It is our duty to protect ourselves from them.
My Guide to Avoid Investing in Scam Projects
90% of newbies don't do that ⬇️
It is very important to be careful not to lose money.
Cryptocurrency losses due to hacks and scams skyrocketed 113% in Q2 2024 to $572 million
Checklist to Identify Scam Projects⬇️
1 ➔ | Thorough research |
Does the project actually create a valuable product?
Project must have practical evidence
Working product Need:alpha version, beta version, test version - anything that validates the reality of their work
For example, let's take the famous Grass
A blockchain-based protocol for decentralized web analytics that provides data collection capabilities
We saw an initial working system that anyone could experiment with and then be rewarded for.
2 ➔ | Who is behind the project |
Teams that aren't doxxed can be successful, but they're the exception, not the rule.
Most successful projects have doxxed teams, where their identities are public, allowing you to verify their experience
While undetected projects aren't necessarily bad, it raises questions about whether there are other warning signs.
In turn, it is important for us to know who is behind the project and whether they are trustworthy.
3 ➔ | Promises Too Good to Be True |
Scammers often reveal themselves with unrealistic promises and constant hype, claiming huge profits in the future.
Red flags are phrases like "The next gem costs 100 times as much" or "It will never be this cheap again"
4 ➔ | Contribute |
Projects control who invests and how much they invest, aiming for even distribution of capital
Scammers don't care about this, their goal is just to collect money.
If you find the unlimited contribution amount or the per person limit too high, this is a reason for you to think twice.
This may indicate an attempt to raise money quickly rather than build something sustainable.
Scammers are getting more sophisticated, but if you're careful and follow these 4 checks, you can outsmart them.
Always research the project and take your time
Protecting your investment is our top priority.
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