There are always two sides to every coin and two sides to every story, we see this on a daily basis in the world of crypto investing. This can be the tale of an investor who has made a small fortune by lucking a contract he found or by getting the heads up on a new token launch date, however, there is the other side where the not so lucky investor has found a new project and pushed all-in on the hopes of making some quick money to only end up stuck in a Honey Pot or a Rug Pull. Now it’s not only the investors that seemed to be fighting off scammers on a regular basis it’s also the legitimate developers who are finding it, even more, trying on a daily basis to enlist the services of influencers, developers and even marketing agencies.
I would comfortably say that 90% of investors assume that they are the only ones who get scammed and never see the flip side of the coin. There is a big difference between the two sides and the main difference is that developers are having to use multiple people to build and promote their project, which may be the next big thing in crypto but with more people being involved in building your project and promoting it, this opens up the doors for the not so trustworthy to come in and scam the Developer of his funds and financially ruining it before it even got to launch date. How are the ridiculous fees some of these online influencers asking calculated for it is just literally getting out of control, 10 BNB fee for a YouTube mention or even a Tweet, give me a break! this has gone on for way too long and they all want your funds upfront before doing a post and for them than to only give you an excuse as to why they have not been able to deliver on said agreement.
So what are the scams being carried out on the Developers of the world? Well it is a long list but here we go… CMC/CG early launch promises, influencers posting content, contract building, marketing, admins/mods of chat groups, exchange listings that are fake, artists for all forms of your projects, NFT builders/designers, Fake Telegram Groups, Developer impersonators, fake NFT artists who are claiming to have created the artwork, Developers in your project stealing the marketing/liquidity funds from under your nose leaving you to answer to all the investors meanwhile they disappear into the night.
There are literally new scams being created daily to infiltrate great projects and steal whatever they can get their hands on with no signs of remorse. Recently one of our projects had a scammer come into our Telegram group impersonating an old Developer and team member, now the lengths that this person had gone to was most impressive from the profile picture to even the @ name and they would always start the conversation with you in the same way we had had previous chats, however, they are just buttering you up to only ask if you could help them out financially and promise to give you back the funds within an hour, now if you have been talking with a team member for a while you may even feel comfortable in helping them out. The only problem for this person was I already had a chat open with the person they were trying to impersonate and when I called them out the message was shortly deleted and then to find them try it again a week later just made me laugh, I had to remind them of their first attempt.
Now there are 2 types of influencers in the crypto game the first will be a crypto enthusiast and may even have some true knowledge and background in finance or investing, now these influencers can be beneficial and give an honest review or even a short video clip with true analysis of the future of the project which may lead to your project seeing an influx of new investors but you also need to be sure that the influencer you are communicating with is actually that person and not someone impersonating them and promising you discounts on a review and believe me this happens regularly.
Then there is the flip side of the influencer coin the “personality influencer” that has zero knowledge of Cryptocurrency and have even less knowledge of what you are asking them to promote, nor would they care as long as they get paid. It has become an influencers playground where the promise of a tweet or short video clip will bring you in a large swarm of investors to your project and as good as it sounds the said influencer will only do whatever you have agreed on in their time and when it suits them even though you have paid them ridicules amounts of money! I have heard sums of around $50k+ for a 10-second video.
Now if you are lucky to even get the video done, it does not guarantee a spike in your chart or even a boost in your chat members as their followers may not even be crypto investors or of age to even invest. So, using so-called high-profile influencers comes with buyer beware, yes you may reach millions of people but if the majority of their followers are 13-year-old kids is the investment justifiable? For every investor that is being scammed, there is always a developer that is being scammed as well, we are all in the same fight to rid the world of this disease.