📣 Crypto Project Selection: Insights from Hacken's CEO
posted 5 Dec 2023
Dmytro Budorin, the CEO of blockchain security auditor Hacken, has laid out five critical guidelines for safeguarding investments against fraud in crypto projects:
- Perform an in-depth analysis of the project, especially wary of high-flying promises without substantive details.
- Delve into the community, its engagement level, and the presence of bots on key social platforms.
- Conduct a detailed assessment of the development team. Scammers often attempt to showcase a team with a broad international representation.
- For projects with native tokens, pay attention to factors like token liquidity, asset vesting periods, and listing on reputable exchanges.
- Preferably wait for specialized firms to analyze the smart contract or at least perform a basic automated vulnerability scan.
These measures, though potentially time-intensive and financially demanding, are critical to mitigate the risk of losing your entire investment.
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