A few pointers to identify ICO scams

Although ICO scams are becoming increasingly rare because investors are becoming more careful about where they put their money, every once in a while, some scams might still slip through the net.

In the wake of the prodeum exit scam, here are simple points to look out for before investing in an ICO so that you aren't scammed.

TEAM AND ADVISORS

This one should have the biggest red flag. I can't stress this enough. Every ICO happening will list some team of people as researchers on their official website. This is the first thing every ICO investor should look out for when investing in an ICO.
Shady teams, teams that don't have a lot of info readily available on the internet, should raise questions. Annoymous teams are another red flag although anonymous teams are not necessarily a bad thing. An example of an excellent coin with an anonymous team is Komodo [KMD].
Researching the team helps two major research points: you are making sure you aren't investing in scam ICOs and you're checking out the likelihood of the team to deliver on the project.

IDEA AND PROTOTYPE

The idea the token or coin purports too should also be scrutinized too before investing in the ICO. Weak ideas asking for a lot of money should also be considered thoroughly before commiting funds to the ICO.
A non-existent protoype while not necessarily indicating a scam should also be considered before you invest in the ICO.

SCANTY WEBSITE AND EMPTY REPOSITORIES

Repositories are the code bases on github and other open source contribution sites. An empty repository is also another sign that something is up.
Empty repositories means no existing code available online for anyone to see. Considering that the ICOs primary goal is to make a transparent blockchain, an open source repo is not only something that is attached for extra credibility, it is an absolute necessity.

If the website and whitepaper also lack details [both basic and technical details] and they throw around a lot of buzzwords like blockchain and AI etc when a closer look is taken, they might also want to go on a joy ride with your money.

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Always ensure that you understand what you are getting into and DYOR instead of just following blind calls made by crypto geniuses over the internet.

Stay safe and invest wisely 😉😉😉

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