Unfortunately, fraud is inevitable in the world of cryptocurrencies. Currently, the most common type of fraud is scam tokens. Recently, the well-known analyst Zach Watkins reported the creation of 114 scam tokens in just 1.5 months. These tokens are created to deceive users and make quick profits for fraudsters.
- In order to identify a scam token, you need to pay attention to some signs, such as low capitalization, unclear profit promises, and the lack of a real product. In addition, it is important to pay attention to the source of information about the project and conduct your own research before investing.
Over the past 1.5 months one person has created 114 meme coin scams.
Each time stolen funds from the scam are sent to the exact same deposit address.
— ZachXBT (@zachxbt) April 26, 2023
Negligence and ignorance can lead to large financial losses. Therefore, investors should remember that scam tokens are a real threat on the way to successful investment.