Any Solution on the Ongoing Scammers project in the industry?

[Delgboke]

Am over worried about what's happening in the crypto currency industry currently, the 90% project now is scamming people of their funds and it serves as treat in the Cryptocurrency future and it worries me in the mind because those scammers always scales through with people's money, please your suggestions is needed. What do you think should be done in this kind of situation, because it has affected the Bounty hunting in the forum.

[reza7777]

scammers can't be stopped, scammers will continue to arrive in crypto. there's nothing we can do to stop it and one way we can do is do a lot of research before investing

[gurunanakji777]

It is not possible to detect the scammers at first it can be stopped by the regulation so that scammers will think twice before scamming the people who invested in their projects but we should also understand in the bear market when investors will not invest money then we can not expect a project can be successful. I am also a bounty hunter but in the bear market, it is hard to raise the funds for the new projects that bounty hunters promote so bounty hunters affect mostly in the bear market.

[Exio.Tech]

I don't think that it is an issue of scams but rather a problem of security. As we know DeFi platforms are based on smart contracts, and if they are somehow and stolen, then it is practically impossible to get them back. But there is no need to worry. The problem can be solved by turning to good development company https://exio.tech/smart-contract-audit/ [nofollow]

[Freemind]

Only two things can stop scams, one is regulations, unfortunately the vast majority of countries do not have regulations on cryptocurrencies, and the countries that do have them focus more on benefits-taxes than on other things. Another thing that can eliminate or at least reduce scams by a high percentage is the knowledge that users must have, but that is even more difficult than having good regulations. Many new users have no idea about cryptocurrencies, which is why so many scams keep popping up in the industry.

[Doctor]

Maybe I agree with the opinion that said project team must be KYCed.
If you talk about regulation to reduce, who will do that and verify them.
That's the problem

[cheezcarls]

Unfortunately no matter how much do we do our own diligence, the scammers keep improving their skills. I tried not to be scammed or hacked last time, but finally I am in the club where 3 of my wallets were drained approximately $12k. As scammers fail, they always learn their mistakes too and find new ways to scam people successfully. We're just simply too prone to scams and hacks because of the scammers innovating new ways, ideas, etc.

[MrSpasybo]

Currently we don't have enough methods to identify scam projects in this market, but hunters and investors can check information about project team, docs, site and partners before joining join the project. In the future, a project management and inspection agency may be established to increase the credibility of this market.

[Master107]

As long as we deal in decentralized world it means scammers are there lurking everywhere to search for victims (fyi, even crypto will become centralize there are still scammers). To quickly get rich soon is their motto to attract more investors. By the way, some of them are not easy to distinguish. Therefore, let us always be responsible to take care ourselves not to fall on their trap. Presence of mind, correct standard, and discipline might help us to control our impulsive intuition during gain time.

[Arslan0049]

I think the manager should only bring the Escrow projects to the markets. as well as there should be proper checks and balances in the market. Scammers can be minimized but we can't totally control them to great extent.

[Freemind]

I think the manager should only bring the Escrow projects to the markets. as well as there should be proper checks and balances in the market. Scammers can be minimized but we can't totally control them to great extent.

What you say is an option that we have already talked about other times, but that can also cause problems. It takes a lot of trust for a project team to escrow coins/tokens, and unfortunately that trust is rarely achieved, even with the best known bounty managers. Not many months ago, a bounty manager disappeared with $25,000 from a team. We should also remember that the most well known bounty managers always struggle to have the payment in escrow, and that sometimes costs them not being able to make the bounty, since many teams are not willing to do it.

[Ghozrd]

If a new company or project registers their company with the SEC then it can be considered a project that will not deceive you, for example DeHub.

However, some of the new projects that exist today do not have a valid business license or legality, it is very complicated to avoid scam projects because some scamers are already good at running new projects with marketing and adding liquidity on DEX exchanges and end up with Rugpull.

[silkytakyaan86]

According to me, stopping scammer projects is not that easy. If something is used. So it also has a missuse. This is the effect of the market. or something else. Don't know this. But the amount of scam projects is increasing. So everyone has to be careful.

[TomPluz]

The only way for scammers to stop their business is to have a crypto wide regulation which would require all project to get registered with an agency manned by people either coming from the government, the industry itself or maybe both. Right now, there seems to be no accountability at all for these scammers so what they are doing is putting up new projects one after another...making sure they can entice possible "investors" with big promises of lucrative profits coming...then after some weeks or so they can be gone in hiding or just pretend to be hiding in their bedrooms. There is no really easy to purge these people from the crypto industry.

[pacar_tiri]

scammers can't be stopped, scammers will continue to arrive in crypto. there's nothing we can do to stop it and one way we can do is do a lot of research before investing

You're right, scammers cannot be stopped but can be reduced.
Maybe project team should be KYCed , It's good way to reduce scammers.
Although scammers can find other way to scam other.