Topic: characteristics of fraudulent projects (Read 2897 times)
We've seen it all actually. Even the ones we've seen to be really legit with the faces of the team on their youtube channels, they are just so bold to scam still. Bounty hunters have promoted some projects that were yet not distributing their tokens since 2018.
It's shameful that even good project are ending up like this. Integrity is beyond just been a good project, it's also staying true to your words both in good and bad times. Unfortunately all these projects are just for the money. That's why they time it easy to do this. They are not here to help humanity.
I can assume that you are doing a good job or at least you can encourage other users to be more careful and alert before joining any project. especially when you are an investor or Prize hunter, by asking serious questions about the project but the team cannot explain in detail then this is also an indication of the project fraud.
when investors and the crypto community already believed, but the team said differently!
- The team did not respond well to the crypto community.
- The team is very shady and does not provide updates about their projects on the telegram & social media channels.
- The team plans to take a vacation
- The team blocked accounts one by one from each community who questioned about the development of the project.
- and finally you are banned in this group
it's so annoying, how you feel?
- The team did not respond well to the crypto community.
- The team is very shady and does not provide updates about their projects on the telegram & social media channels.
- The team plans to take a vacation
- The team blocked accounts one by one from each community who questioned about the development of the project.
- and finally you are banned in this group
it's so annoying, how you feel?
It is more than annoying and even more painful after you must've invested thinking it was the right and perfect project. However, I think these facts or criteria is to be done, checked or analysed first before ever thinking of investing. The second to the last (questioning the team) should be done over and over again to know how experienced they are and if they have the pre-requisites to launch and manage a project; and the good side of it is, it showcases the true colour of the team be it good or bad. I believe if some of these are taken into account first it will help the investor make good decisions. Lastly, all these being done by a project shows it is likely to be a scam project.
Yes, those are signs of scam projects. This year only good projects shines, those projects that are only base on bullrun are gone, Pump and dump coins they still exist but they are dump 99 % like trash. I hate to admit it I almost believe some of these influencers, they even active and attended on blockchain conferences but the lesson is to always check the project not who is promoting it. I consider those sh*tcoins projects as fraudulent looks like the CEO himself is dumping the coin.
But most scam projects will be seen if they have launched ICO/IEO where they have raised funds to touch the softcap, and ways to avoid the scammer trying to trace the team and also check the whitepaper for plagiarism. If in doubt it is better not to invest in new projects.
You will not be able to distinguish from scam projects if you only check the whitepaper. You need to check more to be able to give the best reviews, in addition we should not participate in the ICO because most ICOs will fail and become scams.
But most scam projects will be seen if they have launched ICO/IEO where they have raised funds to touch the softcap, and ways to avoid the scammer trying to trace the team and also check the whitepaper for plagiarism. If in doubt it is better not to invest in new projects.
You will not be able to distinguish from scam projects if you only check the whitepaper. You need to check more to be able to give the best reviews, in addition we should not participate in the ICO because most ICOs will fail and become scams.
They are not just annoying, they are frustrations also.
That is why before you proceed, you have to check first a lot of things because things might not end well just like what you're thinking in a certain projects. Mostly, they are always changing the rules, and demanding so many things, one of those is requiring KYC stuff, what for, well they do that to eliminate bounty hunters who are after their bounty, because not all of the bounty hunters are happy to provide their personal information to somebody here in the internet.
And then if you submitted your KYC, they will tell you so many times to wait every time you bring up the topic about your bounty, until they are gone.
That is why before you proceed, you have to check first a lot of things because things might not end well just like what you're thinking in a certain projects. Mostly, they are always changing the rules, and demanding so many things, one of those is requiring KYC stuff, what for, well they do that to eliminate bounty hunters who are after their bounty, because not all of the bounty hunters are happy to provide their personal information to somebody here in the internet.
And then if you submitted your KYC, they will tell you so many times to wait every time you bring up the topic about your bounty, until they are gone.
Add teams information not known to the list. Most p objects claim anonymity, to me that's the first red flag or teams that use fake pictures and bios. Some red flags are there in every scam project.
I also never care about projects without a development team. Those projects are too shady for us to trust and invest in their projects, at least we need to know who is the project owner who is the developer of that project.
I think making characteristics of fraudulent projects is a great way to save time and money. But don't let it cloud your judgment and pass all projects without giving it a second chance.
But most scam projects will be seen if they have launched ICO/IEO where they have raised funds to touch the softcap, and ways to avoid the scammer trying to trace the team and also check the whitepaper for plagiarism. If in doubt it is better not to invest in new projects.
when investors and the crypto community already believed, but the team said differently!
- The team did not respond well to the crypto community.
- The team is very shady and does not provide updates about their projects on the telegram & social media channels.
- The team plans to take a vacation
- The team blocked accounts one by one from each community who questioned about the development of the project.
- and finally you are banned in this group
it's so annoying, how you feel?
It seems you haven't come across a near perfected scam project that has none of these flaws you made mention, team will have good plan and will be up to answer every single questions thrown at them but in the end they still exit scam- The team did not respond well to the crypto community.
- The team is very shady and does not provide updates about their projects on the telegram & social media channels.
- The team plans to take a vacation
- The team blocked accounts one by one from each community who questioned about the development of the project.
- and finally you are banned in this group
it's so annoying, how you feel?
I think that OP wanted to warn new users on how most scam teams behaves and I think he summed it up pretty good. There will always be better organized scam projects. In some projects only the top team members are aware that they plan to do an exit scam. Other part of the team may think that a project is legit and that's why they answer every question and they try very hard to bring more people to the project.
Add teams information not known to the list. Most p objects claim anonymity, to me that's the first red flag or teams that use fake pictures and bios. Some red flags are there in every scam project.
when investors and the crypto community already believed, but the team said differently!
- The team did not respond well to the crypto community.
- The team is very shady and does not provide updates about their projects on the telegram & social media channels.
- The team plans to take a vacation
- The team blocked accounts one by one from each community who questioned about the development of the project.
- and finally you are banned in this group
it's so annoying, how you feel?
It seems you haven't come across a near perfected scam project that has none of these flaws you made mention, team will have good plan and will be up to answer every single questions thrown at them but in the end they still exit scam - The team did not respond well to the crypto community.
- The team is very shady and does not provide updates about their projects on the telegram & social media channels.
- The team plans to take a vacation
- The team blocked accounts one by one from each community who questioned about the development of the project.
- and finally you are banned in this group
it's so annoying, how you feel?
This always feels bad if you have invested money or even time in that projects. Also many times, some projects shows their development as per the roadmap but once everything including ieo is done, they say that they failed to raise enough funds and so they are closing.
We should be aLways careful joining these projects.
We should be aLways careful joining these projects.
Over the years I have learnt that you can still take precautions and observe all the necessary measures , yet you can be disappointed because this space is full of surprises and the fact that project developers don't kyc at SEC or any regulatory body makes it tricky to tell. However, you can leverage on top exchanges like Binance to do the job for you since they have a higher level threshold against cheap scammy developer
This always feels bad if you have invested money or even time in that projects. Also many times, some projects shows their development as per the roadmap but once everything including ieo is done, they say that they failed to raise enough funds and so they are closing.
We should be aLways careful joining these projects.
We should be aLways careful joining these projects.
when investors and the crypto community already believed, but the team said differently!
- The team did not respond well to the crypto community.
- The team is very shady and does not provide updates about their projects on the telegram & social media channels.
- The team plans to take a vacation
- The team blocked accounts one by one from each community who questioned about the development of the project.
- and finally you are banned in this group
it's so annoying, how you feel?
I think I know some of the criteria you mean. first it is better to go away from them because based on what they are doing it is being scammed and they have no plans for new development, while many tokens and coins are developing new features to stay afloat in this industry. - The team did not respond well to the crypto community.
- The team is very shady and does not provide updates about their projects on the telegram & social media channels.
- The team plans to take a vacation
- The team blocked accounts one by one from each community who questioned about the development of the project.
- and finally you are banned in this group
it's so annoying, how you feel?
This is a good lesson before investing in projects like this, where you have to understand whether the team is working seriously or just want to rob your money.
when investors and the crypto community already believed, but the team said differently!
- The team did not respond well to the crypto community.
- The team is very shady and does not provide updates about their projects on the telegram & social media channels.
- The team plans to take a vacation
- The team blocked accounts one by one from each community who questioned about the development of the project.
- and finally you are banned in this group
it's so annoying, how you feel?
I think I know some of the criteria you mean. first it is better to go away from them because based on what they are doing it is being scammed and they have no plans for new development, while many tokens and coins are developing new features to stay afloat in this industry. - The team did not respond well to the crypto community.
- The team is very shady and does not provide updates about their projects on the telegram & social media channels.
- The team plans to take a vacation
- The team blocked accounts one by one from each community who questioned about the development of the project.
- and finally you are banned in this group
it's so annoying, how you feel?
This is a good lesson before investing in projects like this, where you have to understand whether the team is working seriously or just want to rob your money.
when investors and the crypto community already believed, but the team said differently!
- The team did not respond well to the crypto community.
- The team is very shady and does not provide updates about their projects on the telegram & social media channels.
- The team plans to take a vacation
- The team blocked accounts one by one from each community who questioned about the development of the project.
- and finally you are banned in this group
it's so annoying, how you feel?
If I saw any sign of fraud in any project I usually stop supporting them in order to minimize my loss because if I will continue to support them I will just loss my time and effort. So I was unable to feel their existence that much but if I will be in that situation I will surely feed bad why I supported a bad project as I am not a type of person who blame the managers. - The team did not respond well to the crypto community.
- The team is very shady and does not provide updates about their projects on the telegram & social media channels.
- The team plans to take a vacation
- The team blocked accounts one by one from each community who questioned about the development of the project.
- and finally you are banned in this group
it's so annoying, how you feel?
That characteristics that you have mentioned are the basic characteristics of a shit project but right now most of the scammers are improving their skills like they act like a genuine project but in the end they will just run the investors money.
Everything you explained related to the characteristics of scam projects,I has experienced it. Like the team not responding well and
also the team took too long to make updates about their projects. Then not long I was removed from the group, because asking too
many questions about the development of projects. Very true my feeling when it was very upset and until now if remembering that
makes me angry.
also the team took too long to make updates about their projects. Then not long I was removed from the group, because asking too
many questions about the development of projects. Very true my feeling when it was very upset and until now if remembering that
makes me angry.
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