The world of decentralized finance is an exciting frontier, full of promise and opportunities. But it is also a space ripe with unscrupulous individuals who will try to separate you and your hard-earned crypto. From fake wallets, imitation tokens to fraudulent social media accounts, we are going to break down some common crypto scams. Genius Yield wants to make sure our community understands how to stay protected.
First, let's cover some immutable rules.
NEVER share your private key, seed key, any word recovery phrases or passwords
NEVER share your confidential information
NEVER open random links in chat, unsolicited messages or emails
ALWAYS carefully check websites, social medias for links to products and services
ALWAYS verify the actual policy ID of all Cardano native tokens, like GENS
The wonder of decentralization is that anyone can participate. Unfortunately, that also includes scammers that mimic popular applications and even generate imitation tokens that mimic genuine tokens or tokens that are scheduled to be generated at a later date.
FAKE DAPPS
Scammers design and post fake DAPPS on popular platforms like Google Play. They copy all features of the original project, including using the logo, text, and other relevant information. Their objective is to steal relevant personal information helping them gain access to your digital assets.
To be on the safe side, always visit the official site for links to DAPPS. The Genius Yield DEX has yet to be released. When it becomes available, there will be a link you can use from our website, https://www.geniusyield.co/ Other DAPPs besides the official link from our website are fake.
IMITATION TOKENS
Anyone can mint Cardano native tokens. These native tokens interact with custom assets like a DEX protocol and can be swapped, sold, and purchased. Scammers will mint their own coins, copying the ticker and using the company’s branding. There is actually no way to "secure" a Ticker or a name when you create a native token on Cardano. As such, when swapping or purchasing or providing liquidity, make sure you ALWAYS verify the actual policy ID of all Cardano native tokens.
Genius Yield will not mint GENS until June or July*. The policy ID and the token genesis event will be published on our official social media channels and website.
All GENS tokens in circulation before the official mint date are generated by scammers, not Genius Yield.
FRAUDULENT SOCIAL MEDIAS and TEAM IMPERSONATION
Don’t judge a social media channel by the numbers. Fraudsters can cunningly inflate their fake social media followers to even surpass the following in official social media channels.
Like the scams above, they use similar logos and branding to confuse gullible followers. Once you’re in, they will direct you to recreate your wallet on their website, connect to a DAPP or offer to sell you fake GENS. The Genius Yield team will never ask you to recreate a wallet, ask for a seed code or sell you GENS directly. Always follow the links from our website for the official social media.
Fraudsters also love to impersonate team members and moderators. They will even try to hack legitimate accounts and use them to scam unsuspecting investors. Genius Yield takes this issue very seriously and has taken steps to secure all official communication accounts and social media channels.
But remember, our team will never ask for seed keys, passwords or any personal information. We will never direct message or email you. If you receive a message from someone claiming to be from Genius Yield, assume that it’s fake and tell the moderators on the official social media channels.
Before making any investment : DYOR (Do Your Own Researches)