Cryptocurrency is all the hype, with new tokens popping up left and right. As a crypto enthusiast, it can become a minefield where you’ve got to carefully step over the scams and fakes. This week, we’ve seen plenty of action online. We take a look at a few reliable and not-so-reliable tokens. 

Nothing gets crypto enthusiasts more hyped than the chance to get their hands on new tokens. 

That being said, it’s become a slippery slope as you have to keep yourself from jumping at the chance of ownership and instead opt for doing a little more research. 

Make sure you’re investing in a coin that is legit rather than a quick money-making scam. 

Stake Token: Fake

Stake.com is one of the hottest players in the crypto casino game that launched in 2017. It was founded by Bijan Tehrani and Edward Craven, who also created the start-up company EasyGo Gaming in 2017. Stake.com is licensed and regulated by Curacao eGaming. 

The site quickly became popular for its use of cryptocurrencies like Bitcoin, Litecoin and Ethereum. In the field of crypto gambling, Stake.com is easily considered one of the leading gaming platforms. 

As a leading crypto casino, there are many that try to ride the brand wagon towards quick hits and interest. Unfortunately, this was recently seen again when social media went crazy with posts regarding a new Stake Token. 

It has come to our attention that there are fake Twitter & social media accounts posing to be offering an official Stake token/coin.

Stake does not have any token or coin and we have no plans to create one. Stake's sole goal is to create the best possible experience for…

— Stake.com (@Stake) September 3, 2023

Of course, enthusiasts wanted to jump at the chance of owning Stake’s token. However, it was quickly clarified on the verified Stake.com X page that this is a hoax and crypto users should be aware. 

Roobet Token: Fake

Seeing the massive hype and interest in the Stake Token led to another scammer creating a fake RoobetHQ token. Spotting that players are quick to get hyped up by the thought of brand tokens for popular sites. 

After its partnership with Snoop Dogg, Roobet quickly gained more popularity among crypto bettors. Which made it an easy target for scammers. This scam was quickly put to rest, with the account being reported and eventually suspended by X.com. 

Kick Token: Fake

Kick.com is one of the newest and most rewarding gaming and live-streaming platforms. It’s already being used by gaming enthusiasts to stream their experiences. The service is backed by the Stake.com co-founders Bijan Tehrani and Ed Craven and the streaming personality Trainwreckstv. It was launched in 2022 as a competitor to Amazon’s Twitch. 

Read: 7 Most Popular Cryptocurrencies for Online Gambling

Its popularity gathers attention not just from gaming enthusiasts but scammers, too. Just as quickly as with Roobet and Stake, there was another scammer punting the launch of a new ‘Kick Token’. 

When looking carefully, it’s quick to note that the official Kick.com page is not doing the promotion, and it should rather be avoided. Also, just as quickly as the X.com account went up, it was taken down.

X Token: Real But Not What You Think

Another token to pop up online this week was the X Token. If you’re not aware, recently, Twitter rebranded to the X platform. Shortly after, the X Token popped up online. 

While this is a legit cryptocurrency, it gained popularity and attention for using the same logo as X.com, allowing it to ride the wave of popularity instead of climbing from the bottom up. 

X will be the biggest brand in the world#dogechain $dc #Xtoken pic.twitter.com/LflKTGSJ7R

— 𝕏 (@XtokenDC) September 3, 2023

The Token is not in any way associated with Twitter, X or Elon Musk. Just because of its resemblance to X, the currency experienced an 1800% surge in interest in 24 hours. A much faster rate than that of top cryptos like Bitcoin and Ethereum. 

While the price of the X token skyrocketed, the trading volumes remained quite low. 

How to Avoid Cryptocurrency Scams

The reality is that as the popularity of cryptocurrency grows, so will the number of swindlers. There are different types of scams, with social media giveaways and popular brand impersonations being at the top of the list. 

Here are a few quick tips to keep in mind:

1. Check for Proof on Social Accounts

Many bogus crypto companies will create fake social accounts that closely mimic the real deal. Always make sure that you’re viewing the official X.com or Facebook account before falling victim to a potential scam. A quick Google search will reveal the true account name rather than an account that looks very similar.

2. A Promise of Guaranteed Returns 

No financial investment will ever carry a guarantee of future returns. Especially crypto, considering the higher volatility of the coin. If a crypto promises guaranteed returns, it’s probably fake. 

3. No Whitepaper 

Cryptocurrency should come with a whitepaper, as it forms part of the initial coin offering. The whitepaper gives insight into how cryptocurrency has been designed and the workings thereof. A red flag is definitely when the whitepaper offers poor explanations, or there’s no whitepaper at all. 

4. No Team Member Info 

With any investment business, background info is important. As an investor, you want to know who the key role players are behind the scenes. For cryptos, this generally means you get to access the biographies of those in charge easily. If there is a lack of information or social media presence, it might be a red flag. 

5. Free Cash 

Another big red flag is when a cryptocurrency promises free money to anyone who takes advantage of the investment opportunity. 

6. Business and Pleasure 

There are a lot of romancing scams where scammers search for easy targets on dating websites. They then start off with sweet words and quickly switch over to trying to get you to invest in or send them crypto. Keep your wits about you and never give out personal information to those you don’t trust.

While it may not be easy to spot a potential scam, doing a few quick checks can go a long way. A Google search or scrolling through the company’s official social media accounts should tell you what you need to know.

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