How can one detect a scam ICO?

[ponin]

The first and most blatant sign of an ICO scam is that the token’s developers are anonymous or otherwise-unknown. While it’s true that the creator of Bitcoin — a pseudonymous individual or group operating under the name Satoshi Nakamoto — did not reveal his true identity, he was able to this because he created a network that did not depend on the trustworthiness of a central authority. This is not the case with ICOs and TGEs. By holding an ICO, a startup is asking token buyers to trust that the developers will deliver a working product instead of running off with their money, so the team should be willing to back up its promises and claims with verifiable identities.

[Alter]

The first thing to analyze is about the team information. A scam ICO usually has fake team members on the project. So, we must know the profile or identity of every single member on the project. Google and search more their identities through social media and other reliable sources. 

[paydayloan]

There are several characteristics of ICOs that are scam. One of them is when you are asked for a private key with a reason to verify the account you have. In addition, the roadmap is not going well. Usually stopped for a long time.

[paydayloan]

Whitepapers sometimes look deceptive, like legit even though a scam. How to know that the project is good is to see that the project has cooperation with certain parties who already have big names. Such cooperation can be a guarantee that the project is serious about running the project.

Besides cooperation, we can also analyze the products offered. At least that can be a guarantee that the project is really serious. That's what I used to do to minimize project fraud.

[gerald232]

Every month the IOO project is huge and I can't know what kind of project will commit fraud. There are a lot of projects that don't reach the target and I don't think it's fraud. they always continue the project until it is successful.

[marshmellow]

Detecting legitimate ico is not easy. Care and caution are needed. Because some ico seems to give a legit whitepaper but that is a scam. So besides analyzing the whitepaper, I think seeing who the manager, developer and return will make us avoid the scam ico.

[Delgboke]

I don't think that you can easily notice or detect scam ico because they appear with good product and management team and promising innovation.

[lembayung]

There are several ways to be able to detect a scam ICO. Namely by examining the Whitepaper whether there are signs of fraud or not. Then the second way is to re-examine the Project Team at the ICO and find out the name of the team from LinkedIn or Google. That will be the signs later. Then the last one is to look at the website owned by the project. Is it good or what the project will be or not. All of these things you can do to check ICO whether Scam or not.

[aloever]

In the last year, scam ICOs have reportedly taken in millions of dollars. This is largely attributed to lack of research done on what people are putting their money into and also fraudulent claims to lure investors by these projects.