Crypto space is a platform where investor can invest their cryptocurrencies/Bitcoin will hope of a good return of profit or investment with associated risk factors. There have been a surge in Bitcoin/ Initial Coin Offering (ICO) on every page, blog and ads trying to spam potential investors of their hard earned money with promise of safe heaven investment. Millions of dollars are being lost to this scammers on daily basis. Here are few red flags to identify such spam space.
EXAGGERATED PROFITS/INVESTMENT RETURE
This is the first weapon of crypto spammers use to lure investors to stake their Bitcoin as investor are in a haste and get rich syndrome. They promise 100% return of investment or certain percentage (15%-50%) on daily basis with no risk factor involve despite the fluctuations in crypto market. They assured you of everything that potential investors are afraid of with stories of a particular testimony which does change through out the period. Something you see words “see you account grow or you don’t need to be in front of a computer or with just your phone” etc
ONLINE PRESENCE
Many of the start up platforms have poor online presence with no veritable identity while the advanced once parades large followership on Facebook or Instagram in particular but on a closer look you will detect it’s a fake profile with programed likes and no previous history. Their page lacks detailed list of achieved milestones and new road map for more success. This is a clear indicator of short or scam site. Other like the LoopX site that scammed investors of over $4.5m paid recruits, rigorously advertised on web pages, ads and blogs for promotion, unfounded attractive offers of investment within a short period had no customer care unit.
TEAM CREDIBILITY
Even though most crypto space uses anonymous identity but reputable background check and no history of floated ponzi scheme. Buyers should able to conduct little check on team or individuals before committing their bitcoin. Main focus of scam site is asking potential buyers to believe in them, not to make away with their cash instead of simply providing verifiable back up claim of successful business deals, videos and references. Most of the spam sit lacks adequate means of communication with the developer via chat, email or you tube. You must look at the social media handles like LinkedIn /Facebook page of the CEO or team, taking notice of listed projects, consistent followers and comments.
PHISHING
With many teams or individuals now aware that sites are being scrutinized by potential investors, they continue to device a way out using domain/ URL and other social media platforms associated to a reputable website with almost resemblance to deceive the investors who hardly notice this. One you log in through the link, submit your wallet credentials, they easily log into your wallet and empty it via an unidentified wallet.
Example:
www.galleonquest.com has almost resemblance to
www.galleonquests.com or www.galleongust.com with s/g
ABSENCES/PLAGIARIZED WHITE PAPER
White paper is a company or team detailed design, developed project on how to reach achievable business model with very understandable information an investor needs about ICO. Many spam site lacks clear white paper. The is not a guarantee sign of legitimacy as they can be plagiarized. This can be verified by copying and pasting white papers on search engine or plagiarism apps.
CONCLUSION
No crypto space will guarantee you 100% investment returns with no risk factor within a short span of time. Skepticism and common sense are veritable tool to identify scam webpages. Always contact the customer unit for information. Bookmark original crypto site, make use of search engine, most importantly use common sense and be careful with site you log in your bitcoin wallet.
Check this addresses for crypto scamming sites
https://www.scambitcoin.com
https://binaryumpire.com/red-card-schemes/red-card-alerts/
