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How to spot Fake ICOs
- Check the team and advisors: You should start by learning more about the ICO’s team and advisors. Check up information about their previous projects, LinkedIn profiles, and professional experience.
- Look for a clear use case: A legitimate ICO will have a clear use case for their token. Look for a whitepaper that outlines the issue they are attempting to resolve and how their solution will work.
- Check the community: A thriving community is a good sign of a trustworthy ICO. Search for active social media channels, forums, and Telegram groups where members can ask questions and discuss the project.
- Visit the website: A genuine ICO will have a professional website with comprehensive information about the project, team, and token sale.
- Beware of high returns: If an ICO guarantees high returns or a huge profit, it’s likely a scam. Remember that no investment is risk-free, and there are no assurances in the crypto market!