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ICO scams 2020: examples and how to avoid

Although ICOs have been mostly replaced by IEOs and other fundraising methods over the past few years, there are still many projects that raise money in this way. Due to the high level of interest among investors and the lack of solid regulation, ICOs serve as honeypots for scammers of all sorts.  The report released […]

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Although ICOs have been mostly replaced by IEOs and other fundraising methods over the past few years, there are still many projects that raise money in this way. Due to the high level of interest among investors and the lack of solid regulation, ICOs serve as honeypots for scammers of all sorts. 

The report released by CipherTrace in May 2021 reveals that major crypto thefts, hacks, and frauds have reached the amount of $432 million this year already with DeFi related hacks making up more than 60% of the total volume. By investing in DeFi projects, ICOs based on Bitcoin, Ethereum, or any other blockchain, investors bear high risks hoping to get huge rewards in the future.

ICO scams 2020: examples and how to avoid 2

CipherTrace: DeFi hacks in April 2021 have already surpassed the previous year

Another report released by Federal Trade Commission shows scary statistics of skyrocketing losses that cryptocurrency investors have experienced over the past 2 quarters.

ICO scams 2020: examples and how to avoid 3

Federal Trade Commission: the losses of cryptocurrency investors have gone parabolic over the past few months

In this article, we are going to review the biggest ICO scams that took place in 2020 and give some advice on how you can avoid them.

Biggest ICO scams  

ICO scam campaigns often concoct fictional executives who have imaginary credentials and devise fictional partnerships with big names.

That is exactly what a Miami-based cryptocurrency firm Centra Tech did when it named Mastercard, Visa, and Bancorp as its partners. The company had also demised a fake license to transmit money. After all these claims, the company managed to attract millions of dollars from its victims. First, the founders swindled 15 million USD and then the amount exceeded 60 million USD. Now its co-founder Robert Joseph Farkas is in prison.

Pincoin and iFan still remain the largest ICO crypto project among ICO scams. A Vietnamese cryptocurrency company Modern Tech managed to raise 660 million USD promising constant revenues to people investing in their tokens. Among the blockchain scam schemes, the exit scam is most widespread. This fraudulent practice was used in this case as well.

The notorious list of the largest scam companies includes Plexcoin, Bitcard, Opair and Ebitz, Benebit, Bitconnect, Confido, Ponzicoin, and others that swindled from 15 million USD to 200 thousand USD from trustful investors in the period between 2015 and 2018. 

Another popular method of fooling the audience refers to impersonating celebrities. Thus, the research conducted by the AI-oriented agency Bolster claims that around 90% of all such scams were conducted under the name of Elon Musk. Other famous faces include John MacAfee, Bill Gates, and Yusaku Maezawa.

Finally, the sad story of 2020 can be finished by the long list of incidents summarized by the popular technology news portal Zdnet. Among the big names that have suffered significant losses are Poloniex, Helix, AT&T, Kucoin, GoDaddy, and many more.

Blockchain hackers’ attacks in 2020

However, not only ICO fraud is to blame for the loss of investors’ assets. Out of 5+ billion USD raised during 2017, ICOs lost from 7 to 10% of the funds due to fraudulent actions. In 2020, the figure is lower but still impressive. According to the Atlas VPN team, approximately 3.8 billion USD was stolen in 122 hackers’ attacks. 

In 2017, the bug in the wallet code enabled the Ethereum hack when 30 million USD in Ether was stolen. In 2020, Ethereum DApps still remain the most luring among blockchain hacks. The number of successful crypto attacks on ETH DApps reached 47 in 2020 while the total number makes up 122 at the time of writing. 

ICO scams 2020: examples and how to avoid 4

Atlas VPN: the amount of money lost due to blockchain hacks in 2020 defies imagination

Signs that ICO is a scam

How can we determine that an ICO is a scam? Look out for the following features that often become hidden signs of a scam project:

  • No whitepaper or it’s very weak.
  • The website doesn’t tell visitors about the team.
  • The goals of the project are unclear, there is no roadmap on the website
  • The pyramid structure is employed. 
  • A big number of pre-mined tokens. Too many tokens are distributed to the members of the team. 

How to avoid ICO scam?

While the regulation is still weak, the only thing that you as an investor can do is to rely upon your vigilance. There is an open-source Ethereum Scam Database that helps to keep track of the existing Ethereum-based scams so users can always visit the resource to discover if the project enters the ICO scam list.

Experts from TokenGuard, the service backed by smart contract auditing company BlockHunters, recommend checking first-hand:

  • Any project that does not publish the name of team members should immediately raise suspicion. 
  • Do not deceive yourself with the loud names of the advisors to the project. Most often they have no real influence on the project and its implementation. 
  • Never use an Ethereum wallet address sent by an unknown person. Use the information provided on the official ICO website.
  • Experts recommend studying the ICO reviews thoroughly. Smart contract vulnerabilities are often employed by hackers, so one should check out smart contract audit performed by reputable companies to reduce the chances of a crypto hack.
  • To make sure that the web application is reliably protected and the smart contract is written without errors, it is worth conducting audits for vulnerabilities with the help of a third-party organization such as Tokenguard. 
  • Stay alert on phishing websites which are, possibly, the biggest threat to cryptocurrency ICOs and potential investors. Such websites represent copies of real projects making it difficult for users to determine which site is official and which is not.

Follow these simple security practices and always check twice who you entrust your funds to.

Disclaimer. This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Cryptopolitan.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Source: https://www.cryptopolitan.com/ico-scams-2020-examples-and-how-to-avoid/

Blockchain

Solana (SOL) Price to Hit $300 Soon! Is this the Last Opportunity to Buy the Dip?

solana

The post Solana (SOL) Price to Hit $300 Soon! Is this the Last Opportunity to Buy the Dip? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

During the early Asian trading hours, The broader cryptocurrency market has seen recovering from recent losses. Bitcoin and Ethereum are showing signs of a rebound while Cardano price is still consolidating within $2.3. Solana turned out to be the worst performer of the day after shedding 13% of its value in a week. In the …

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During the early Asian trading hours, The broader cryptocurrency market has seen recovering from recent losses. Bitcoin and Ethereum are showing signs of a rebound while Cardano price is still consolidating within $2.3.

Solana turned out to be the worst performer of the day after shedding 13% of its value in a week. In the past 24 hours, Solana witnessed Major corrections as the token hit the lows at $130.69. However, during the early Asian trading hours, SOL Price showed some recovery

Solana has been highly volatile in the last couple of weeks. Initially, this Ethereum rival exploded to a new all-time high of around $215. However, a widespread crash in the market resulted in massive losses hitting $128. 

Solana Price Analysis :

Solana is seeing some buying resurgence on Saturday, as it reverses Friday’s temporary drop to near the $127.50 region. At the time of writing, SOL is trading at $139.54 with 5% gains. 

If the price rebounds off it, the bulls will again try to thrust and sustain the price above the downtrend line. If they can pull it off, the pair could rise to $170 and then to $200.

TradingView Chart

The bears have pulled the price back below the 20-day EMA today and the SOL/USDT pair could now drop to $108. This level is likely to act as strong support.

Conversely, if the 50-day SMA cracks, the SOL/USDT we can expect increased selling pressure, and the price could then drop to the retracement level at $98.26.

Further, the initial support lies at $123. The next support levels are followed by $119, $112, $110, and $100. On the flip side, the initial resistance lies at $150. The next resistance levels are followed by $160, $180, and $200.

SOL Price to Hit $300

Popular Analyst with Twitter handle @galaxyBTC  seems to be bullish on Solana price. The analyst shared a chart stating the SOL price is eyeing to hit $300. 

Additionally, Well known YouTuber with channel name EllioTrades  Picks 10 Altcoins that are poised for 30x in the coming bull rally. According to the analyst, If the SOL Price Drops below $100 or $70 then we can expect the altcoin to reach a new high.

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Source: https://coinpedia.org/price-analysis/solana-sol-price-to-hit-300-soon-is-this-the-last-opportunity-to-buy-the-dip/

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Blockchain

Attention Traders!!! This Could Be Your Last Chance To Become Cardano Millionaires

cardano partnership

The post Attention Traders!!! This Could Be Your Last Chance To Become Cardano Millionaires appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

The crypto market continues to keep the traders on their toes, as the uncertainty is approaching the skies slowly. However, among extreme volatility, Cardano appears pretty strong and reliable which has the capacity to extract huge profits. But will the rally reach its peak by the end of 2021 or continue in early 2022?  Ever …

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The crypto market continues to keep the traders on their toes, as the uncertainty is approaching the skies slowly. However, among extreme volatility, Cardano appears pretty strong and reliable which has the capacity to extract huge profits. But will the rally reach its peak by the end of 2021 or continue in early 2022? 

Ever since the Evergranade crisis has shaken the world market, the crypto market has also not been spared. Moreover, the rounds of China Ban just ruined the recovery each asset were undergoing since the Sept 15th sell-off. Yet like every time, Cardano remained away from the crowd following its own rally. 

Also Read: XRP & ADA Price Action: Analyst Maps Next Directions for XRP & Cardano Price!

Considering the latest sell-off, where Bitcoin and Ethereum are still struggling very hard to reach $45K and $3K respectively, Cardano easily climbed close to $2.4 from recent lows of $2.06. And moreover, the price is currently forming higher highs constantly and marching strongly to smash $2.5 soon. However, the bear market can still be on its toes, but before that Cardano could have produced many millionaires. 

The price followed a cup and handle since the rebound after the mid-September, however, the pattern has inversed now. And hence a slight pullback could be fast approaching yet the price could still sustain $2. And hence after a small correction, yet the ADA price could still rally above the ATH around $3.1 to hit close to $4. 

adasurge

Collectively, Cardano price is currently appearing a little strong than the other altcoins, as it’s undergoing a serious rebound. However, the ADA price is currently around $2.36 with nearly 7.85% in the past 24 hours. The trading volume also has risen more than 73% to range more than $6 billion. Moreover, the upcoming Cardano Summit could provide enough boost for the price.

Also Read: AVAX, SOL, SUSHI and MOVR To Go For 30X After the Dump! But How?

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Source: https://coinpedia.org/price-analysis/attention-traders-last-chance-to-become-cardano-millionaries/

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Blockchain

AVAX, SOL, SUSHI and MOVR To Go For 30X After the Dump! But How?

Altcoins

The post AVAX, SOL, SUSHI and MOVR To Go For 30X After the Dump! But How? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

Economic turmoil coming out of the Chinese market has threatened the crypto space for the second time this year. But every dip is for creating our own opportunity in order to gain massive profits! Therefore, buying the right asset is a challenge that holds the strong fundamentals and can bring you more gains. This article …

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Economic turmoil coming out of the Chinese market has threatened the crypto space for the second time this year. But every dip is for creating our own opportunity in order to gain massive profits! Therefore, buying the right asset is a challenge that holds the strong fundamentals and can bring you more gains. This article will help you understand the top altcoins that have the strong potential to go for 30X after the dump.

AVAX (Avalanche): 

Avalanche (AVAX) is one of the fastest smart contracts platforms built by Ava Labs. This Proof-of-Stake blockchain can process 4,500 transactions per second. 

AVAX price is trading at $71.10 at the press time. Due to the bear market sentiments, the price is down by 10.73% in the last two days. EllioTrades, a popular crypto platform and co-founder of SuperFarmDAO roots the AVAX price to skyrocket to new milestones by surging at least 5x, if it plunges well below the $50 support level.

Recent News on AVAX:

  • The AVAX platform has seen exceptional growth over the past few weeks, from $0.5 billion in TVL from August 1st week to $3 billion on September 24th.
  • On September 22nd, 2021 Alpha Homora V2 launched on Avalanche blockchain. Now the users have access to leverage yield farm with competitive gas fees.  
avax

Solana (SOL)

The Solana ecosystem made two good moves in the year 2021.  In the first half of 2021, the SOL price rallied from $4.22 to $56 on May 18th. And in the second half of 2021, the rise was even more intense. The SOL price hit an ATH of $214.96 in September 1st week.

EllioTrades predict if the SOL price slumps down below $100 or even $70 then that creates a strong buy opportunity. According to the platform, the SOL  price will skyrocket if it retests that level.

Solana roadmap looks interesting as unique projects are awaiting launch. Investing in the right frame is what can bring profits. 

SushiSwap (SUSHI):

SushiSwap (SUSHI) is an automated market maker (AMM), utilises smart contracts to create markets for given pair of tokens. 

With a slight pullback, the SUSHI price is trading at $9.52 at the press time. EllioTrades say the SUSHI token is the best option to buy if its price falls well below $3 or $2.

Speculations say SUSHI is set for the world’s one of the largest NFT marketplace launches to compete against OpenSea, SUSHI price is expected to reach new highs once the launch happens.

MoonRiver (MOVR):

This Ethereum compatible, smart-contract parachain on Kusama is another coin on the cart of EllioTrades. The platform made a whopping prediction for MOVR, says if MOVR price retests between $180 to $200, then the protocol could bring huge profits!

On September 21st, the Moonsama team launched the first NFT marketplace on Moonriver. Many projects in the pipeline MOVR may soon surge to new highs.

Collectively, the EllioTrades platform also included Osmosis, StarAtlas, UFO Gaming and Rari Governance Tokens to their cart. Buying the above-mentioned assets by taking calculative risks will bring more gains, and investing in the wrong time frame would result in disastrous losses. 

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Source: https://coinpedia.org/altcoin/avax-sol-sushi-movr-price-to-go-30x-after-the-dump/

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Blockchain

XRP & ADA Price Action: Analyst Maps Next Directions for XRP & Cardano Price!

Earb Crypto

The post XRP & ADA Price Action: Analyst Maps Next Directions for XRP & Cardano Price! appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

Bitcoin price plunged to $42,732.98 on Saturday, down 3.95% in the last 24 hours. The market cap of the largest cryptocurrency stood at $801.92 billion. Bears have seized the initiative by the end of the week as all of the coins from the top 10 list are in the red zone. Micheal van de Poppe …

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Bitcoin price plunged to $42,732.98 on Saturday, down 3.95% in the last 24 hours. The market cap of the largest cryptocurrency stood at $801.92 billion. Bears have seized the initiative by the end of the week as all of the coins from the top 10 list are in the red zone.

Micheal van de Poppe has updated his forecasts for XRP Price, Cardano Price along with two popular altcoins.  

ADA

He’s presuming that Cardano is close to bottoming out at this point, at which point we can expect new impulse waves to emerge. The crypto expert claims that ADA Price has breached key price levels, crossing the $1.90 to $2.10 zone.

Van de Poppe then turns his attention to the token’s Bitcoin pair (ADA/BTC), predicting that Cardano might reach new highs. 

According to him, we should see some small consolidation, similar to what we saw in April. So there will be some stabilization here before we break resistance, but if we do, he believes we’ll be setting new all-time highs or new highs for Cardano here as well.” 

Also Read : Popular Crypto Proponent Bullish on Cardano, Solana & XRP! Know Why

XRP

An important price level for XRP Price has also been identified by the trader, which might imply a bullish signal for the crypto market.

He believes that if you want to get into the markets, now is the time to do it because the market has finally bottomed out and is ready for the next impulsive wave. 

What is the XRP level of difficulty to crack? It needs to break through the area around $1.05 to be successful. I don’t think we’ll receive it all at once, but I do believe that once it gets through there, all coins will start breaking out left and right. However, on XRP, this is a good candle.” 

The widely-followed expert believes that the current downturn is a good time to enter the market, recommending Avalanche (AVAX), Solana (SOL), and Fantom (FTM) as three altcoins to buy now while prices are low.

Should you be getting interested in the markets when it’s approaching support and when projects are dropping down by about like 35% to 45%? Yes, of course. When you get towards the support, people will ultimately become quite bearish and they are only expecting further downward momentum. That is the moment that you want to get into the markets.”

Also Read : Bitcoin Ethereum & Solana Set to Hit the Roof Soon! Here are the Next Levels

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
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Source: https://coinpedia.org/altcoin/xrp-ada-price-action-analyst-maps-next-directions-for-xrp-cardano-price/

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