ICO Scam Spotted ERC20 Contract Address Token Selfdrop (Beware!)
ICO scam will revealed in this cryptocurrency market investing blog! There are many ICO Initial Coin Offering projects taking advantage to newbie in crypto world. ICO scam spotted when I joined some selfdrop ICO. Airdrop ICO and selfdrop are different. ICO scam allows you to participate in airdrop and get free tokens by just completing simple task, While ICO scam self drop, will give you cheap tokens in exchange for ethereum sent in their contract address!
Before we proceed to ICO scam revelation, know what is ICO Initial Coin Offering all about and take some time to differentiate between ICO for Crypto and IPO for Stock Market! ICO Airdrop guide was written few days ago. And today we will share to your how we spotted ICO scam where as scammers are using ERC20 wallets to collect funds exchange for ICO scam tokens.
This is what happened when we joined airdrop. We saw facebook airdrops promoted by group members in ICO free tokens and coins airdrops group! Then we followed the instructions for the ICO scam airdrop promotion.
ICO Scam Sending Ethereum in ERC20 Contract Address for Millions of Tokens
The promotion offers wants us to send 0.01 Ethereum in the contract address and we will receive 1,999,999 (one million nine hundred ninety nine thousand nine hundred ninety nine) tokens.
We found out that the contract address are really in etherscan.io. Therefore we sent 0.01 and we really receive tokens. Wow, a very cheap tokens! The transactions in this ICO scam is really successful. We have 1,999,999 tokens! Great!
For the purpose of providing useful information for our readers in Daily Investing Tips at InvestmentTotal.com, we personally tried and tested every ICO offers and share it in this cryptocurrency market investing blog.
ICO Scam Left All Investor Behind
And the thing after we sent ethereum in the contract address is that after few days, the offers (ICO scam) did not release any news and updates in their twitter account, telegram channel. And the worst is, they all deleted the posts in their social media profiles.
The end, is we got scammed by ICO initial coin offering scam! Therefore, since, we experienced this thing we want to provide some tips and warnings in joining ICO airdrop and selfdrop.
Spotting ICO Scam Revealed
Even if the contract address is really active in etherscan.io it does not mean that is safe to put your hard earned money there. Sending Ethereum in contract address is very easy.
Receiving tokens are great especially if we bought erc20 tokens in a very very very cheap price. Imagine having 1,000,000,000 erc20 tokens for just 1 Ethereum!
Be careful in participating in airdrop and self drop ICO. Some can really help you gain huge return on investment. But, most self drop ICO are just ICO Scam! So beware!
Cryptocurrency Market Investing Guide: Make Money Trading Cryptocurrencies!
Participate in ICO Initial Coin Offering using deep research, further investigation, common sense, and most of all due diligence. Those ICO with real human behind the project are good ICO to invest in. Check the status and rank of ICO (some are fake ranks & ratings, paid by ICO scam), the website domain info (use who.is), send email message to contact support, call the phone number, check the contract address in etherscan.io and of course, invest the money that you can afford to lose.