Sirwin
Sirwin

Hold Up! Is That New Crypto Project Legit Before You Click "Connect"?

By Cryptofab | Cointune | 26 Feb 2024


Remember how we talked about those potential Linea and Scroll airdrops? I know, exciting stuff! But some of you reached out, though, saying it's tough to trust brand new projects, especially with all the scams out there.

That's why I wanted to share a few red flags to watch out for and some tips to help you decide if a new project with a potential token launch, like Linea or Scroll, is worth connecting your wallet to.

Here are a few things to consider:

  • The Wallet: First of all, it is crucial to use the right wallet. For instance, Rabby Wallet can warn of potential scams through alerts. You can use the following referral link to start using Rabby Wallet: https://rabby.io/rabby-points?code=CRYPTOFAB. There is a potential airdrop. Please DYOR.
  • The Team: Who's behind the project? Are they experienced and do they have a good track record? Check their LinkedIn profiles and see if they've worked on successful projects before. (For example, the Linea project is being developed by the ConsenSys team, a well-known blockchain company. You can learn more about ConsenSys here: https://consensys.net/). ️
  • The Whitepaper or Documentation: This is basically the project's blueprint. Is it well-written, clear, and easy to understand? Does it explain the problem the project is trying to solve and how the token will be used? Check out Scroll's documentation in Github for an example: https://github.com/scroll-tech
  • The Community: How active is the community around the project? Are there real people involved, or does it seem like a bunch of bots? Check their social media channels and see what kind of conversations are happening. Follow Scroll on Twitter https://twitter.com/Scroll_ZKP and Linea on Twitter https://twitter.com/lineabuild?lang=en for updates and community discussions.
  • The Hype: Is there a lot of hype surrounding the project, or does it seem more grounded? Be wary of projects that make unrealistic promises or guarantees.

Remember, this isn't financial advice! ⚠️ Do your own research before connecting your wallet to any new project, even something like Linea or Scroll, and never connect a wallet containing more funds than you can afford to lose.

Want to learn more about some specific porjects to watch out for? Join me on X for some updates.

P.S. I'm not affiliated with any specific project, just trying to help you navigate the crypto world a bit safer!

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Cryptofab
Cryptofab

Studying Bitcoin, Alts & Arts.


Cointune
Cointune

Crypto, DeFi and passive income.

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