HOW TO KNOW THE IDENTITY OF ALL ICO SCAMMERS

RealMalatesta

legendary

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Quote from: lovesmayfamilis on May 07, 2019, 04:19:02 AM

Today there are many topics on the forum on how to independently carry out project analysis at an early stage. This is very useful for investors. They should be able to recognize scam.
If the project has no information about the team, it is better to stop on time and not to trust the project. After all, if the team has something to hide, then nothing good will come out.

With all these tools available for us to identify scammer’s project, the rate of scam is still very alarming. There is one problem that I see being faced by many people, so it makes it possible that we are the one really killing ourselves. I realize that 70% of people are too lazy to read, and if they don’t read, then how would they get clue to what is necessary to do to guide against being a victim of scam.

Like you said, most of the people who are also promoting this projects has been on this forum for a very long time, have they not seen these articles that will assist them know the type of project they should accept to promote?

The innocent investors out there are not from this forum, and they might based their judgment on what their friends or relatives are promoting, so there is need for us to start this process of ending scammers from this forum too by paying attention to this type of articles you talk about.

catsmile

full member

Activity: 476

Merit: 100

Quote from: Lawrenzoo on May 04, 2019, 01:39:23 AM

I woke up this morning and just wondering how i can be of assistance in this race of making the ICO clean, because ICO is not what is bad, the scam being done is what is making ICO bad.

So let us pick it from this point, a scammer draft a whitepaper to get people's attention, innocent investors pays money to the scammers through Ethereum address, the scammer gets the transfer into his own wallet, he then transfers it to another wallet on a local exchange that will convert it to FIAT and transfer it to the scammer's traditional account.

What if we trace it from here, at least the account was transferred to a wallet, Local exchanges should be able to scan through their database to see the bank the scammer transferred the money to when he requested for withdrawal, at least investors knows the address they transferred the money to, which can be disclosed to exchanges to use for further research.

To make my point clearer, let me use an example, MR JOHH has ETH in is abc123 wallet, i asked MR JOHN to transfer money to my account from his address, the token from MR JOHN abc123 wallet landed in my wallet address abc700, and then i transferred it to the wallet address of my local exchange abc800 which is LUNO to chnage to FIAT and transfer to my account, LUNO should be able to trace my details to my bank since they have my KYC done already and since the receiving bank too has the details. i.e abc123 to abc700 to abc800 to scammer bank, bank to be contacted throug legal means to disclose the scammer information for authority to use.

I think there is no way to identify all projects. The phishing project is increasingly sophisticated. So we can only try our best to understand the project we want to invest

rijaljun

sr. member

Activity: 1274

Merit: 267

In the current system I don't think it's easy to find scammer directly from wallet address. What have been explained by OP is right. We can find scammers' identity by waiting them to cash their fund. What makes this hard is if the scammers decide to sell their funds with other people (let's say in this forum, a scammer trade his BTC to Paypal). I think there is no way to know their identity if scammers do so.

Mr.Noda

member

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Merit: 10

No They are very well encrypted by other people. Track them almost impossible.

lovesmayfamilis

legendary

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✿♥‿♥✿

Quote from: Gudhal Untu on May 07, 2019, 02:27:19 AM

The easiest thing to find out about a scam project is to research the team behind the project, most scam projects will take profiles from the internet and change names, of course it's hard to find similarities in images, but now there are many applications that can detect the similarity of images.

Today there are many topics on the forum on how to independently carry out project analysis at an early stage. This is very useful for investors. They should be able to recognize scam.
If the project has no information about the team, it is better to stop on time and not to trust the project. After all, if the team has something to hide, then nothing good will come out.

gilangIDR

legendary

Activity: 1526

Merit: 1001

We must carry out various data analyzes on ICO projects that we will make investments.
Without good analysis, we will not be able to choose the right ICO project. Choosing an investment is a vital thing.
When we fail, we will only suffer losses. So make the best decisions so that we can get optimal results.

lyks15

full member

Activity: 546

Merit: 100

It is not an easy process. Yes you got the point but imagine how long the process that you would do to trace all of scammer's transactions. And we cannot trust about KYC because we are not sure of the personal information giving in KYC is true. And using commonsense if you are scammer you will never give your true profile or informarion. The best thing to avoid scam is become knowledgable before investing.

GregH37

legendary

Activity: 1302

Merit: 1037

Quote from: Astvile on May 05, 2019, 05:27:16 AM

Ico publishers are smart enought to think of using other third party or mixing the transactions before they exit the scene,scam icos are hard to identify if the team behind it has been doing it for a long time.Professional scammers do know how to hide their dark intentions

All of the scammers cannot all be professional scammers, we should still be able to use one or two scape goats as example to the other ones, just that it is not so easy, this anonymous system really has its own Advantage and disadvantage too, and the advantage is just too much for us to drop the idea.

Someone somewhere really needs to find solution to this problem, I believe that same way we have professional scammers are same way we have professional developers that could come up with a scheme that will make it very difficult for these scammers to operate.

Gudhal Untu

full member

Activity: 845

Merit: 100

The easiest thing to find out about a scam project is to research the team behind the project, most scam projects will take profiles from the internet and change names, of course it's hard to find similarities in images, but now there are many applications that can detect the similarity of images.

joshy23

sr. member

Activity: 1078

Merit: 256

Quote from: semobo on May 06, 2019, 01:19:29 PM

It is not possible to find the scammers when they do all the things like a legit one and turns out into scammers once they got money on their hands but we can aboid the scam attempt from fake identity when we do enough research.

That's the only thing that you can do trying so hard to understand every projects that you are eyeing to invest your money, lot of people who already suffered from scammed project are now being curious to investigate more before making any entry again, scammers is always around even you'll try to avoid them out best to be more careful.

Ipwich

hero member

Activity: 1050

Merit: 529

Student Coin

The fact that they can scam people here in the space, that makes them smart.

Scammers know what they are doing, maybe it's possible to trace some scammers but majority of them are smart, they are careful not to provide trace that could lead to identifying their real identity. They usually use fake personalities and if we got caught with their scams, most likely we will not recover our investments, and just in case we will be able to identity them, the lack of regulation in the crypto space is one big problem of making this people pay the consequences of their actions.

OrangeSeller

hero member

Activity: 1008

Merit: 501

Quote from: Lawrenzoo on May 04, 2019, 01:39:23 AM

I woke up this morning and just wondering how i can be of assistance in this race of making the ICO clean, because ICO is not what is bad, the scam being done is what is making ICO bad.

So let us pick it from this point, a scammer draft a whitepaper to get people's attention, innocent investors pays money to the scammers through Ethereum address, the scammer gets the transfer into his own wallet, he then transfers it to another wallet on a local exchange that will convert it to FIAT and transfer it to the scammer's traditional account.

What if we trace it from here, at least the account was transferred to a wallet, Local exchanges should be able to scan through their database to see the bank the scammer transferred the money to when he requested for withdrawal, at least investors knows the address they transferred the money to, which can be disclosed to exchanges to use for further research.

To make my point clearer, let me use an example, MR JOHH has ETH in is abc123 wallet, i asked MR JOHN to transfer money to my account from his address, the token from MR JOHN abc123 wallet landed in my wallet address abc700, and then i transferred it to the wallet address of my local exchange abc800 which is LUNO to chnage to FIAT and transfer to my account, LUNO should be able to trace my details to my bank since they have my KYC done already and since the receiving bank too has the details. i.e abc123 to abc700 to abc800 to scammer bank, bank to be contacted throug legal means to disclose the scammer information for authority to use.

Lol, the first question you should ask is what local exchange did he send the coin too, because if you don't know this then I think you search will never be possible since we don't expect all the exchanges that exist in the work to begin tracking all the addresses on their exchange just to find out who sent coin to their exchange, so I don't really think this your strategy will work, but thanks anyway for sharing, I know it would be of help someday if not to catch scammers, then maybe for something else.

fibrolit

sr. member

Activity: 784

Merit: 255

A fraudster can simply use a decentralized exchange to exchange ETH for some other token and there you will find nothing,this token will transfer to another wallet,and then change to another exchange for Fiat money.

semobo

full member

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Merit: 146

It is not possible to find the scammers when they do all the things like a legit one and turns out into scammers once they got money on their hands but we can aboid the scam attempt from fake identity when we do enough research.

Supercrypt

legendary

Activity: 1554

Merit: 1054

You have a very vital point her mate and I give you kudos for always thinking of how we can support satoshi to make the system he has created for swift and easy payment not destroyed by these Lazy bone opportunist we call scammers.

It is really a sad thing that they have taken advantage of the anonymity of the system, and the only solution would be if the code can be re-write and the anonymous stuff taken away from it, otherwise, these guys are too smart and would have also explored every of your points and block all the loop holes. Exchanges too are sometimes, some of our problems.

SirLancelot

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Activity: 2646

Merit: 582

Leading Crypto Sports Betting & Casino Platform

Quote from: tiang_tower on May 04, 2019, 06:19:43 AM

Quote from: Serve20 on May 04, 2019, 04:41:13 AM

I think the only possible means through which will can know the full identity of all ICO scammers is the enforcement of third-party kyc for all the team members of a project and this should be the new normal of the industry. With this in mind, any project team will think twice before trying to do anything funny with investors funds.

Actually this is a good suggestion, but who checks the KYC from the third party? because sometimes the examiner must also be honest and neutral in things like this, because this involves personal matters that are given to everyone.

I do not think there is any good in doing the inquiry about the scammers. They just could not be held responsible for a financial fraud they have done due to the absence of documentation. I have never heard of any scammer being penalized by a court or jurisdiction nor I have seen evidence regarding a scammer in crypto. You cannot track them down because of the absence of a track so better be picky in your investment projects.

maculeth

member

Activity: 714

Merit: 11

BountyMarketCap

they rarely communicate on any social media, even they only post once in the thread and then disappear, so he is a scammer. in telegram or other chat groups, if asked about the project, they only answer at the beginning to attract investors, then the same thing will happen, they finally run away too.

Nasonn

jr. member

Activity: 616

Merit: 1

I think it's not possible because we have decentralised exchanges which don't keep record of users personal data. So anybody can anonymously trade tokens on such platform and transfer it to another wallet without trace.

Akoldi_ibk

jr. member

Activity: 1050

Merit: 1

Quote from: r32godzilla on May 04, 2019, 04:34:21 AM

First of all they have to prove their identities for example on ICOBench where you can see ID report from the team.
Secondly they shouldn´t have big soft cap, they should manage their project without big investments needed. Less money raised in ICO, bigger market cap after ICO means higher returns.

I agree with your first suggestion and it is might definitely help on the long run. Project team and developers should be subjected to KYC compliant before they can get their ICO onboard. And to do this, a trusted and reputable third party who is neutral should be entrusted with the process. I think this is one of the things regulation will address.

bitcoin31

hero member

Activity: 1834

Merit: 523

Because scammer are smart for sure they are ready for that and they hide their real Identity and not caught by the other people. Scammer have plan and in their list also on how not caught their real Identity. But I hope those scammer have someone have skills to know the Identity of the scammer so it will posted to the public.

Topic: HOW TO KNOW THE IDENTITY OF ALL ICO SCAMMERS (Read 520 times)