Title: Avoiding Crypto Scams: My Experience and Key Lessons Learned
By Muhammad Bilal Azam Siddiqui
In the fast-growing world of crypto and Web3, opportunities are everywhere—but so are scams. I’ve had my fair share of close calls, and today, I want to share one of those experiences along with what I’ve learned to help others avoid falling into the same traps.
My Scam Story
A few months back, I was approached on Telegram by someone claiming to represent a new blockchain project. They offered me early access to a token pre-sale with “guaranteed 10x returns.” The project had a flashy website, a vague whitepaper, and some fake-looking Twitter hype. At first glance, it seemed exciting—but something felt off.
When I asked for more technical details and team information, they gave vague answers and tried to pressure me to “act fast” before the pre-sale closed. That was a red flag. I paused and started digging deeper. The token wasn’t listed on CoinMarketCap or CoinGecko, their smart contract wasn’t verified, and their founders had zero presence on LinkedIn or GitHub.
A week later, I saw that same project exposed as a rug pull. Many people had lost their money. I was lucky, but only because I stayed cautious and trusted my gut.
Key Red Flags I Watch For Now:
Guaranteed high returns with little or no risk
Pressure to invest quickly (“limited time offer”)
Anonymous teams or fake LinkedIn profiles
No smart contract audit or technical transparency
Lack of presence on trusted platforms (CoinGecko, CMC, Etherscan)
Tools & Resources I Rely On:
1. CoinGecko / CoinMarketCap – To check if tokens are listed and track credibility
2. Etherscan / BSCScan – For checking smart contracts, holders, and suspicious activity
3. RugDoc / Token Sniffer – To analyze tokens for potential scams or rug pulls
4. Web3 Security Communities (Discord/Telegram) – For discussing and flagging suspicious projects
5. LinkedIn / GitHub – To verify team authenticity and background
Key Lessons I’ve Learned:
Always verify before you trust. Hype doesn’t equal legitimacy.
If it feels too good to be true, it probably is.
Never rush. Scammers want you to act emotionally, not logically.
Use trusted tools and communities. The Web3 space is stronger when we share knowledge.
Trust your instincts. That uneasy feeling? Listen to it.
Crypto is full of innovation—but also traps. Sharing our stories and warning signs can make the space safer for everyone. Let’s continue to stay alert, help others, and build responsibly.
#MuhammadBilalAzamSiddiqui
