The soaring popularity of cryptocurrency has come hand in hand with a surge in scams, creating and increasing serious concerns within the finance community. Safeguarding against these scams using the right tools is crucial for protecting both financial assets and personal data. It is also vital to maintain the overall integrity and development of the crypto ecosystem.
Before you dive into it, here are the top 5 tools to help you detect and stay safe from crypto scams as per TechThirsty research.
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5 Tools to Help You Detect and Stay Safe from Crypto Scams
1. Revoke.cash: This powerful tool lets users revoke token allowances from smart contracts. Token allowances are ideally permissions given to smart contracts to disburse certain tokens from the users’ wallets. Although necessary at times, token allowances also pose a security risk. Token allowances can be exploited to drain funds if scammers get access to the wallet.
By connecting to an Ethereum wallet and scanning for all granted token allowances to smart contracts, Revoke.cash enables users to view and revoke unnecessary allowances. Thus, enhancing wallet and fund security. Importantly, this tool is available on several EVM chains, ensuring safety across the multi-chain crypto ecosystem.
2. Token Sniffer: This is a free online tool that assists in identifying fraudulent tokens as well as scams. The tool analyzes a token’s smart contract code to search for probable security vulnerabilities and red flags that may indicate a scam.
By using Token Sniffer, investors can make informed decisions while also contributing to the overall security of the blockchain ecosystem.
3. UNCX Network: It is a decentralized platform that lets projects lock their liquidity tokens, reducing the risk of rug-pulling or fraudulent behavior. Liquidity is vital for a healthy crypto market, and UNCX Network helps maintain it by providing a means for projects to securely lock their liquidity tokens via smart contracts.
These locked tokens cannot be withdrawn unless investors consent to it. By using UNCX Network, investors can verify the liquidity status of projects before investing, identifying those with locked liquidity and thus a lower risk of being scams.
4. Rugdoc Honeypot Token Checker: Honeypot scams involve creating a smart contract that lets only definite addresses withdraw tokens, trapping other investors. The Rugdoc Honeypot Token Checker is an essential tool to protect against such scams.
Investors can use it to check for signs of honeypot scams, verify social media presence for signs of scams, and examine the token’s price history for indications of pump-and-dump schemes.
5. Ave.ai: A decentralized on-chain data platform, it aggregates on-chain data from over 40 blockchains. It offers a variety of tools for token analysis, such as K-line data for tokens, DeFi statistical data, NFT floor prices, Tokenomics analysis, Web 3.0, social media sentiment analysis, and more.
By utilizing Ave.ai’s data, investors can gain valuable insights into a token’s price history, volatility, liquidity, contract status, etc. aiding in evaluating the legitimacy and potential of tokens.
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Utilizing these tools along with taking robust security measures shall make investors navigate the crypto world confidently and protect their investments at the same time. Hope you found the information on the 5 tools to help you detect and stay safe from crypto scams helpful.
