Spotting Fraud Before It Hits Your Wallet

[cryptohog]

The UK’s SFO just arrested two men over a $28M Basis Markets crypto scam, marking its first major crypto enforcement action.

Lesson for profit-minded crypto traders:

Due diligence pays — NFT-based fundraising can spike quickly, but many projects fail or vanish. Basis Markets raised money via two NFT offerings in 2021, then collapsed in 2022.

Red flags to watch: unclear fund allocation, sudden suspension, or aggressive marketing hype.

Protect your capital by verifying projects before investing — regulatory enforcement is growing, but prevention is always cheaper than recovery.

[Nahid Hossen]

Fraud usually shows signs early — people just don’t look closely enough.

[Abdul Khan]

Staying cautious is cheaper than recovering losses. Prevention > reaction. ️

[Nahid Hossen]

Red flags to watch: unclear fund allocation, sudden suspension, or aggressive marketing hype.