Welcome to a place on the internet where truth and justice reign supreme.
We are cryptoscamwatch.org, a non-profit community-driven project led by ethical hackers, entrepreneurs, and everyday warriors. We are on a mission to uncover the “fake news” version of cryptocurrency that is currently littering the internet and scaring away the uneducated.
This website is our way of publishing information to help guide new and seasoned investors. Crypto scams are widespread and as a whole, financially very significant.
To get an understanding of the scale of the problem, visit a subreddit called cryptomoonshoots and you will quickly see that about 30-50 new crypto-currencies are marketed their daily.
These are only the coins that someone bothers to share and publish on this subreddit.
Each one of these coins generates between 10-50k USD for the coin makers before the coin launches. Many of these devs only live on Telegram to hide their identity. We estimate that around 10% are “rugged” or what they call “rug pulls” where the coin maker “pulls the rug” from underneath investors.
Another 30-50% are “soft rugs” where the team does zero marketing and only launches these coins in order to milk early investors. The coin dies, the team abandons the project. Only about 10% are truly innovative and hard-working teams but those rarely get listed.
We estimate daily losses to approach 500k USD per day in losses for investors. That’s daily.
This is on just one network: Binance. We haven’t even begun to assess the others like Ether and more.
This is a problem. It’s hurting the technology and cryptocurrency industry. It’s hurting families. It’s hurting hardworking people. It’s hurting the underdog that’s just trying to make it.
This is a solvable problem. That’s why we need you.
We would love to build some of our own investigation tools, standards, APIs and more for other teams to use as well, all open-source of course. Ideally, we would fund this by our own token plus donations from the community.
If you are a dev and want to participate.. send us a DM at firstname.lastname@example.org