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How to identify fraudulent in crypto currencies projects?

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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.

 

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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.

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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.

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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. 

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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.

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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.

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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. 

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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. 

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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.

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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.

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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.

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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.

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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

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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.

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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. 

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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.

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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.

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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    

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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. 

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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.

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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.

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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.

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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.

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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.

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Учитесь, учитесь и учитесь на своих ошибках :classic_smile:

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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.

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This Artificial Intelligence believes that if the crisis between Israel and Iran intensifies, the price of the main cryptocurrency will only slightly decrease, and this will be a short-term reaction. More severe impacts would likely be on assets like stocks. Bitcoin, however, is expected to quickly recover its position. ChatGPT, like Michael Saylor, anticipates that an initial drop will be followed by a bullish rally as investors look for a safe haven, potentially driving "digital gold" to a new historical high of $75,000. If the escalation in the Middle East becomes protracted and leads to a series of smaller conflicts, ChatGPT predicts the volatility range for bitcoin could expand: with an initial fall to $55,000 followed by a surge to $80,000.   It is worth noting that the discussed drop in BTC/USD occurred against the backdrop of a noticeable strengthening of the American currency. 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The interest in ETFs has been so strong that BlackRock's fund became the fastest-growing in history.   According to CryptoQuant analysts, the reserves of bitcoin on exchanges will last only a few months at the current rates. Total available exchange reserves have decreased by more than 800,000 BTC and have reached their lowest level in the history of two-year observations. As of April 16, they stand at about 2 million BTC. Assuming a daily influx into spot BTC-ETFs of about $500 million, which at current prices equates to approximately 8,025 coins, it would take just nine months to completely deplete these reserves.   The results of calculations using the Stock-to-Flow (S2F) model, which demonstrates the relationship between an asset's usage and its reserves, show that after the halving, the bitcoin S2F coefficient will reach 112 points. This is nearly twice the S2F for gold (60 points), indicating that by January 2025, bitcoin will become a more scarce commodity than the most popular precious metal.   In such a scenario, another powerful new driver could emerge. Following the U.S., similar investment inflows into cryptocurrency could be provided by spot ETFs in China. According to insider information from Bloomberg, the SEC of Hong Kong could make a positive decision on launching such funds within the next few days. And perhaps the predictions by ARK Invest's CEO, Cathy Wood, and author Robert Kiyosaki, who expect the price of bitcoin to reach $2.3 million per coin by 2030, are not so far from the truth.   As of the evening of Friday, April 19, BTC/USD is trading around $64,150. The total market capitalization of the crypto market stands at $2.32 trillion, down from $2.44 trillion a week ago. The Crypto Fear & Greed Index has dropped from 79 to 66 points, moving from the Extreme Greed zone to the Greed zone.   Finally, a bit of intriguing information for collectors. As it has been revealed, miners have begun active preparations for the "hunt" for the first "epic" satoshi to be mined after the current halving. Whoever mines it might receive a substantial sum, as the estimated value of this "collectible" digital coin could be several tens of millions of dollars. About two years ago, Casey Rodarmor, creator of the Ordinals protocol on the blockchain of the first cryptocurrency, developed a system for classifying the rarity of individual sats. With the launch of "inscriptions," it became possible to number and sell fractions of bitcoin similar to non-fungible tokens (NFTs).   Rodarmor's scale varies from the first "unusual" satoshi in each block to the "mythical" – the very first in the history of the blockchain. One of the highest degrees of rarity is the "epic" sat, mined in the first block after each halving. It is possible that collectors might value such an asset even at $50 million. (Remember that a satoshi is one hundred millionth of a bitcoin (0.00000001), and at the current BTC price, the price of a regular, non-collectible sat is just $0.00064). NordFX Analytical Group   Notice: These materials are not investment recommendations or guidelines for working in financial markets and are intended for informational purposes only. Trading in financial markets is risky and can result in a complete loss of deposited funds.   #eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #cryptocurrencies #bitcoin #stock_market   https://nordfx.com/ 
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    • Наступило еще одно сокращение награды биткойнов вдвое, четвертое на данный момент, и оно не было похоже ни на одно другое до него, причем институциональные инвестиции впервые сыграли ключевую роль. Уполовинивание биткойнов исторически было связано с одним существенным сходством — последующим скачком цены BTC , который часто происходит через некоторое время после халвинга. Хотя сообществу еще предстоит выяснить, пойдет ли четвертое халвинг по тому же пути, кое-что уже изменилось в халвинге Биткойна в 2024 году. База пользователей криптовалют выросла как минимум на 400% с момента сокращения вдвое в 2020 году Хотя скорость генерации новых биткойнов снизилась со времени первого халвинга, спрос не остался на месте. По данным различных источников , с момента предыдущего сокращения биткойнов вдвое, которое произошло в мае 2020 года , глобальная база пользователей криптовалюты увеличилась как минимум на 400 миллионов пользователей. По оценкам Кембриджского центра альтернативных финансов (CCAF), в 2020 году число владельцев криптовалют во всем мире составило около 100 миллионов пользователей . По оценкам криптобиржи Crypto.com, к концу 2023 года число пользователей криптовалюты в мире выросло до 580 миллионов человек . Глобальные пользователи криптовалюты с января 2023 г. по декабрь 2023 г. Источник. Крипто.com Несмотря на то, что Биткойн является крупнейшей в мире криптовалютой по рыночной капитализации и самой старой, у него, очевидно, меньше пользователей, чем у всей криптоэкосистемы. По данным Technopedia, по состоянию на 2024 год около 2,7% мирового населения будут владеть биткойнами, что составляет около 219 миллионов  человек. Если верить данным, то, согласно расчетам Crypto.com, эта цифра выросла примерно на 208% по сравнению с 71 миллионом пользователей Биткойна четыре года назад. В случае с Биткойном или большинством других криптовалют оценка большинства пользователей не может быть на 100% точной, поскольку анализ транзакций в блокчейне часто неспособен отличить долгосрочных держателей от потерянных BTC, а также других факторов. Ралли биткойнов перед сокращением вдвое в 2024 году еще не наблюдалось Одно из самых больших различий между четвертым сокращением биткойна и тремя предыдущими  заключается в том, что перед сокращением в 2024 году цена продемонстрировала необычайный рост. В предыдущих циклах цена Биткойна регистрировала снижения перед халвингом, а новые исторические максимумы были достигнуты примерно через год после даты сокращения награды ха блок. Например, биткойн не поднялся выше ранее установленного ATH в 20 000 долларов до халвинга в 2020 году. В этом цикле цена Биткойна превысила ATH только через 10 месяцев после сокращения вдвое. На этот раз картина совсем иная. В текущем цикле Биткойн достиг рекордного максимума прямо перед событием халвинга, установив рекорд в 73 600 долларов 13 марта 2024 года. Такого прорыва никогда раньше не наблюдалось, и с этим согласны многие аналитики, в том числе криптоаналитик eToro Саймон Питерс. На этот раз майнеры «лучше подготовлены» к халвингу Невиданное ранее повышение цен на биткойны перед сокращением вдвое потенциально оказало положительное влияние на майеинговую отрасль, поскольку майнеры получили больший контроль над затратами на добычу биткойна. «По сравнению с предыдущим сокращением вдвое, похоже, что майнеры в целом находятся в лучшей форме с точки зрения более низкого уровня долга и потенциально лучшего контроля над своими расходами, такими как электричество», — сказал директор по исследованиям Fidelity Digital Assets Крис Койпер, добавив: «Что также помогает майнерам в этом цикле, так это повышение цен перед  сокращением вдвое — то, чего также не наблюдалось в предыдущих циклах». С момента третьего сокращения вдвое в мае 2020 года потребление энергии при майнинге биткойнов значительно возросло, увеличившись примерно с 50 тераватт-часов (Twh) до 99 Twh 18 апреля 2024 года. Энергопотребление биткойнов. Источник: Дигикономист В то же время объем потребления энергии в сети Биткойн, основанной на возобновляемых источниках энергии, также увеличился: по данным Bitcoin ESG Forecast, на долю возобновляемых источников энергии приходилось 54,5% потребления майнинга BTC по состоянию на январь 2024 года. По данным CCAF, по состоянию на сентябрь 2020 года этот показатель составлял 39%. Первое сокращение биткойнов вдвое с помощью спотовых BTC ETF в США Одна из самых простых особенностей сокращения биткойнов в два раза в 2024  году заключается в том, что это сокращение вдвое станет первым в истории, когда биржевые фонды BTC (ETF) включены в Соединенные Штаты. После многих лет усилий спотовые биткойн-ETF дебютировали в январе 2024 года, открыв доступ к биткойнам для институциональных инвесторов.   По словам аналитика Bloomberg ETF Эрика Балчунаса, спотовые биткойн-ETF добились «ошеломляющего успеха», что, очевидно, отражает всплеск спроса на биткойн.
    • 20.04.2024 Тарифы Kingex 👑   Покупка криптовалюты / Buying cryptocurrency:   BTC/ETH  +1.7% (Мы доплачиваем) USDT  +1.7% (Мы доплачиваем)   ^^SALE^^ от 50k    + 1.9%    Продажа криптовалюты / Selling cryptocurrency:   BTC/ETH  - по запросу USDT   - по запросу   Оператор: @Kingex Сайт: Kingex.io Курс на протяжении дня может меняться! ------------------------ Будьте ОСТОРОЖНЫ, появились фейки! Наш телеграм: @Kingex
    • точно не зна, насчет 1го, но во втором стандартные долбанутые а ля erc20 комиссии   кстати, с наступившим !   можно халвы купить в 5ерочке отпраздновать   и тончик снова припал
    • Представители Федерального бюро расследований предупреждают общественность о распространении программы-вымогателя Akira. Согласно заявлению ФБР , программа-вымогатель Akira Bitcoin ( BTC ) нанесла многомиллионные убытки различным компаниям и организациям в Северной Америке, Европе и Австралии. Вредоносное ПО получает доступ к инфраструктуре предприятия через VPN, получая доступ к программному обеспечению без многофакторной аутентификации. Затем Акира крадет конфиденциальные данные и важную информацию, блокируя доступ к системе. Далее на экране отображается сообщение с требованием выкупа. Хакеры используют биткойн в качестве способа оплаты.   В результате распространения программы-вымогателя неизвестные мошенники завладели более чем $42 млн, затронув более 250 компаний. Первоначально хакеры атаковали компьютерные системы на базе Windows, но позже следователи выявили и Linux-версию Akira. ФБР совместно с Агентством кибербезопасности и безопасности инфраструктуры (CISA), Европейским центром по киберпреступности Европола (EC3) и Национальным центром кибербезопасности Нидерландов (NCSC-NL) выпустило специальное предупреждение. Ранее ФБР опубликовало отчет о мошенничестве с инвестициями в криптовалюту. По данным агентства, в 2023 году этот показатель увеличился на 53% до $3,94 млрд. Как пояснили в ФБР, большая часть афер была связана с обещанием высоких прибылей от инвестиций в цифровые активы и составляет 86% всех потерь от инвестиционного мошенничества. В Соединенных Штатах.
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