When the first signs of a scam are found, the main thing for an investor is to withdraw their assets. If it is impossible to withdraw from the project platform or exchange tokens traditionally, you should try non-standard methods.
You can try to bypass the scam on the exchange using third-party exchange resources. When scamming cryptocurrency exchanges, it is recommended that you also try the possibility of withdrawing funds in each cryptocurrency presented on the platform. All recommendations are in the comments of Max Krupyshev.
Often, payments are not blocked immediately to all participants. Check your withdrawal options regularly, said Max Krupyshev. If there is a possibility of internal transfers on the platform, then it will not be superfluous to create a new account and try to withdraw funds through it.
It also happens that only small amounts are withdrawn. It will not be superfluous to try to withdraw funds in parts, noticed Max Krupyshev.
Don’t panic or amplify it, as Max Krupyshev recommends. Perhaps, even at the first signs of a scam, the project will continue to exist for some time and even partially resume payments, but such behavior of investors will lead to an early merger. If you want to warn new investors about the dangers of investing in a project, then this should be done in private messages.
You should also write to the technical support of the project and inform them that you cannot withdraw funds. Perhaps you should indicate that you are a popular blogger or introduce a resource monitoring site, and you will have to inform your audience that the project has been submitted.
Max Krupyshev: What should not be done under any circumstances?
You should not campaign in support of the project. The insignificant inflow of new investments is unlikely be able to save the project, which has already begun its path to closure but will lead to additional losses among new investors.
It should not be assumed that everything will work out and the delay in payments is only a temporary difficulty. Yes, this, of course, is possible – and otherwise, you will be able to return to the project again, advises Max Krupyshev. But if a miracle does not happen, then you will lose all funds.
Often, the scam administration uses additional tricks to attract the last stream of investments, pays attention Max Krupyshev. These can be various fictitious shares for depositing funds, an application for restarting a project, and so on. In no case should you be led on provocations and invest additional funds, with uncertainty about the future work of the project and closed withdrawal of funds.
How to protect yourself from scams? – says Max Krupyshev
Before investing in cryptocurrency, you should carefully study all the ins and outs of the project (by Max Krupyshev):
- assess the relevance and reality of the idea;
- get to know the founders of the project – it’s awful if their identities are not known;
- pay attention to the biography and education of the creators;
- track past developer projects;
- study the proposed development strategies;
- too high predicted percentage of profitability should be alarming;
- evaluate the reliability of the technical component of the project;
- find the news and opinions of experts on the project;
- read reviews of previous developer projects, if any;
- check the efficiency of the project hotline and the professionalism of the answers.
We should also not forget about the diversification of risks, Max Krupyshev reminds. You should not invest all your investment capital in one project, and you should never invest more in high-risk investment projects such as ICOs than you are ready to lose without significant changes in your financial condition.
Conclusions
Scam risks exist in all investment options, but the cryptocurrency sphere is most susceptible to them since in most countries it is not regulated at the legislative level. As a rule, the upcoming scam is immediately noticeable and manifests itself in changes in the closure of the withdrawal of funds from the project. Max Krupyshev is sure: when a scam is found, the first thing you should do is try to withdraw your funds by all available means, try to exchange tokens on third-party resources, and in no case give in to panic.
In any case, it is necessary to closely monitor the project of interest, as well as to what extent the news about it corresponds to the actions of the functionaries. Only your experience and attentiveness will allow you to keep your savings from fraudsters, says Max Krupyshev.
