As news breaks that one of the latest coins to hit the market, Squid, has turned out to be another scam, crypto expert, Louis Schoeman, Managing Director of Forex Suggest, cautions the public and advises how to avoid being the victim of a scam coin:
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Avoid Scam Coins Like Squid
“While new coins appear every day, people should always be wary of buying a token with no history and never invest money you can’t afford to lose. While new coins can have all the bells and whistles and promise huge returns, if it sounds too good to be true, it most likely is.
“Scammers know how to appeal to people. They take trusted, recognisable names, like Squid Game, to piggyback off its global success and lure people into investing. They dupe people into believing there’s some kind of affiliation with real credentials, when really it is all a scam.
“To avoid being the victim of a crypto scam, look at the finer details and take your time to assess the token. Thoroughly read over the whitepaper to check for spelling and grammatical errors - does it look professional or quickly thrown together? If you copy and paste a chunk of the text and run it through a search engine you can easily see if it has been taken from another coin’s page which is a quick giveaway that something isn’t right. If you do some general research you should be able to assess how reputable a company is.
“Never send your money or cryptocurrency to a platform you don't completely trust and only use an exchange you trust which doesn't charge astronomical fees. If alarm bells start ringing then listen to your instinct and hold off. For instance, being unable to sell the coins you have bought should be an immediate red flag.
“It can be easy to see lots of people jumping on a new coin and want to get involved too, but make sure it is the right investment for you.”