Legal Q&A
Q
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These days there is a lot of news coverage about scam coins. However, they always just say that scam coins are occurring frequently and to be careful, but they rarely mention what characteristics a scam coin actually has. Please tell me in detail about the main characteristics associated with a scam coin.
Scam coin
Answer
Published:
Author : Kuk Il KIM
The key to distinguishing a scam coin is understanding the methods and patterns used to deceive investors.
A scam coin promises fixed returns such as "a guaranteed 10% monthly return" or "100% protection of principal," but these are baseless promises and are mostly a Ponzi scheme.
The white paper and promotional materials contain many advanced technical terms, but the actual technical explanations are abstract and lack specificity.
In addition, information about the operating team or the company is opaque, and the use of the invested funds and the progress are not disclosed.
Finally, they have the characteristic of rapidly recruiting investors by using fear marketing on social media or Telegram, such as "if you do not invest now, you will miss the opportunity."
Only by comprehensively considering these factors can a scam coin be identified.
Before investing in a suspicious project, it is important to obtain more accurate information through consultation with an expert and to make a safe investment decision.
For details related to scam coins, please confirm through a consultation with a finance attorney.
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