Certik experts tell us how to avoid buying fraudulent tokens
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Johny Smith
2025/01/23
3 mins read
The Initial Coin Offering (ICO) market on Web3 is growing rapidly, but so are the number of fraudulent schemes. Certik researchers believe this is becoming a serious problem. They noted that many investors have difficulty determining which projects are sound and which carry serious risks. Security experts offer some simple but effective tips to help protect your assets.
It is recommended that you only purchase new cryptocurrencies through trusted centralized exchanges (CEX). Such platforms usually conduct strict audits of projects, which reduces the likelihood of encountering fraud.
When purchasing on decentralized exchanges (DEX), it is important to verify the authenticity of the token contract. It is necessary to use the official websites of the project and check the addresses of contracts through blockchain explorers. Mistakes can lead to the purchase of fake tokens.
“Particular attention should be paid to the presence of an active community and an official website for the project. The absence of these factors may be a sign of potential fraud. New tokens actively promoted through third-party Telegram or X-groups often turn out to be high-risk,” analysts noted.
Another key tip was to check the token creation time. You should avoid buying cryptocurrencies created less than 3 days ago, as scams usually do not last long. Experts also draw attention to the need to strengthen security measures on the part of large exchanges and service providers in Web3. Financial flows from fraudulent schemes often flow through major trading platforms, so their involvement in the fight against fraud should be an important step towards protecting users’ digital assets.
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