12 Tips for Avoiding a Crypto Scam

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Okay, okay, if you decide that you must invest in cryptocurrency, then the very least you can do is spend time researching the assets and platforms you plan to invest in. You should spend a lot of time, proportional to how much you’re investing. Like, pretend you’re buying a house.

A lot of the people who get scammed are newcomers to the crypto industry (though victims run the gamut in experience level), which makes a lot of sense, since crypto is pretty damn complicated. It’s easy to get lost in the labyrinth of terms, assets, and traders. Organizational complexity plus large money transfers is usually the perfect formula for fraud to take place, so here’s a couple suggestions:

— Research the company or platform that you’re thinking about investing in. Who are the developers behind the project? How big is the team? How trusted are the people? Do they have LinkedIn profiles and socials? Do they have a proven track record of working on other crypto projects? Does the asset have any notable investors behind it that would lend it credibility?
— Carefully examine the websites connected to the platforms and applications that you’re using. Make sure that they aren’t lookalike apps designed to fool you. Vet them for professionalism and authenticity.
— Consider asking someone who works in the cryptocurrency industry and whom you trust for advice on whether to invest in a particular project or not.
— Assess whether there is a real community around the platform or coin that you’re considering putting money into, or whether it’s just one creep on the internet making big promises to you.

In short: do your homework!

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