Scammers are everywhere, and they're getting smarter and smarter. 😱

Our mission is to protect ourselves from them. 🛡️

My guide on how to avoid investing in scam projects 💰❌

90% of beginners don't do this 🧵⬇️

○ It is very important to be careful not to lose your money. ⚠️

▪︎ In the second quarter of 2024

Cryptocurrency losses from hacks and fraud increased by 113%

To reach $572 million 😱

Checklist to identify scam projects⬇️

1 | Conduct a comprehensive search

▪︎ Does the project actually produce a valuable product or not?

☆ The project must have concrete evidence.

¤ Required working product:

alpha version, beta version, test version

- Anything that confirms the truth of their work.

For example, let's take a look at Grass.

#Blockchain based protocol for decentralized web page analysis that provides data collection

We saw a working prototype system that anyone could test and then be rewarded.

2 | Who is behind the project?

▪︎ Projects that succeed without a team are known. This is the exception, not the rule.

▪︎ Most successful projects have well-known teams, meaning their identities are clear, so you can verify their experience.

3 | Promises Too Good to Be True |

Scammers often reveal themselves by making unrealistic promises and constant hype, demanding huge profits in the future.

Phrases to watch out for include “next gem with 100x multiplier” or “will never be cheap again.”

4 | Contributions

Projects control who invests and how much, with the goal of fair distribution of funds.

Scammers don't care about this, their only goal is to make money.

If you notice unlimited contribution amounts or very high limits per person, you should think again.

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 four rules I mentioned, they can be bypassed. 🕵️‍♂️

Always research the project and take your time. 🔍

Protecting your investments is a top priority. 💰

In conclusion, this post aims to protect your money from fraudulent projects and is an awareness-raising post.

I think we all have fallen for scams and didn't know about these rules so I shared them with you so that no one else will fall for them and get scammed.

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