Scam Projects: How to Detect?

[TomPluz]

I have been with the cryptocurrency industry for years though I am more of an observer rather than a very active participant. Through the years, I have so many scams in this industry as many scammers are taking advantage of the new market and a big number of people who are getting interested with cryptocurrency. Sad to say that my first coin was not actually Bitcoin but something that eventually became a scam.

With this in mind, whenever I am looking at a new project or a start-up in cryptocurrency, I look for possible red flags like the team...the more open and communicative are the team members especially in their own group chats the better the chances that they will not eventually run though of course there is always no guarantee for this.

Then I always look at Google for accusations of being a scam. And I think Reddit can be a good site for this. of course, there can also be baseless accusations or those not proven to be true just like my experience with Origin Protocol when someone accused it of just using copied WhitePaper but it eventually grow into a legit and highly valued platform.

One of the big barrier in establishing credibility of a project is the fact that our interactions are limited in the world of online...unlike if you can go to their office (if they have one) and rub some shoulders with people who are starting the project...though again this is not a 100% guarantee whatsoever.

Please share your ways and means in analyzing a project so we can avoid being scammed...again!

[satpol_PP]

I think It's really difficult to detect scam project. Learn the white paper , road map and always follow the social media of the team.
If you confident with the team and project , I think You can invest on it.
Always be careful

[Dora Walletinvestor]

It's really important to be aware that crypto projects can be a scam. I'm sorry that you fell victim to one in the beginning.
Sure, there is no way to be a 100 percent sure whether something is legit, but doing thorough research goes a long way. In my opinion, it is better to decide not to invest if you are unsure about something.

[Freemind]

1- We should check for similarities or plagiarism with other white papers, there are many tools available to check.

2- Search for information prior to the project about team members, social networks, jobs in other companies...

3- Direct communication with the team, if it is little or none, we must discard the project.

4- Ignore all the projects that promise impossible things like: Binance soon, big pump on the way...

5- Ask very technical questions of team members, scammers generally don't have that knowledge.


Those are some of the things I do, DYOR is the most important thing, and even then we are not 100% sure.

[Cryptoz]

Yes, there are so many scam projects moreover in this crypto world. Many of them are not yet detected, so if we are searching on google for scam accusations, they're may be not all scam projects are revealed.
The ways I look at scam projects:
- The project is too good to be true
- The team is fake or using fake social media, not clear enough
- Using duplicate whitepaper
- Seen from its website

[yohananaomi]

It's really important to be aware that crypto projects can be a scam. I'm sorry that you fell victim to one in the beginning.
Sure, there is no way to be a 100 percent sure whether something is legit, but doing thorough research goes a long way. In my opinion, it is better to decide not to invest if you are unsure about something.

confidence must be instilled first after analyzing it well, whether you want to continue or not. sometimes the analysis also cannot determine whether it can be a good and correct analysis, sometimes it can even be the other way around.


In the end, all of us cannot avoid the luck that we might experience, this is difficult to predict and sometimes our analysis is sure that it is not wrong, but the analysis that does not believe is what works. but our goal is to continue to be able to observe properly first, so that later fate will determine.

[pacar_tiri]

Yes, there are so many scam projects moreover in this crypto world. Many of them are not yet detected, so if we are searching on google for scam accusations, they're may be not all scam projects are revealed.
The ways I look at scam projects:
- The project is too good to be true
- The team is fake or using fake social media, not clear enough
- Using duplicate whitepaper
- Seen from its website

I think your opinions are true mate.
I agree with you, several scammers have used duplicate white paper and using fake social media.
In my analyzing, I see many scammers always used both.
So be careful to invest at those projects

[gopheron]

Actually it's impossible to reveal scam in advance because a lot of projects, which haven't initially been planned as scam, preferred to take money and dissapear(

[yohananaomi]

Actually it's impossible to reveal scam in advance because a lot of projects, which haven't initially been planned as scam, preferred to take money and dissapear(

it could be that your argument is correct that at first there was no intention, but because of the situation he was in, in the end there was no other way for him to commit fraud. but maybe this is less than the intention from the start was to deceive. it can be seen from the unclear membership and incomplete website and WP or plagiarism from other projects.


Those who did it from the start really wanted to aim to cheat, indeed more % were done than because of an unexpected situation. but indeed there is no medicine until now to be able to reduce things like this. so in the end many just gave up, fortunately % who cheat with good intentions are still relatively small but are constant and always exist.

[Master107]

Actually it's impossible to reveal scam in advance because a lot of projects, which haven't initially been planned as scam, preferred to take money and dissapear(

Some are so obvious scam from the beginning. Not visible team, no white paper, dead community, no transparency, more on taking advantage, and dishonest and unreliable answers.

The mention above would not always be the basis to define scam projects for some are looking good from the beginning yet will gone at the top of successful presale.

Another case is the unforseen serious circumstances along the way that may severely damage the whole plan. The result may end up like a scam.

It is our duty to watch out the potential projects and avoid the shits one. Nobody's perfect

[Vickolos]

I think it is very difficult to detect a scam projects in crypto because you can never be too sure if the project is legit or scam even after DYOR the project you take to be scam may turn out to be a good one but i try as much as possible to stay away from projects that makes promises that are too real to be true and sometimes i take the risk by investing in some of those projects.

[Michael.sol]

I think It's really difficult to detect scam project. Learn the white paper , road map and always follow the social media of the team.
If you confident with the team and project , I think You can invest on it.
Always be careful

yes you are right  , it's not an easy to detect project is scam or legit . But i belive project who have dox team their are probally 80% chances that project is legit . But still we must check project Whitepaper  , wen authorities , their investor and backup project,  their partnership etc .

[Freemind]

yes you are right  , it's not an easy to detect project is scam or legit . But i belive project who have dox team their are probally 80% chances that project is legit . But still we must check project Whitepaper  , wen authorities , their investor and backup project,  their partnership etc .

I agree with what you say, but still those teams can end up being a scam. I've seen it a couple of times and they don't care that everyone knows who they are, they disappeared with the funds. Let's not forget that teams that let a project die for lack of development and effort should also be considered scams, there have also been many cases of this type, that is why when development slows down or interaction with the team is less we must be alert.

[MrSpasybo]

Now, the level of scammers has also increased and they create projects that seem very quality and very good ideas like GameFi or NFT. It is very difficult to confirm whether a project is a scam or not, we should only focus on finding really good projects based on the partners, investors, team and solutions of the project.

[Master107]

Now, the level of scammers has also increased and they create projects that seem very quality and very good ideas like GameFi or NFT. It is very difficult to confirm whether a project is a scam or not, we should only focus on finding really good projects based on the partners, investors, team and solutions of the project.

Would like to include the visibility of project team. Real identity could be a good sign to know more about the project and how's the team play very well and tirelessly. Confidence in knowing the team is a factor.

Although real identity is not the assurance for success, but it could help to boost the community's confidence that they are in the right investment specially nowadays of NFT, GameFi and DeFi revolution.

Yeah, partnership and investors are so attractive to trust the project for long term means of investment.