1. Check the whitepaper: Scam projects often have vague whitepapers that lack specifics or are full of false promises. Take the time to read the whitepaper thoroughly and determine whether the project is legitimate or not.
2. Research the team: Most crypto projects will list their team members and their credentials on the website. Take some time to research each team member and make sure they actually exist and that the information provided is accurate.
3. Look for red flags: Be wary of projects that promise too-good-to-be-true returns, have scant details about the project and team, or have unsolicited social media posts with links to their website.
4. Check online reviews: Many online forums and review sites have discussions about cryptocurrency projects. Read up on the pros and cons of a project before investing.
5. Analyze the website: If the website isn’t secure, lacks contact information, and is riddled with errors, then the project is likely a scam.