Scams are rife in the crypto industry and make many victims. Malicious actors work extra hard to exploit every possible loophole, which could be detrimental to everyone. Between gift scams, token theft, fake support agents and social media groups, the scammers are not sitting still. For developers and members of the crypto community, network users need to be protected from this situation. What are they doing to combat these bad practices in the crypto industry?
The Polkadot Anti-Scam Initiative (DOT)
In April 2021, developers and members of the Polkdat (DOT) crypto community created an initiative to fight scams in this ecosystem. Since then, the group has been working quietly behind the scenes to cover malicious projects on the network. The goal is to do whatever it takes to protect users and make Polkadot a safe ecosystem. In theory a simple goal, but difficult to achieve, especially if one wants to remain faithful to the philosophy of Web 3.0 and trade decentrally on the blockchain. pronunciation Michalis Fragkiadakis, Head of Support and Anti-Scams at the Web3 Foundation.
He published an article on Medium that serves as a guideline to help users better protect themselves.
“The threat to the development of the Polkadot brand is real, but our concern goes beyond that. We don’t want Polkadot to become an all-encompassing ecosystem. We want it to be a safe ecosystem, where users don’t have to constantly worry about being scammed and where scammers have to think twice before casting their nets.”He wrote.
So far, the group’s efforts have thwarted thousands of scam schemes against the network. Among other things, the document shows that more than 5,500 websites, which developed scam schemes, have been pinned and the majority have been shut down. The group is pleased with the progress, but acknowledges that much remains to be done. He also asked victims to read the guide and consult it for help.
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Far from dampening my enthusiasm, a failed investment in a cryptocurrency in 2017 only added to my enthusiasm. I therefore decided to study and understand the blockchain and its many applications and to pass on information about this ecosystem with my pen.