Avoid Scam Tokens | Don’t fall into crypto traps!

The crypto world is full of potential, but also dangers. As a trader, investor or owner, you need to be aware of your online security. Robi is here to inform you about scam tokens and provide tools that can help combat the scam.

What is HTML0? Visit Scam Token?

A scam token is a cryptocurrency created and released with the intention of stealing assets. A hundred tokens are produced every day and some might be a scam. There is a significant possibility of being misled.

Biswap is a DEX, which means it is open-ended and has the ability to launch liquidity for any token listed in the system. Therefore, you need to beware of scams and stay away from cryptocurrencies that appear suspicious.

what is the danger Stay away from suspicious tokens!

There are numerous ways counterfeit tokens are used. Let’s go through some of them so that you are aware and prepared.

Carpet pulling is a typical DeFi method that abruptly drains liquidity from the investment.

Scammers create new tokens and then launch a liquidity pool, typically at the DEX. The majority of scam tokens are placed in a liquidity pool, paired with other tokens like ETH or BNB, or traded as an IDO. Token creators control a large portion of the token supply once the token is launched. Once the token is able to attract enough investors, scammers will sell everything to make a profit, leaving a void of tokens for the other owners.

honey pot

You can recognize the system described by the investor attraction by the name. However, it is important to realize that not all glitter is gold.

As you have probably guessed, cryptocurrency prices can be volatile, and price volatility is common. However, it is more alarming when a brand new cryptocurrency is only going up when there are no signs of selling. This could be a sign that the honeypot scam is taking place.

The secret is that the token’s smart contract only allows one wallet to sell it. This wallet is controlled by scammers. This means that you cannot use this wallet to trade and in the end you cannot get back your investment.

Fake Airdrop

We have an attractive and appealing lure. Who doesn’t want a chance to win free tokens? However, if I claim that they are a ploy to deceive.

Airdrops from scams can trick people into believing they have received tokens worth thousands. However, they cannot be traded on exchanges due to the lack of liquidity. This scam aims to lure users to a deceptive website in order to link your account to your wallet and gain access to a deceptive smart contract. After that, scammers can withdraw funds directly from your account.

How to Spot Scam Token Use Tools and Tips!

It is important to realize that you are responsible for your investments. Therefore, you should consider all potential risks and check all possible factors before investing your money in the token.

Reviewing the steps in this article can help you distinguish fake tokens from real ones, but without 100% guarantee.

Check the token price history

If a cryptocurrency is brand new and has experienced a huge price increase within a few hours or even days, this could be an indication of danger. It does not suggest that the cryptocurrency has any lasting promise, but it could indicate that the currency will soon fall or even be worthless as a result of the scam.

Analyze the token distribution

View the recorded transactions for the cryptocurrency. If an owner holds more than 50% of the total supply in circulation, and especially if it’s a brand new token, it may be a scam. Cyber ​​criminals usually hold a large amount of fake tokens in order to sell back a large part of their stash and make a big profit.

Create a white paper research

White papers could be one of the trust indicators. Whitepapers for specific projects are very detailed and give investors a complete overview of the goals, plans and strategies specific to the respective token. However, scam projects tend to ignore their white papers as they don’t want to spend time reading them.

Use third-party analytics tools

Here are some services that can help you identify the fake. We strongly recommend scanning the token on numerous websites to increase the quality of verification.

Biswap High – security level | Trade officially listed tokens!

Security is Biswap’s top priority. We are committed to providing our customers with the highest quality security and keeping their money safe!

Biswap DEX is officially verified by CertiK – the world’s leading blockchain security company, which means it’s protected from hacks and other malfunctions.

Biswap team thoroughly researched each token before its official listing in the system. This allows you to trade listed tokens quickly and securely at the lowest 0.2 percent cost for the BNB chain and earn up to 50% fee returns.

Biswap regularly informs the community about this

closing words

Analytical thinking and critical thinking are the most effective tools to uncover fraudulent transactions. Make sure you do thorough research before making a decision to invest in cryptocurrency. Biswap will try its best to offer you security and top quality services.

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