Common Types Of Cryptocurrency Scams & Tips To Avoid Them. Part 3

2. Fake ICO’s

Initial Coin Offerings is the most popular way for companies to raise funding, and some scammers take advantage of this by conducting fake ICO’s.

These ICO’s are heavily marketed without laying any strong foundation about the coin or the leadership.

And many naive investors are at its target as they successfully glorify ‘get rich quick’ by promising 1000X returns. In fact, Fake ICO’s are more frequent than the real ones. In a study conducted in 2017, 78% of ICOs were identified as fraud. 

How to Avoid This:

  • They mostly have a fabricated whitepaper or a whitepaper full of mistakes.
  • Check the roadmap for token and proof of concept.
  • Ask hard questions like the problem they are trying to solve, how is the coin different from other cryptocurrencies etc.
Courtesy : COIN SWITCH - KUBER Cryptocurreny Exchange in India.

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