How to Avoid Crypto Scams: ZachXBT’s Two Critical Checks You Need to Know

Crypto Scams: Are You Next?

Oh honey, let me tell you, crypto scams are like a bad boyfriend – they’re everywhere, they’re sneaky, and they’ll drain your wallet in no time. 🚫 But fear not, darling, because ZachXBT, a blockchain investigator extraordinaire, has got your back. He’s shared two crucial checks to avoid getting scammed, and I’m about to spill the tea. ☕️

ZachXBT is like the crypto version of a no-nonsense aunt – he won’t sugarcoat anything, and he’ll tell you to take responsibility for your own financial decisions. 💁‍♀️ “If you make either of these decisions, it is your own personal choice to risk funds, and I will NOT help you,” he stressed. So, take heed, folks, because ZachXBT is not here to coddle you. 😒

Evaluating a Project’s Credibility is Crucial

ZachXBT highlighted two critical scenarios: depositing funds into forked DeFi protocols on newly launched EVM chains and getting scammed by projects with few smart followers on Kaito. 🤯

“If you make either of these decisions, it is your own personal choice to risk funds, and I will NOT help you,” ZachXBT stressed.

Now, let’s talk about these forked DeFi protocols. They’re like the crypto equivalent of a knock-off designer handbag – they might look fancy, but they’re basically just a cheap imitation. 🛍️ And don’t even get me started on the security risks. It’s like playing a game of crypto roulette, and you’re the one who’s going to get hurt. 🎲

Take the recent incident with SIR.trading, for example. They got hacked, and an estimated $350,000 was lost. 🤑 And let’s not forget about Abracadabra, which lost around $13 million due to an exploit involving collateralized tokens. 🤯 It’s like, hello, people, get your act together! 🙄

The second situation ZachXBT warned about involves getting “rugged” (falling victim to a rug pull) by projects with few smart followers on Kaito. Kaito is like the crypto version of a lie detector test – it can help you spot a fake from a mile away. 🔍

Investor Xero agrees with ZachXBT, saying that Kaito can be a credibility assessment tool. “Kaito has become an amazing security and reputation tool that I value over others,” he said. “It can help you identify an impersonator or a new rug project fast. If a 40k+ follower project isn’t connecting with real smart followers, it’s not legit.” 💯

Other Emerging Crypto Scams

And if you thought it was just about these two scenarios, darling, think again. There are more scam tactics emerging left and right. 🚨

Investor Jerome warned about a scheme that exploits browsers’ automatic download function to trick users into downloading malicious software. 🤖 And then there’s the tactic of scammers creating and sending small transactions to deceive users into copying and pasting fraudulent addresses. 📦

And if that’s not enough, Microsoft has identified StilachiRAT, a new remote access trojan specifically designed to target cryptocurrency wallets and login credentials. 🚫

According to a Chainalysis report, from 2021 to 2024, decentralized finance (DeFi) platforms have been the primary targets of crypto hacks. 🚨 It’s like, what’s going on, people? Get your security game together! 🤦‍♀️

The report explains that DeFi platforms may be more vulnerable because developers prioritize rapid growth and launch over security measures. This lack of security focus makes them prime targets for hackers. 🚨

2025-03-31 12:48

Evaluating a Project’s Credibility is Crucial

Other Emerging Crypto Scams

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