We have heard & seen various scams in crypto and maybe got scammed too. But, once you know how these scams work, it is easier to spot and avoid them.
What are these #Scam?
1️⃣ Firstly we'll look at one of the most common scams
Exit Scams: The token/coin issuer creates hype through marketing & promotional activities, attracts investors to invest in their coin & then they artificially pump-dump the price and disappear after filling their own pockets.
2️⃣ Cloud Mining Scams: These scams cloud mining website's often offers high returns with no investment, and end up stealing your assets.
3️⃣ Token Cloning Scams: Token cloning is a process where the hackers/fraudsters impersonate and create a token that is similar to the name, legitimately-sounding with a popular token/coin or a project.
🤔 Wondering: How to avoid them?
There's one mantra to avoid these scams and that's "Do Your Own Research"
Always DYOR before investing, read whitepaper, verify through trustworthy sources, for mining sites check scam detectors.$
TBH I got scammed in my early days, were you? Comment 👇
