Topic: How to Spot and Avoid Altcoin Scams in 2024: A Comprehensive Guide (Read 257 times)

usually they collect data from our emails or social media, usually they check what we do, for example you are a bounty hunter and are waiting for news of your token from project x, then for some reason they know where and do this, pretending to be wrong one x project admin and those who don't realize it can be fooled.

That is a lot of text you have written over here, but no matter how much discussion we have had or how experienced we are, if we don't be more cautious, there is no hope for any permanent solution to this. Most of the time people become victims of scammers due to their greed and scammers ability to bring that greed out of that person so that they lose simple common sense and fall for that scammer trap. I know this because i have faced it in my early crypto life.

That's right, money alone is not enough to live a life in the crypto world. The main thing is that in the crypto world you need to understand the concepts, functions and other materials. but most beginners only expect profits, not the risks they want. because you get carried away by the flow of community fomo can get trapped and lose money.

You have a point mate. Airdrop scam is one of the major scam that fly everywhere now. And they can easily convince one to trust it and then fall for their scam. I have heard of some airdrops on Twitter X and on this forum that are asking for their beneficiaries to first send dem some token to validate their wallet address. Anytime I see such scam, I just laugh, because it's only a fool who would fall for such dumb scam. There is no way and job hiring manager would request for payment from its worker before they start work, except it's a scam. Talk more of a gift program.

Back to the issue of investing, "novice investors" I'm more used to calling them gamblers. If we only talk about the manifestation of money profits, that's right, perhaps for "novice investors" they should still start learning knowledge first and then begin to experience. This space is very much related to money, and that greatly affects the lives of participants, so if there is responsibility for behavior, people will be aware of what they must do, but it also part of the experience. As I said before, mistakes are also useful lessons.

The example you are giving doesn't happen in this market, or maybe I just don't know such people. I also understand the process of getting into MMO, and gradually becoming an investor, most of which have quite similar journeys with cyberspace, gaining results and then losing them. But those who stay are always strong, and over time they also receive many things in return.

Many novice investors target achieving the expected price. for example, many people get airdrop coin allocations at large prices. but chose to save long term because the expected speculation was very large and wanted an increase of 1000x. this is a sign of greed. It doesn't prohibit people from saving long term, on the other hand, while you have a good price, you won't regret it later.

I’m sorry, but I disagree with your opinion. Here is why:

(Meme) token is not just a joke, it is a cryptocurrency that originated from an Internet meme or has some other humorous characteristic. It has a market capitalization of over $250 million and a trading volume of over $150 million. It is one of the top meme coins by market cap.
Investing in (Meme) token or any other cryptocurrency is not a matter of knowing or not knowing, it is a matter of doing your own research and understanding the risks and rewards. There is no such thing as a safe investment, only a smart one. You should always do your due diligence before putting your money into any asset, whether it is a meme coin or not.
Asking questions about (Meme) token or any other cryptocurrency is not stupid, it is a sign of curiosity and learning. The crypto space is constantly evolving and there is always something new to discover. By asking questions, you can gain more knowledge and insight into the market and make better decisions for yourself.

I respect your point of view, but I hope you can see mine as well. I think (Meme) token is a fun and interesting project that has potential to grow and innovate. I am not saying you should invest in it, but I am saying you should not dismiss it either. Thank you for reading. 😊

Nothing to argue here mate because it has been given that in Hundred Meme coins there will only 1 or 2 that will have a good movement and majority will just die in the coming days.

Yeah there are others that made money in this but we cannot deny that losers are flowing than those who earn from it.

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OP thanks for this thread , it really helps many people from not falling into traps .

And if they don't invest, how can they be able to earn a profit? . This is why some just risk it even without any knowledge on head/mind. And then there are some who rely on others. Well, they can get lucky sometimes but other times they aren't. But that would also be the time that they will learn on their own. Sometimes, we need to fail first in order to learn on how to improve our selves.

It's like it giving us some kind of a motivation. No investment is safe and then even a non-meme coin, also had a pump and dump scheme. Some meme coins are even better than them because they are still surviving and maybe they still have a chance to recover and pump soon.

Starting from "greed", it motivates people to look for new opportunities without forgetting the training process, and in the crypto space where we witness many tricks to entice people to participate some project to easily become a millionaire, or simply change their financial position. I always believe in fairness, if you try hard you will get worthy results, the motivation for people not to stumble is to accept the reality that everything is not as easy as anyone's empty words. Feel for yourself with the most basic level of knowledge, and stay in contact long enough to learn how the cash flow operates in this market. Its scale is not too complicated, it's just that we can easily manipulate it because of what I said from the beginning "greed".

The change causes many tricks to appear in more sophisticated ways, disguised with economic and technological jargon to deceive users. Warnings also appear a lot, some people will listen but some people will ignore it. We are entering the period of the price increase cycle, it is better to equip yourself with skills in technology, economics,... to avoid depending on anyone, even your own mistakes. You should see it as a lesson to grow up. I know that in the coming period when developers are more active, there will be many other dirty games created, but that is inevitable because in any space there will always be a positive/negative problem. Please protect yourself against those impacts.

There are numerous way scam can happen and we will never be able to identify all the methodology but I would say that there are basics like hygiene fix which will atleast keep us away from scams, first one being the so called influencers/experts predicting market and asking you to join their paid group, second one being the meme coins and NFT projects as they just keep promoting their projects as next pepe coin and eventually ends up dumping it all in the launch day hence shouldn't entertain any meme coin or NFT projects. Last one would be falling for freebies and giveaways as this is the new trend where you are tagged in the imposter telegram groups along with others stating you have won weekly contest or any thing similar like lucky winner and asks you to click on their link which takes you to an external site and then asks you to link your wallet.

Just follow these simple steps to stay away from scams.

I'm still saying.

Never get into (Meme) token ~xd tired people who are asking about (Meme) token because other token have some pump. And most stupid things about these question, is safe ? to investing into these similar token.

I mean, If you don't know don't invest.

Staying sharp and adjusting our moves helps avoid scams. It's all about playing smart and not letting the desire for quick money make us vulnerable.

You have quoted a perfect warning for everyone here not just newbie but also even those oldtimer
that sometimes making wrong decisions because of their greediness so having your comment here helps people a lot.

 - Fake emails

 - Phishing links

those are what I have experienced from the past but lucky that i never fell into their traps though
sometimes I almost got there.

That’s why it’s important to be aware of the signs of a scam and how to avoid them.

Don’t believe everything you watch or read online. Scammers may use fake news, testimonials, or endorsements to lure you in.
Don’t give out your personal or financial information in response to a request that you didn’t expect. Scammers may pretend to be from a reputable company or a government agency and ask you to verify or update your details.
Resist the pressure to act immediately. Scammers want you to make a decision before you have time to think or check out their story. They may threaten you with legal action, arrest, or other consequences if you don’t comply.
Know how scammers tell you to pay. Scammers often insist that you can only pay with cryptocurrency, wire transfer, payment app, or gift card. These methods are hard to trace and recover once you send them.
Stop and talk to someone you trust. Before you do anything else, tell someone—a friend, a family member, a neighbor—what happened. Talking about it could help you realize it’s a scam.

indeed they are, without altcoins Am sure the crypto world will not reach its position
now and its popularity because altcoin helped the promotion and the popularization over the years.

this is why Scams are all over the place but lucky that we have forums such this that keeps
helping uis not to become a victim of atleast one .

Airdrops are marketing programs that incentivize cryptocurrency enthusiasts to support a project or reward them for their past contributions to the project or related projects. However, some airdrops are scams that trick users into claiming a fake airdrop, which usually entails convincing users into connecting their wallets to malicious smart contracts or sharing their private keys in order to claim the ‘airdrop’, after which the wallet is drained of all its holdings.
 You should also never share your private key or seed phrase with anyone, as this gives them full access to your wallet and funds. Additionally, you should be wary of any airdrop that asks for funds, has limited or anonymous team information, makes false claims of partners or ratings, or has unclear or incomplete details about the project or the token.

There are many things in which we do and need to readjust ourselves from doing them, those are the things that draws us closer to getting scammed and we are not careful about them, a scammer cannot scam us if they are not having something they have used in tracing over us, we should do things the way  they can work to our own profitability and not vulnerability all because we want to make money through diverse opportunities.

He can add that to the list since it is prevalent not just for this season but even before during the ICO days up to this time.

It became a full time thing to many people to become bounty and airdrop hunters. And it is a sure thing that they have encountered a lot of scam projects that they've just participated and thought that they'll get to maximize the profits and rewards from it but the opposite did happened.

Agreed on that , it looks like OP missed the thing about Airdrops now as they are getting more scammy nowadays asking for
amount first before even paying the you in which ending us to be a victim , they may pay you with their no value coins but already taken
your deposited amount.
scammers really upgrading and getting into everything now as Hunters are getting to Noob as time goes by and never learning
from what had happened in the past and keeps becoming a victim.
but thanks to this valuable thread OP , people in bitcointalk really needs this now specially as Scams are making its way
mostly when halving is coming when they Knew people are willing to invest because of the privilege of making money in the coming days.

Don't forget about the airdrops scam as well. There are too many people that have been engaged in airdrop because they're free money and also those test/mainnet tasks that are requiring you to do transactions on their chain because it's required by them. There are so much scams on the altcoins market and everyone has to be aware of these things, thanks for the reminder on this thread and hopefully more newbies will get to see reminders like this.

Altcoins, or alternative cryptocurrencies, are one of the most exciting and lucrative aspects of the crypto world. With thousands of coins to choose from, each with their own unique features and potential, altcoins offer investors and traders a chance to diversify their portfolio and profit from the innovation and growth of the blockchain industry.

However, not all altcoins are created equal. Some are legitimate and valuable projects that aim to solve real-world problems and provide useful services. Others are nothing but scams that prey on the ignorance, greed, or fear of unsuspecting victims. These scams can take various forms, such as pump-and-dumps, Ponzi schemes, fake ICOs, rug pulls, and more.

According to a recent report by CipherTrace, crypto-related fraud and theft amounted to $4.5 billion in 2023, with altcoins accounting for a significant portion of the losses. As the crypto market continues to expand and attract more users in 2024, the risk of falling victim to altcoin scams also increases.

Therefore, it is crucial for anyone who is interested in altcoins to be aware of the common signs and red flags of altcoin scams, and to take preventive measures to protect themselves and their funds. In this article, we will provide a comprehensive guide on how to spot and avoid altcoin scams in 2024, and share some tips and resources to help you make informed and safe decisions.

Altcoin Scam #1: The Classic Pump and Dump

One of the oldest and most prevalent types of altcoin scams is the classic pump and dump. This is when a group of scammers artificially inflate the price and volume of an altcoin by buying large amounts of it and spreading false or exaggerated information about it. They then sell their coins at the peak of the hype, causing the price to crash and leaving the late buyers with worthless tokens.

Pump and dumps are often orchestrated by anonymous or fake accounts on social media platforms, such as Telegram, Twitter, Reddit, or Discord. They may use bots, influencers, paid shills, or fake news outlets to create a sense of urgency and FOMO (fear of missing out) among potential buyers. They may also target low-liquidity and low-market-cap coins that are easier to manipulate and harder to track.

Some of the signs and red flags of a pump and dump are:

> The coin has no clear use case, roadmap, team, or community behind it.
> The coin has a large premine, airdrop, or ICO that benefits the creators or insiders.
> The coin has a suspicious or unknown origin, history, or codebase.
> The coin has a sudden and unexplained spike in price and volume, often accompanied by a sharp increase in social media activity and attention.
> The coin is promoted by anonymous, fake, or dubious accounts that use hype, pressure, or false claims to lure buyers.
> The coin is listed on obscure, unregulated, or low-quality exchanges that have poor security, transparency, or customer service.

To avoid falling victim to a pump and dump, you should:

- Do your own research. Don’t blindly follow the crowd or the hype. Check the fundamentals and the technicals of the coin, such as its use case, roadmap, team, community, codebase, supply, distribution, and market data. Use reputable sources of information and data, such as the project’s website, whitepaper, social media, forums, blogs, podcasts, videos, and news articles

- Set your own goals. Don’t let FOMO or greed cloud your judgment. Define your purpose, your budget, your target price, and your exit strategy. Know how much you are willing to invest, how long you are willing to hold, and how much profit or loss you are comfortable with. Stick to your plan and don’t chase the market.

- Manage your risk. Diversify your portfolio and don’t put all your eggs in one basket. Use stop-loss orders and take-profit orders to protect your capital and lock in your gains. Don’t invest more than you can afford to lose. Be prepared for volatility and uncertainty. Don’t panic or overreact to price movements.

Altcoin Scam #2: NFT Madness

Another hot and trending segment within the crypto space is the rise of non-fungible tokens or NFTs. NFTs are unique and indivisible digital assets that represent ownership of something, such as art, music, games, collectibles, or even real-world assets. NFTs are powered by smart contracts and stored on the blockchain, which ensures their authenticity, scarcity, and immutability.

NFTs have opened up new possibilities and opportunities for creators and collectors, as they allow them to monetize and showcase their work, as well as to access a global and borderless market. NFTs have also attracted a lot of attention and investment from celebrities, influencers, and mainstream media, as they have generated record-breaking sales and headlines.

However, not everything is rosy in the NFT world. As with any new and emerging technology, NFTs also come with their own challenges and risks, such as legal, technical, and ethical issues. Moreover, NFTs also provide a fertile ground for scammers and fraudsters, who exploit the hype, confusion, and ignorance around NFTs to deceive and defraud unsuspecting buyers.

Some of the common types of NFT scams are:

- Fake or stolen NFTs. These are NFTs that are either copied or minted from someone else’s original work, without their permission or consent. Scammers may use bots, fake accounts, or fake websites to create and sell these NFTs, often at lower prices than the originals, to lure buyers who are looking for a bargain. However, these NFTs have no value or legitimacy, as they infringe on the intellectual property rights of the original creators, and may be subject to legal action or removal.

- Fake or phishing websites. These are websites that mimic the appearance and functionality of legitimate NFT platforms, such as OpenSea, Rarible, or Nifty Gateway, but are actually designed to steal the personal information, credentials, or funds of the users. Scammers may use social engineering, email spoofing, or domain spoofing to trick users into visiting these websites and entering their details or sending their money, which are then captured by the scammers.

- Fake or malicious NFTs. These are NFTs that contain hidden or harmful code that can compromise the security or privacy of the users. Scammers may embed malware, spyware, or ransomware into the NFTs, which can infect the users’ devices, wallets, or accounts, and steal their data or funds, or lock them out of their access. Scammers may also use NFTs to launch denial-of-service attacks, which can overload the network or the platform, and disrupt the normal functioning of the service.

To avoid falling victim to NFT scams, you should:

Do your due diligence. Don’t buy NFTs without verifying their authenticity, provenance, and quality. Check the originality and the ownership of the NFTs, as well as the reputation and the feedback of the sellers. Use trusted and verified sources of information and data, such as the project’s website, whitepaper, social media, forums, blogs, podcasts, videos, and news articles

Do your due diligence. Don’t buy NFTs without verifying their authenticity, provenance, and quality. Check the originality and the ownership of the NFTs, as well as the reputation and the feedback of the sellers. Use trusted and verified sources of information and data, such as the project’s website, whitepaper, social media, forums, blogs, podcasts, videos, and news articles

- Be careful and cautious. Don’t buy NFTs based on emotions, hype, or pressure. Be aware of the potential risks and challenges of NFTs, such as legal, technical, and ethical issues. Be skeptical and critical of any offers or claims that seem too good to be true, such as unrealistic discounts, guarantees, or returns. Be vigilant and alert of any signs or red flags of scams, such as fake or phishing websites, fake or stolen NFTs, or fake or malicious NFTs.

Altcoins are an exciting and rewarding part of the crypto world, but they also come with their own risks and challenges. As the crypto market grows and evolves in 2024, so do the scams and frauds that target altcoin investors and traders. Therefore, it is vital for anyone who is interested in altcoins to be informed, educated, and vigilant, and to take the necessary steps to protect themselves and their funds from altcoin scams.