Cryptocurrency and scams around it are really many and therefore we need to be careful what token or coin we hold at all. We can then lose our hard earned money that we wanted to invest and this can be for several different reasons.
Many times some coins are created only to then have the creators take all the money and let the coin completely fall down the market by a really big %. Usually these are some coins with a popular name. An example would be the Squid Game token which was used just to trick others.
Many times the token is also promoted by celebrities who then also participate in collecting a really big amount of money from it. So you need to be careful if it is not rather different promises that are rather unfulfillable, because many times exactly these people claim that you will make huge money with this investment.
Track the creators:
If possible you should find out as much as you can about the creator of the token or coin and then find out if they have anything to do with something like this or if they are cheating people any longer.
You can always verify a person if you can track down who really created them. Because quite often the creators can’t be found and with many of these, it’s also quite fraudulent.
Many times there are also various videos that try to deceive you and usually attack some of your weaknesses. A lot of times videos promise that after investing in their token you will be able to roll on the beach in a while or other.
But some of them do it more thoughtfully and want to manipulate you into it a bit and you have to be careful of that. Videos about functional tokens don’t get made that often as they usually become popular in other ways. But a lot of times it’s the fraudulent ones that have some amount of money invested in these fake videos so that as many people in the world as possible can see it.
Keep an eye on the URLs:
Usually if you are dealing with one of these scams, you may also come across a site that is not secure at all. And this also almost always means that it is a fraudulent site, where they probably want to get some money or even your sensitive information, for example, to different wallets.
So we need to be careful about that as well and look to see if the site is secure and shows us a lock icon that is locked.
Anyway, if it is a token that is hardly known at all or you can’t even find anything about their creators. Then there is probably something wrong and you should be careful what you actually buy and if you are not going to lose money.
In fact, for those cryptocurrencies that broke through a lot, the creators and their team have known each other for a long time and it was not unknown at all. But with bitcoin and other currencies, the real creator is also unknown and therefore we can’t always be so sure.