Scam Coins are the cryptocurrencies developed and launched by a community for fraudulent activities. Scam coin fraud is also carried out in the form of smuggling money collected from individuals during the ICO (mass sale, such as public offering).
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Distinctive Features of Scam Coins
- The primary feature of a crypto currency is that it is a payment tool. Scam coins are launched with the slogan of investment and profit.
- Scam coins paint the eyes of people with high profits in the initial phase by offering investment packages that provide daily / weekly / monthly income.
- In scam coins, open source code is not required, detailed information about the operation of the system is not given.
- The prices of such coins are inflated for show to attract attention.
- As the coin whose price is inflated gains value, the fraudulent groups behind it will sell these coins to earn income.
- By bringing cloud mining to the fore in scam coins, we try to add new members to the system. Cloud mining in a reliable crypto currency is not offered by the platform itself. Ponzi Scheme method, sub-member or pool system, is a known fraud method.
- If the participating community behind a cryptocurrency is unreachable, then it is a scam.
Scam coin list: https://cryptochainuni.com/scam-list/
