Is crypto a scam? No, but it would be stupid to deny the abundance of scammers and scam projects in this area. Today we will look at 3 popular crypto scams and tell you how to quickly distinguish scammers from really good projects and protect your assets. So read to the end!

1⃣ Scam tokens in Telegram

In Telegram you can find many interesting crypto chats and channels, as well as scams. Scam tokens are especially popular there now. And many people believe in them. Scammers' earnings from one scam coin can reach up to $300,000 - $500,000.

How they scam: Telegram channels are starting to give “rainbow” advertising to scam tokens, following the example: one little-known coin will definitely make crazy X’s soon, and it can be purchased before the official listing.

Then they publish links to buy this coin (usually on PancakeSwap), and there is a ban on selling in the smart contract (that is, you will buy the coin, but you will not be able to sell it). As a result, you cannot withdraw funds, and they will go to scammers.

You can check the coin for scam on the BscScan website. The lack of information about the token and its developers is almost 100% likely to indicate a scam.

2️⃣ Pump & Dump

A scheme for artificially increasing the price of an asset followed by a collapse. Scammers create fake hype around their coins, advertise them on Telegram and other places, and then, when the real hype arises, they sell their coins, collapsing the rate. The remaining coin holders end up with worthless coins.

3️⃣ Financial pyramids (hype projects)

The financial crypto pyramid is built according to the same scheme as a regular one: users/investors who come later provide income to those who came earlier. It is in the interests of the pyramid participants to bring as many people as possible.

The pyramid operates until the influx of funds from new investors becomes insufficient to pay income to the participants of the pyramid. After the pyramid collapses, its organizers take the remaining funds and go into the sunset.

⚡ Signs of scam

Scam has a number of signs that you can pay attention to:

▪️ Promise of huge profitability (“mad X’s”)

Little information about the team

▪️If the team/developers have nothing to hide, then you can easily find information about them on the Internet.

▪️Lack of documentation.

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