Why the increase of fake crypto project?

[Evgenklm]

Unfortunately, nothing, because there is no legislative base or body that would monitor the cleanliness of the project, you just need to be careful, and choose the project you participate in selectively, it comes with experience.

[bigcash2011]

To be honest, all these scams keep popping up and market is fed up such criminals but unfortunately there is no way to stop such people because of the anonymous and decentralized nature of most of the projects, these guys are damaging the reputation of the market for their personal gains.

[Bobcrypto]

What can we say is the main reason behind the sudden increase in fake and scam cryptocurrency project I don't know you have been encountered so many airdrop channels were alot of crypto airdrop are been listed and they are succeeding on daily basis and nothing has been done about it, the more the crypto market is growing the more fake and scam coins are growing,is it that nothing can be done to stop scam coins?

Mate, I think the issue of crypto scam or the reasons why there are increase in scam activities related to cryptocurrecy is no longer a big news. In the year 2017 to 2018, during the ICO days, we had this situations but crypto development ijss been going stronger by the day.
Now, there is DEFI boom, just similar to the era of ICOs. unfortunately the situation has surfaced again. As a matter of fact, the major reason why there are increase crypto scam activities of any form (eg scam Defi projects) is basically due to the fact that Defi is booming  and there is currently a huge crypto adoption on the daily basis. Thanks

[MrSpasybo]

Where there are a lot of money & normal investors, there are scams
Fraud projects in the crypto sector that sprung up in 2017 are mainly related to the Lending market initiated by Bitconnect. Then came the scam ICOs as crowdfunding through an ICO was easy and without legal prosecution.
In 2020, the DeFi wave swept away the crypto winter, many investors poured money into projects with high APY, immediately DeFi became the target of new scam projects.
In addition, ponzi projects take advantage of human greed & ignorance, they are constantly appearing to suck blood from investors

[Jacky]

Crypto scam is something very usual in this crypto world. Moreover about the scam itself has been a long-time ago dread. But not al crypto project scam is available to enter the home itself. And I think that it will not end. But we can avoid it by doing a deeper aphievene

[nelson4lov]

What can we say is the main reason behind the sudden increase in fake and scam cryptocurrency project I don't know you have been encountered so many airdrop channels were alot of crypto airdrop are been listed and they are succeeding on daily basis and nothing has been done about it, the more the crypto market is growing the more fake and scam coins are growing,is it that nothing can be done to stop scam coins?

The reason why you see so many fake airdrops or fake crypto projects everywhere is because scammers need money, and they can't get it without creating all those scam projects in order to extort money from investors who eventually invest in their scam projects, and there's no way we can stop this from happening, there will always be scam projects, that's why it's important to DYOR before investing.

[mianvicky1]

Yes you are right there are many kind of scams in crypto industry. The main reason is that when any market is growing and achieving their milestone then lots of people want to scam with other and find different ways to scam. In last i can only say its a part of industry.

[LaZim]

Unfortunately, nothing, because there is no legislative base or body that would monitor the cleanliness of the project, you just need to be careful, and choose the project you participate in selectively, it comes with experience.

If the project is a fraud, then you do not need a legislative framework. Only investors who have invested money will be enough. Another question is that the scammers do not have photos of their own. They take other people's photos and some people believe it.

[shadowdio]

Making scam coins will not stop because I'm sure it's profitable for them to make a scam coin or fake project. That is why we have many scam coins in the market. If there is no more people to buy their coin they will abandon it and make another a new one. We need to research first before to buy the coin, that's the only way to prevent scam coins.

[Gurujebs]

Trend is having a linear relationship with scam, if you observe the market cryptically from 2017, scam has been existing in different forms though it has reduce compare to now. It has even become a norm now that even developers carry Defi and hide anonymously to steal money from people.
We hope privacy get eradicate from crypto space for safety of everyone.

[Altcoin1998$]

If it possible to escrow then I think no projects scams . Before launching any projects, should be escrowed and certified by any global agencies (Cryptocurrency ageing) , team management video conferencing and certified by ico bench.

[Jaguar]

Scammers are every where even in airdrop or bounties. There are people in the world who have heart but no feeling of conscience to what they did wrong. It is awful to scam other. I hope someday this kind of evil doing will stop to have safe place in crypto investment.

[Review Master]

the more the crypto market is growing the more fake and scam coins are growing,is it that nothing can be done to stop scam coins?

TBH, we can just spread awareness about those fake/scam coins and let others know how to spot those. Even we spot any fake/scam coins, greedy users will be there to get profits as some of those become successful and others get rekt because of rugged pull.

[trauchot]

Unfortunately, it is, the more cryptocurrency becomes more popular, the more scam cryptocurrency projects appear and nothing can be done about it, of course there are some organizations that are trying to fight with scam cryptocurrency projects, but unfortunately there are very few such organizations and they do not have time to check every cryptocurrency project.

[Abubakar56]

There have been lots of cryptocurrency scam project you just have to avoid them not to become a scam victim, I think the main reason behind the scam project is that must people are just trying to make money true cryptocurrency and they think developing scam project is the best way. Before doing any airdrop or bounty always make sure that you do your research first before joining it to avoid being scammed and also to avoid spreading scam project