[BlockTwits Live] Crypto Expo Asia 2022 - Community-led Efforts in Stopping Crypto Scams

BlockTwits reporting live at Crypto Expo Asia 2022 in Singapore. David Pan, Head of Solution Consulting at Advance AI, speaks about community-led efforts in stopping crypto scams.

Crypto scam cases have been rising along with the rising popularity of crypto. David thinks that we, as the crypto community, are responsible for ourselves when conducting due diligence. Let’s say we found a crypto or NFT project that we are keen to invest in. First of all, we can look for the development team’s digital footprint via Google, and also their social media pages.

Secondly, the community can establish the project’s timeline as well as the community engagement timeline. Use lookup.icann.org to find when the project’s domain was registered. After that, join the said project’s community platforms to audit genuine engagement and check if the social channels are active. While we are on the community platforms, we can look for evidence of bots. Try reaching out to individual members to see if they are real.

Moreover, we can validate the projects’ partnerships. One of the ways is to check out their partnerships on the website and verify them from other sources.

Last but not least, we should look for clues of low-quality material if any. There are multiple things to check for, such as site quality, whitepaper, tokenomics, reputable sources, and coding. Besides the community, crypto exchanges and tech vendors also play a crucial role in fighting against crypto scammers.

Reported by: [BlockTwits] Nell