What are the warning signs of the biggest crypto scams?

1 answers

• Sandip SahishNov 27, 2020 · 5 years ago
  As an expert in the cryptocurrency industry, I can tell you that one of the biggest warning signs of a crypto scam is the lack of regulation or oversight. Legitimate cryptocurrency projects are often regulated by financial authorities and comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. If a project operates in a regulatory gray area or avoids compliance, it's a red flag. Another warning sign is the absence of a reputable team. Legitimate projects usually have experienced professionals with a track record in the industry. If a project's team members have no relevant experience or their identities are hidden, it's a cause for concern. Finally, be cautious of projects that rely heavily on multi-level marketing (MLM) or referral programs. These schemes often prioritize recruitment over product development and can be unsustainable in the long run.
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