Topic: Crypto scams flourish most during bull runs. (Read 363 times)

It is always a good idea to conduct thorough research before making an investment, especially at this time when a bullrun market is about to occur and scammers will be working extremely hard to convince people with new fake projects because they know that investors are eager to make big profits this season.
I was recently introduced to a new coin on Telegram that I should invest in. I am sure it is a scam, but I just have to pretend. But what worries me is the number of people who are naive of cryptocurrency that may turn into their victim, that is why It is good for us to conduct research before making any investments.

Well, I hope there is data that supports such a claim OP because based on my experience, scammers have never chosen the time when they create them as it appears almost every day. Maybe it comes up in your OP that it flourishes during the bull season and it is probably because during this time a lot of people enter the market and fall into scam projects and then make a report about it. It was just the number of no-how people got into the situation, not the number of scam projects created.
That is why we should carefully know the project that we are about to invest in and stop following influencers.

Besides there are different forms of scams going on out there. And as such it doesn't care of whether it is a bullish or bearish market. However, for a bullish market, there is a different kind of scam, scammers know that people don't do diligence because of the urgency to fomo into a trade, one might end up buying a token that can't be sold. I have seen it happened

Yeah. I think I understand your point and line of thoughts. During bull, there are a lot of fomo and people tend to forget to do due diligence because they want to quickly ape into a trade without doing their own research and sometimes end up falling for a scam.

I agree that any season of the market, scammers are always active. As long as there are people that they can scam, they will always there waiting to fetch some newbies.

A scammer that disguises as a trader can promise you anything and that is for sure. It's sad that many newbies will fall for that scam whichever offers they show to them.

The thing is they're going to make people believe that they are real profitable traders and gullible people will believe them.

I do believe that scams may happen any time, but based on my personal experience in the market, when everything is bullish about the market, that’s where scammers mostly take advantage those innocent people most especially that they can be easily put into their traps since all they think about is to make immediate profits from the market, not knowing that the more they become greedy on their profit making, the more they become susceptible to fall on the scammers traps.

 Too good to be true offers become rampant and here comes the newbies who easily fall on any type of scam.

Scams will flourish regardless of the market sentiment, whether bearish or bullish. So, it will be wrong to conclude that scams flourish in a bullish season. Whether bear or bull, one has to be very careful not to fall for these scams. Double check your links and addresses and ensure that you don't interact with just any link you come across

Good to know that you are aware on those scams and for that you can avoid picking those unrealistic gain offered by scammer then get scam by them. Usually there's a lot of scam would came out once there's a hype coming by this bull run event since a lot of scammers think that people have a lot of money to release for their investment that's why they want to catch up and wait for their potential victims to get attracted by the offer they present that's why you or newbies should be careful on other upcoming attempts.

People need to know that if it is too good to be true then its not true, this word has been mentioned for many times here especially if other forum users want to warn newbies regarding on those investment scams.

Although this will be my first bull run experience and I know that because Bitcoin will be very profitable in this season, many newbies will want to be part of the profit experience so they will be looking out for any advice and opportunities to buy Bitcoin and be part of the bull run profit. Scammers will also increase their activities to scam as many of them. This forum is good for everyone who wants to be a Bitcoin investor or trader so that they will increase their knowledge about it, we need to do our own research on every investment opportunities that we hear on social media before we can trust whether it is genuine or scam, I have come to understand that there are many scams and hacks in crypto business.

True hidden gems don't stay hidden for so long, if you got one and still stay hidden after several months it's probably a crappy hidden gem, when SEI was released, everyone thought it's another crappy one, but now it's looking tough like solana all over again in 2020.

You said proof of work is safe? Are you sure about that? Because there are many crappy PoW coins out there too, this was the same mindset that I had in 2018 when I started mining proof of work coins, only like 2 survived out of eight others, they mostly failed and some ends up losing value, now they are all abandoned projects.

You really have to be careful with all altcoins, just because Kaspa did amazingly well, many new Kaspa wannabe have been created by scam developers, there is one that share name with Kaspa with few extra words tweaking, kaspion? Or something, they are all trying to grab attention.

I only knew about rug pull since 2020 or 2021. It looks to be connected to DeFi projects because developers of those DeFi projects will create trading pair on DEX and it raises a need of Liquidity pool. Liquidity pool will be provided by developer team and contributions from users. If a trading pair's liquidity pool is mainly provided by the project team, if they are scammers, run with liquidity, we will have a scam calls as rug pull.

It is only restricted to DeFi and DEX if I am not missing any fact.

What Is a Rug Pull? How to Protect Yourself From Getting ‘Rugged’

I don't know if this is a language issue or what, but a "rug pull" isn't a specific type of scam.  It's just two words that keep getting repeated by a generation of people who like to create new words to describe old phenomena--the same generation that took the word cringe and made it into a noun somehow.

I seriously hope most of you know this already and stop parroting stuff you hear on social media sites or wherever.  Be skeptical.  Think critically.

I have been in so many project community that do not really make sense at all especially when looking at the site of the project and their white paper. The road map of a project is open to the ways we could also determine whether the project looks like a scam or not.
People that buy tokens at presale need to be very careful because this is one of the ways scammers do an use to scam people.
Their are real presales too but we need to be very careful when making this kind of decision.

Yes more reason to be active on bull run as people are engaging on investment. People or users who are into airdrops and investment must be cautious cause there are lots of scams lingering around especially on social media. On Twitter we can see those styles already when there are projects announcements and they pop up like the real one and youll get hit if you dont check it carefully.

Yes, you are right. The biggest reason scammers spread themself bigger during the bull run is that people don't care much about their money during the bull run. For example, someone has raised his fund 2-3x with some coins during the bull run and he can see a good investment opportunity, just invest there and start to think he can raise again some X of his investment. This is the chance scammers don't want to miss.

I couldn't say YES but scammers have not stopped yet creating projects maybe if not every day. This is why every now and then we witness some investors suffer losses due to investing in scam projects as these scammers won't just come during a bull market but every day. Not to be surprised that the market has already been filled with these useless projects because the number of scammers is also increasing and at the same time, they are quite improving their dirty tactics which is why many newbies have fallen into their traps.

During the bull run in the crypto market, is the time more people start investing,because it is time many people make money, so Some bad people, called scammers, are always around, trying to trick others and take their money. But guess what? During the bull run, when many people are excited about making money, the scammers become even more sneaky. This happens because there are lots of new investors who might not know much about the things they want to invested on. They see a lot of different tokens, which are like special coins, and some of them might not be good. Scammers take advantage of this by creating fake projects that sound really exciting, and they trick new investors to invest in the projects. it's important to be careful and learn about what you're investing in, especially doing the bull run period.

During a bull run, Ponzi schemes tend to increase as they take advantage of new projects to deceive people. These schemes often exaggerate and make big promises, enticing individuals with the prospect of significant returns. Therefore, in the excitement of a bull run, newcomers should exercise extra caution. It's important to be wary of new projects that make grand promises of high returns, as they could be potential scams. Keeping a watchful eye and being cautious about such tempting offers is crucial for safeguarding oneself from falling victim to these deceptive practices during the bullish market trend.

Because of a lot people participate in the bull run, which is like a time when everyone is excited about trading, they often come across many signals that suggest when to buy or sell. Some folks use these signals to convince others to pay money and join a special group on an app called Telegram. In this group, they promise to share constant updates about what's happening in the market but all is fake. However, this approach is not really new or surprising anymore. It only works if someone is really eager to make money quickly in the world of cryptocurrency. So, it's important to be careful and not fall for tricks.

There's always like that since scam site always want to present good to their potential investor so that they can attract and convince them to invest on their project.

That's why its really better for newbies to do their own investigation and after that they should seek for proper guidance from those people which have a lot if experience in crypto investment and not asking anything in return because they want to help newbies like him.

Luckily we have this forum since there's a lot of generous forum members share their ideas that's why a lot of newbie here learn a lot and upgrade theirselves in investment matters.

Completely agree. The advice on conducting one's investigation for a person coming to crypto for the first time looks like advice, of which a newcomer is not always aware. Beautiful promises, bright advertising, and many twisted reviews will create an impression about the legality of the company.
Therefore, we always advise those who create warning topics to conduct their investigations and to communicate more complete information on how to conduct these investigations properly. After all, in the eyes of newcomers, black can still be considered white.

The flourishing of crypto scam during bull run is usually because that's the time people are most vulnerable because there's usually a lot to show such it will convince them to believing in the fact that what they have been exposed to is a figment of the actual truth, it's usually best to not try to hurriedly hop on the trends because you think you will get rich almost immediately by following the trend, another has to do with dealings with third party, because during the bull run the scammers will have what they can present as results over a short period, they claim to help trade portfolio and in short time it doubles up but unknown to the victims these guys may just be scammers.

It's usually better you do everything by yourself, don't get involved with third party transactions and don't give anybody your portfolio to trade or grow for you rather just accumulate as much coins as you can and just HODL mind you, be careful not every coin is worth HODL but you can be very sure with Bitcoin.