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Scams involving Ethereum token development must be avoided with diligence and knowledge.
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Investigate the development team first.
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Check the individuals’ identities, experience, and prior work. A staff with transparency and experience is less likely to commit fraud.
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The project’s whitepaper should be thoroughly reviewed. It should contain a thorough description of the project’s goals, methodology, and technology.
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Extremely technical whitepapers, lack sufficient explanations or make outlandish claims should be avoided.
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Ensure that the project is in full regulatory compliance.
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Verify compliance with pertinent financial regulations and legal documentation. Projects that comply with financial regulators and are associated with respectable law firms are perceived as more reliable.
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Examine the project’s participation in the community and its web presence. Reputable projects usually feature regular updates, forums, and active social media accounts.
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Involve the community to assess the transparency and trustworthiness of the project.
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Finally, review the smart contract code if possible. An additional layer of confidence is added by independent audits conducted by outside security organizations. You can greatly lower your chances of becoming a victim of Ethereum token creation scams by adhering to these guidelines.
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