Got SCAMMED! How to protect yourself from Scammers 🛡

I used to actively trade and participate in various presales. This was before I started working on the Freebie.

So I decided to remember the good old days and see what's going on in the market right now. I chose BSC Network, Launchpad PinkSale, Call Channels, and a little bit of whatever I could get my hands on.

And that's just fucked up. What's going on right now? A lot of meme tokens and a lot of scam around them. That's what I want to share here.

Can't sell tokens!

The first fuckup on the list is the clone projects, which are a total rip-off of everyone. You buy tokens, and then you just can't sell them. And the best part is, the contract code is open and there are no standard issues there. I.e. you can check in the dexscreener and there won't be any problems.

They have written the code in such a way that when you sell or try to send tokens, the balance is indicated as zero (i.e. there is a function of the amount to be sent equal to the current balance minus the current balance):

It won't show up as an issue when checking the contract for any honeypot or anything, but you can't sell the tokens. 

You can take a look at one of these projects yourself. Open up the DEXScreener and look it carefully: https://dexscreener.com/bsc/0x5199641acd42a9e861bc97ebb86a1872c7768969

And the interesting thing is that scammers add a lot of liquidity there. I saw in the project above (PepeF), the liquidity was more than 100k dollars. That's 3 times more than the original project has now!

This is really fucked up because scammers have grown so much now that they're adding 20k at 30k and 50k dollars to liquidity. And they can have several of these contracts at the same time. I mean, the scale is staggering. When I first saw this liquidity I thought it might be the original liquidity pool and the one I invested in on PinkSale is fake. But then I looked closely and realized that no.

Dead after launch!

Moving on. The second fuckup is that the team of owners and developers just leave their projects and do nothing with them. I.e. they organize a presale on PinkSale (usually Fair Launch), take 50% of the money collected, and just do nothing after that. And there are a lot of such projects. Moderators in the chat group promise that they are about to get listed on CMC or CG, that now will be a super hard pump and major marketing. But in the end, nothing happens. This is very sad. I've seen projects like this that could really interest a crypto community and could grow and make 100x, but they just leave it at that. And another interesting thing is that they pump up these projects and advertise and spend money on it. And in the end, they just quit. 

For example this one:

https://www.pinksale.finance/launchpad/0x622A8c607d80A10a25706E24b71d3534a00CFB06?chain=BSC

Bird X gives a reward BUSD for holders. You just buy and hold it and can recieve BUSD every day. And the idea itself is cool. They were planning to release NFT tokens also.

And they would have succeeded if token holders hadn't started selling tokens in a panic just because the team just stupidly didn't continue working and didn't post any updates.

There are such funders who do not even hide their nicknames and say that they have launched several projects and that now this project will also take off. Moderators in such projects are also sometimes not even shy and work from their real accounts. Call channels are also not particularly squeamish about posting such projects and if they are not successful, they simply delete their posts about such projects.

It makes me very sad to see all this. I was launching a Freebie and I didn't have the budget to promote it that big and pump up the price that much. And I'm still looking for options on how to promote the freebie and increase my audience.

And scam projects have huge budgets and they create and launch new projects every day and cheat people out of a lot of money. And the funny thing is that people invest in such shitty projects every day. 

It's very sad because a lot of people get negative experiences and lose money all the time. And a huge number of people have a very negative impression of cryptocurrency in general!

Pump and dump scam channels!

Then there are the Pump Channels. They steadily, for many months now, trick people for money.

The scheme is simple, in the channel they lay out the project and the address of the smart contract, and at the appointed time they launch the pamp, i.e. they publish a post that the pamp has begun and that you can buy the token. People come in and buy, but they can't sell. And in these channels, the comments are turned off and there are no contacts and no way to tell if they are cheaters or not. The only way to find out is to check the smart contract code. That's the only way to tell if they are scammers. And these scam tokens also have big liquidity.

I remember there used to be scam tokens, there was never more than 10k liquidity and it was very easy to determine whether it was a scam or not. But now scammers have become so advanced that they can afford to launch tokens with more liquidity than the original projects.

Here is an example of such a channel with pump signals: https://t.me/pumps202

Phishing sites

And the last scam I want to talk about today is phishing sites. Here is one such example:

Here the scheme is simple, in the domain name of the website a small difference and this site connects to the wallet and after that you can say goodbye to your money.

Links to such scam sites are usually posted in the chats of official projects when sales are at their hottest, and people are trying to jump in into presale quickly. In the hustle and bustle, they may click on such a link and not even notice that it is a phishing site. I almost got caught myself, but I stopped in time when a request to connect a metamask appeared on this site. I suddenly realized that my metamask was already connected to PinkSale and that this should not happen again. And then I took a closer look and realized what it was.

Conclusion!

To summarize. Always be careful and watch what you invest in. Check the links, try to buy for a couple of dollars, and sell to make sure this feature works.

Look for projects which have been audited and most importantly, that the project team has some experience and is somehow known in the crypto community. They don't even have to have real photos and names, it's enough that these usernames are known in the crypto community and have some kind of background already. I understand that it's never possible to determine one hundred percent which project will end up as a scam, but the risks can be reduced if you make a DYOR and at least check a smart contract.

I wish you great profits and avoid scam projects and do not lose money!

My telegram channel: Eton Krow Dumb Founder & Dev https://t.me/eton_krow

P.S. Thank you for reading it and have a great day my friends!