I’ve been working on our token sale for the last 8 months and today we finally launched CashBag’s token sale event.

It’s been an exciting journey so far, but in the process I’ve learned that the ICO Industry needs a clean up.

Investors often talk about scam ICO’s but the flip side is never discussed. Our Token Sale has been targeted by so many scammers that it’s frankly made an awesome and exciting process draining.

If you’re planning an ICO….watch out for these easy to spot scammers.

Telegram Fakes

These scammers pretend to be an admin, will use your logo and even impersonate your admins. They try to cash in by offering ‘special prices’ to your community though PM’s.

ICO Site fakes

We get at least a dozen approaches daily from scammers offering us exposure on ICOBench, Cointelegraph and other leading crypto sites.

They impersonate the real sites, use similar misspelt domains and offer deals that are too good to be true.

I actually almost fell for this!

Referral Marketing Fakes

If you run a program paying for registrations, beware. These scammers will use fake email domains they host, register hundreds of accounts daily and try to get you to pay them.

YouTube Channel Fakes

I’ve had approaches from fake Ian Balina, fake Keith Wareing and dozens more. All trying to extract payment for access to their audiences. They register telegram, website & email addresses that closely emulate the real people and try to extort funds.

What to do?

Reach out directly to the partner. Check their YouTube or website about section. Confirm the correct url, twitter handle & email domain before sending funds.

Ask them to confirm their identity by following your twitter or Facebook account. At least you can filter out the obvious scammers like this fake Keith.

Be careful out there! It’s a swamp people.

Jonathan