Mar 02, 2021

Top IDO Scams And How To Avoid Them

The 🔥🔥🔥 new crypto tokens enter the market these days through Initial Decentralized Exchange Offerings (IDO). Where investors go, scammers follow. Here are the 4 most popular IDO scams and easy ways to avoid them 💪🏽:

1️⃣ Fake token
Scammers create an IDO with a flashy name but no real substance, convincing people to buy worthless tokens
Solution: use well known incubators to identify projects, e.g. DuckStarter or PolkaStarter

2️⃣ Fake crypto
Scammers create fake crypto with a same or similar name to a legit token. You can find the fake on decentralized exchanges long before the real IDO.
Solution: never try to find a coin yourself, but go through the IDO official social media channels.

3️⃣ Fake Telegram channel
If you want to participate in an IDO, you'll need to join the IDO's Telegram channel. Scammers then add you to a fake channel where they offer you scam deals.
Solution: look for the right IDO Telegram channel on their official Twitter account. Also by default on Telegram everyone can add you to channel and groups - toggle that.

4️⃣ Fake Telegram admin
In official IDO channels people pretending to be admins will message you and offer special deals to buy tokens.
Solution: ignore any private messages about deals or sales