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Behind the high returns of the blockchain? Expose various tactics and scams!

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By RoyalPublished 6 months ago 3 min read

Behind the high returns of the blockchain? Expose various tricks and scams, so that newcomers can participate more safely!

1. Ponziå Scheme:

Use the funds of new members to pay the rewards of early joiners.

2. ICO scams:

fake cryptocurrency projects or white papers to lure investors into buying tokens.

3. Fake exchange:

Pretend to be a legal exchange to defraud funds. The profit is extremely fast but the user cannot withdraw the profitable funds. Users will be required to remit in various names to create the illusion that withdrawals can be made.

4. Cloud mining fraud:

False cloud mining platforms attract investors to buy computing power.

5. Counterfeit currency:

counterfeit currency is manufactured and sold through exchanges, and cannot be sold after purchase, a loophole in the contract.

6. Defrauding the private key:

Pretend to send emails or private messages on social media to deceive users into revealing the private key.

7. Counterfeit projects:

Pretending to be well-known projects to defraud users of assets or personal information.

8. Social Engineering:

Pretending to be a legitimate organization or individual to defraud users of assets or personal information.

9. Wallet signature:

Various online wallets may require authorization or signature to control the wallet when the user logs in to the website.

10. Use KOL:

Find various well-known bloggers to promote, let them get the first stage profit, and then leave.(But not every well-known KOL will do this, users should pay more attention to judgment)

11. Push new currency:

Send new currency news, then add liquidity funds to the liquidity pool, withdraw liquidity funds and leave after the skyrocketing, users will have no exchange to sell funds.

12. Modify the tax rate:

Some tokens will control the permission to modify the tax rate in the code, resulting in 0% for buying and 15-100% for selling.

13. Fake account smashing:

When the tokens are about to be launched or in the stage of airdrop activities, the founders will distribute the tokens to the fake accounts created by themselves to make profits. There may be tens to hundreds of fake accounts, causing many people to The illusion of holding is then slowly sold.

14. Closing the website:

Closing the website entrance directly prevents users from logging in.

Some tools to detect tokens include: Etherscan, BscScan, PolygonScan, Solana Explorer, etc.

Detecting contracts usually requires a combination of static analysis tools and dynamic analysis tools. Static analysis tools include Mythril, Slither, Oyente, etc., which can perform code-level analysis on contracts to detect vulnerabilities and risks. Dynamic analysis tools include Truffle, Ganache, Remix, etc., which can run contracts in a simulated environment to detect whether the functions and behaviors of the contracts meet expectations. In addition, methods such as code review and test case design can also be used for contract detection.

Don't be dazzled by the high returns when you just enter, calm down, analyze, and check, and only then can you walk safely in this virtual world.

I hope that the new users can do their homework, and don't be cheated by this virtual world to steal their hard-earned money and contribute to those scammers in vain.

In today's society, scammers are becoming more and more cunning, and online scams are emerging in an endless stream. Therefore, it is very important to prevent scams. First of all, stay vigilant, don't trust unfamiliar people or companies, don't click on unfamiliar links or download files from unknown sources. Secondly, we must protect personal information, do not disclose sensitive information such as ID card numbers and bank card numbers at will, be alert to scams, protect ourselves, and let us maintain a good social order together.

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