The growing crypto bull market presents investors and enthusiasts with exciting opportunities and significant risks. I’m Preetam, CEO and Co-founder of QuillAudits, a company dedicated to Web3 Cybersecurity . My team and I work to ensure the security of this ever-growing Web 3.0 landscape. In this blog, we’ll discuss the rising scams in the Web 3.0 space and the ever-growing need for due diligence.
Navigating the Bull Market
I share my insights on the current surge in the cryptocurrency market, highlighting the renewed focus on Bitcoin and the significant performance of various other cryptocurrencies. I credit the bull market to the increasing integration of cryptocurrency in finance and business. Particularly, I emphasize Bitcoin’s widespread excitement, especially in light of the ongoing discussions about ETFs and the upcoming Bitcoin halving event, which has gathered significant public attention.
Big investors view Bitcoin as a long-term investment, potentially increasing its value even further. However, I want to highlight the hesitations among potential investors, primarily due to regulatory uncertainties. Clearer regulations, particularly regarding ETFs, could greatly improve investment flows, boosting the market’s overall health and capitalization.
Importance of Conducting Due Diligence
With the excitement surrounding the bull run comes a darker side – the increase of scam projects. Quick wealth allure can cloud judgment, leaving individuals vulnerable to scammers, especially in crypto. I’ve seen scammers exploit the get-rich-quick mentality, targeting the uninformed and overly optimistic. One common method I’ve seen involves cryptocurrency scams, where tempting offers promising high returns attract people into investing in what are essentially fake tokens. These so-called “honeypot scams” are often orchestrated through social media platforms like Telegram and Twitter, where it’s easier to reach a large audience quickly. Once the investment is made, the victim loses access to their funds due to the malicious nature of the token’s contract.
The issue isn’t limited to shady corners of the internet. Even reputable platforms like Dechat have mistakenly shared a honeypot scam link in their Twitter announcement, highlighting the threat’s prevalence. Unfortunately, the recent surge of interest in the ONDO Finance Token has attracted copycats of those tokens on BSC, Solana, and Ethereum. He also shares that different Telegram channels using actors to promote scams resulted in roughly $3.2 million in losses.
In this high-stakes environment, due diligence becomes more crucial than ever. When investing in tokens, I prioritize thorough research, understanding the tech, and a reputable team behind the Crypto token. My focus on due diligence comes from the belief that it’s not only about avoiding losses but also enhancing cryptocurrency market stability and trust.
Introducing QuillCheck: Your Crypto Due Diligence Partner
With QuillCheck, investors can uncover honeypots, understand intricate token permissions, and gain access to all-encompassing market insights. This ensures a well-rounded approach to investment safety. Advanced rug pull detection with interactive charts empowers users to explore various crypto tokens safely.
What does Quillcheck do?
QuillCheck’s HoneyPot Token Detector safeguards investors on EVM chains from rugpulls and honeypot tokens. Please follow QuillCheck on Twitter to stay updated on honeypot scams, and join our QuillAudits Telegram channel. QuillCheck constantly monitors suspicious tokens and promptly sends scam alerts through these channels. People can mitigate the risks associated with their crypto investments by staying vigilant and conducting thorough due diligence.
QuillCheck’s report covers Code-Based details like ownership permissions and Market-Based insights including token distribution and liquidity status.
Also, Quill check offers a comprehensive API that enables integration of its Risk Ratings, Code-Based Checks, Market Indicators, and Honeypot Detection features into various web3 applications. This API can be seamlessly integrated with dApps, LaunchPads, DeFi platforms, and centralized exchanges (CEXs), empowering these platforms to provide their users with critical information about token risks.
Conclusion
The surge in investment opportunities amid the current bull market has underscored the imperative for thorough due diligence. As CEO and Co-founder of QuillAudits, I’ve witnessed firsthand the proliferation of scams targeting unsuspecting investors, highlighting the critical need for informed decision-making. With QuillCheck, our comprehensive solution, investors can now navigate the risks more confidently, armed with insights into token vulnerabilities and market dynamics.
I lead a team dedicated to making Web 3.0 a secure place. Our expertise in Smart Contracts and DeFi Safety Audits ensures the security and innovation of your Web3 projects. We rigorously audit to identify and fix vulnerabilities, fostering trust in your ventures.
