Elaine Jean Tech 11.26.2021 08:Nov AM EST

Crypto Scams: How to Spot Fraud Cryptocurrencies Like SQUID, Tsuzuki Inu

Crypto scams are rampant, with Tsuzuki Inu and SQUID cryptocurrencies among them.

Due to the huge demand for cryptocurrencies and the rapidly changing landscape, there has been a surge in cryptocurrency-related scams. As a result, it is critical for investors to protect themselves from rogue crypto exchanges and tokens.

Every investor and non-investor is a target for con artists attempting to make quick money by preying on people who will do anything to get rich quickly.

Squid Games Crypto Scams

In the recent past, cryptocurrency price swings have been extreme, with the Squid Game cryptocurrency coin SQUID and Ethereum meta jumping thousands of percentage points in mere hours.

Multiple tokens have also plummeted in value, trapping investors.

However, the cryptocurrency SQUID from the "Squid Game" turns out to be a big rip-off and another one of those crypto scams.

Victim investors contributed $3.38 million to cybercriminals.

The "Squid Game" craze has influenced a lot of internet pop culture stuff in recent months. Fans were treated to a plethora of "Squid Game" news, images, toys, wallpapers, themes, and even games. This is why enthusiasts saw the "Squid Game" cryptocurrency as just another way to have a good time.

Tsuzuki Inu Cryptocurrency Scam

Meanwhile, Tsuzuki Inu had been around since March 2021, posing as a meme and a gaming token.

To increase its trust and legitimacy in the market, the project planned to include Play to Earn functionalities as well as a DEX wallet.

With locked liquidity, it had one quintillion in circulation.

Considering this, the creators were able to get around this restriction by convincing investors to use a swap contract account to trade their TZKI tokens for TZKI version 2 tokens.

How To Identify Crypto Scams

Each month, dozens of new cryptocurrencies are released, and these new tokens and coins are accompanied by a series of initial coin offers (ICOs).

Despite the fact that cryptocurrencies were pummeled, the interest among a broad pool of investors for these options has grown.

Scammers are attracted by all of these causes. After all, if investors are prepared to put their money into a highly speculative cryptocurrency, they appear to be equally willing to put their money into fraudulent tokens or ICOs.

Even experienced investors may struggle to keep up with the language as blockchain and cryptocurrency technology develops at a rapid rate.

However, here's no guarantee that any cryptocurrency or blockchain-related firm will be legitimate or successful.

Here are steps to avoid crypto scams, as recommended by Investopedia.

Examine the Whitepaper - Any blockchain-related project's whitepaper should outline the project's background, aims, strategy, concerns, and implementation timetable.
Look to the Token Sale - In order to facilitate the crowdfunding process, any ICO will rely on a token or currency system. Legitimate businesses and enterprises make the system and the token sale's progress transparent to potential investors.
Is the project feasible? - The ICOs and cryptocurrencies with the best odds of succeeding are those that follow the basic format. The company must not only have an appealing concept, but it must also be able to carry it out in the short and long term.
Exercise Caution - Even the most successful ICOs and cryptocurrencies have been chastised for relying on speculative investment. When seeking new investment opportunities in the ICO and cryptocurrency arena, be cautious.