What Is It
Fake ICOs involve scammers creating counterfeit tokens and soliciting investments from the public.
How It Works
Scammers create a website and whitepaper for a new cryptocurrency project, promoting it as a groundbreaking innovation. Investors buy the tokens with the expectation of future returns, but the project is a sham.
How to Avoid It
Research the Team: Look into the team members’ backgrounds and their previous projects.
Review the Whitepaper: Analyze the project’s whitepaper for feasibility and clarity.
Community Feedback: Join crypto forums and communities to get feedback on the project.
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