Cryptocurrency Scams and How to Avoid Them

Common Cryptocurrency Scams and How to Avoid Them

Recently I lost $1000 on a scam coin called SAC(swap any coin) which was Rug Pulled(run away with investors money after project launch). This token was listed on Coinsniper's All time Best with fake votes. So, its difficult to identify if a crypto project is fake or real, because crypto projects are based on Trust as there is no central governing institutions like stock markets.

How these fake hypes are created? see the list below.

1. Creating fake votes on websites (Coinsniper.)
2. Making a coin trend as most visited by auto-refresh websites.
3. Paid Telegram channels.
4. imposter Telegram channels
5. fake contract IDs
6. Whales manipulations
7. Crypto Cartel Pump and Dump.

One question we should constantly ask ourselves. A project is doing this to advertise a genuine project to attract investors or to rug pull?

How to Avoid them?

1. Always buy from Top crypto exchanges https://cryptolinks.com/cryptocurrency-exchange 
2. If you are investing based on Poocoin/Dextool  Advertisements then DYOR(Do Your Own Research)
3. Only Join Real Telegram group of the Project.
4. Double check the contract IDs of the newly launched project 
5. Fake Telegram channel might reach out to you and might provide fake contracts before Fair launch or Presale
6. Avoid Presale if you smell scam.
7. Never give your wallets Seed Phrase to any one. Memorize it.

News ways of crypto scams are evolving. So invest with Caution. Happy Investing. Let me know your comments.