main task.

[rekter 8129]

One more: Telling that they will list to Binance before Binance tweets about it and you know they are lying and braking NDA. 

22 hours ago, Peter Urban said:

I dont believe projects which have bad design, cause they dont have enought money to only make it look good. Also I am looking at some reviews and I am trying to send to that app some small amount like 1 USD in crypto and trying to withdraw it if it is legit.

This actually depends on what's the scope of the project is, if they are an ico or pure honest idealistic POW from the start. I have been part of one such idealistic project where i liked the idea and offered my graphic design services for free. And i made a huge amount of money when it started to rise.

After a while the devs got greedy and the project tanked tho.

 

But it's the same idea as in Bitcoin, Monero, LTC, NANO, and many others didn't have any money or sale (ico or ieo or private investors). NXT only rised 6k. It's all about the community when it comes to idealistic coins. People want to support the chain by mining it or doing other work.

[tienda 8776]

thank you for sharing that, is very important to have a lot idea about how we avoid the scammers, and now with a lot of participation from others members is a good idea to take some note about how to identify fraudulent in cryptocurrency.

[Brand1 1336]

All what you say is true, there are a large number of fraud projects that we can distinguish some of them, but there are some projects we will not be able to know if they are fraudulent or not until the end of the project and this is very bad because we have wasted time

[CryptoMaxim 3829]

It is difficult to understand a fraudulent project or not. This can be determined by the capitalization of coins sold during the sale. But even here it is not clear because the numbers on the screen can be set incorrectly. It is difficult now at an early stage to understand how honest the project is.

[jamesvince 2389]

In crypto world we can't find easily scam projects because some time we continue work on scam projects which are looked very pretty real sites infact these sites gone suddenly and down its clear that like idax exchange are real site two years but now gone and got exist scam after three years. 

[Mcd0d0 5882]

Well, thanks for sharing this kind of information mate, this will be helpful for the members here especially for those members who wants to having some extra profit for a day, happy posting everyone.

[George10 9932]

Thanks for sharing those tips that also helps to identify fraudulent crypto projects that deceives people every day and the best way to avoid such is to stay away.

[Mishu1234 101]

Well when any project which will Promise you to give anything unrealistic or  who will give you a huge profit Between a short time then you should have ti be very careful because that project  can be fraudulent    

[Whited35 15285]

There are some tricks to Identify Cryptocurrency and ICO Scams in the cryptocurrency world.First you should better get to Know the Team, check their whitepaper,check their token sale strategies, check how feasible is the project? I think you might get clue after reviewing these all things. 

[SuperCrypto 7193]

6 hours ago, Badman001 said:

this is outstanding post about who suffer form joining fraud project , I like your point that's new project ( not all ) are claim a partnership with Trusted brand , I see every brand have TeLeGram or Twitter group . we should be confirm from them about it .

I agree with you, as many of the new crypto projects claim to have entered into many partnerships with big and well-known names like Amazon or Google, but they may in fact be just users and customers for them.

[SuperCrypto 7193]

It is important to ask who is behind the project. Although the principles of anonymity and privacy in the field of cryptocurrency are important, but when it comes to handing over money, it is best to know who you are dealing with.

[BTC Future 3946]

There is need to do due diligence before investing in any project. A research that will be thorough will help understand if a project is a total scam, or if it has any shady practices involved. Documents might be forged and even whitepaper might be plagiarized. Basically the whitepaper represents the project. I'm reading and trying first of all to figure out if they have copied sentences from other projects. This instantly makes the project a scam.

Also typo's and vocabulary errors are proving that a project has a high chance to be a scam. Allways avoiding anything to do with these. 

Also I'm taking a look at their marketing plan. If their whole marketing plan is based on allocating a few of their coins to bounty hunters instead of having actual funds for the promotion of their product, then it also has a high chance of being a scam.

Finally I'm always giving a look on the team. Many use fake photographs and identity theft. 

Be careful if you invest in a project and don't sent any money to projects that contain anything of the above.

[BrolySSJ 7899]

Thank you for these tips of identifying fraudulent sites. I think that the most important way to identify if a site is a fraud or not is to look for user reviews on the site on various forums. There are many people who would have tried out that site and therefore it is still active, and these people tend to right reviews and give accurate representations of the site, marking it as a fraud or a legit site. I think this is very helpful. But as a rule of thumb with a site, if it sounds too good to be true, then it generally is.

[pablomarwan 3082]

You are the right of investors, who are victims of the misery of fake digital currencies, but they are not to blame, too, for the platforms that accept such currencies, which in turn help to defraud this fraud. Also, blockchain technology has to stop the creation of currencies that will not have a bulky project, I mean, it's just a joke.

[Rezort 846]

For me the most important indicator about useless cryptocurrency project is its social network because you can tell if developers are interested in their own project or not and then you would check other factors.