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      Home bitcoin

      How to spot an ICO Scam

      Hitesh Malviya by Hitesh Malviya
      March 1, 2020
      in bitcoin, Projects
      0 0
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      intial coin offering scam
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      I want to share with you my simple methodology (beta) of spotting ICO scams.

      intial coin offering scam

      The methodology

      There are criteria with various risk points. Summarize all the points of the criteria that the ICO meets to get total score. Total score represents a risk grade on which you can lean to take a risk or not.

      Scam points and criteria:
      1 point: minor suspicions (for each)
      3 points: anon devs; no code snippets, videos, or beta; rushing
      5 points: unrealistic goals; fuzzy whitepaper; self-mod topic
      10 points: bought account; no escrow

      Risk and total score:
      low (0-5)
      medium (6-10)
      high (11-15)
      very high (16-20)
      extremely high (21 and more)

      Example

      Let’s imagine there’s an ongoing ICO of Supercoinxxx in which you want to invest some money.

      The topic is self-mod (5 points) with devs that have unrealistic goals (5 points) like creating a decentralized stock market in 2-3 month and a fuzzy whitepaper (5 points) with no technical details. Also you found two minor suspicions (2 points) based on your experience. Which gives 17 points in total. Based on that score you conclude that risk is very high and skipping this ICO.

      Beware of such ICO Schemes, There is few ICO already in the air in india, KASHHCOIN is one of them.

      Hitesh Malviya

      Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
      Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.

      IBC-Transparent-Logo-(1)

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