A look at TokenSniffer, a website tracking cryptocurrency scams that claim to have followed 42,071 tokens and 2,250 scams or hacks as of June 16 (Bloomberg)
When cryptocurrencies exploded in popularity and popularity, so did the number of scam websites created to lure unsuspecting victims into sending them money. One of the biggest scammers is TokenSniffer, which was started in 2015. The site has created a database that tracks more than 42,000 tokens across thousands of websites to make millions off the gullible. On its website, the scammers have detailed instructions on investing in the tokens and then claim that the website has been hacked. The site also has links to social media sites where victims can ask questions. While the site claims it has no control over the tokens being sold, they are controlled by scammers.
What is TokenSniffer, a website tracking cryptocurrency?
TokenSniffer, which lets you check if a site offers you the opportunity to earn Bitcoin, is about user experience. The founders describe the tool as a simple way to discover websites offering rewards in exchange for viewing ads or completing surveys. For example, the site says that if you visit a website that’s using a reward program, the site’s address bar will display a red dot.
How Does TokenSniffer Work?
TokenSniffer is a free web-based service that helps you monitor your website’s activity using tokens. To use the service, you add code to your website and set up your monitoring account on the TokenSniffer website. After setting up your account, you can start collecting data on your website’s activity using the code. This includes data about visits, pages, form submissions, keywords, etc. The site provides various reports and charts that help you track the data collected on your website.
How a TokenSniffer claim to have followed 42,071 tokens and 2,250 scams or hacks as of June 16?
Tokensniffer is a website tracking the development of cryptocurrency scams, hacks and fraud since 2014. Using a list of known scams, tracking how the scam evolves and the growth of new scams is possible. The site has followed over 2,250 instances of fraud in just three years. On May 24, 2017, the CEO of TokenSniffer, Paul Bouchard, announced on his blog that his company had been able to track nearly 10,000 of the millions of fake, fraudulent, or suspicious ICOs that have been launched since the beginning of 2017. However, many of these projects are simply using names that are similar to actual legitimate startups in the blockchain industry or using fake whitepapers that are similar to real ones
Conclusion
In conclusion, TokenSniffer is one of the most comprehensive websites tracking the fraudulent activities of various cryptocurrencies. It’s a project created by three developers who started working on it in January of this year. It has gained popularity rapidly as the number of fake ICOs and Ponzi schemes has risen significantly. This is why it’s important to share these statistics. We hope they will protect investors and the blockchain ecosystem as a whole.
FAQs
1. How do I know if a coin is a scam?
Look at the team. If there is no company behind the cash, look at the people behind it. It is a scam if the people are unknown or don’t have any other projects.
2. How did the site come to be?
The place was created by a group of developers who wanted to make an easy way for people to find out if a cryptocurrency they were interested in was a scam.
3. What is the difference between a scam and a hack?
A scam is when someone tries to steal your money. A hack is when you lose your money because of a glitch in the system.
4. What’s the difference between fake and real cryptocurrency?
A fake cryptocurrency is when someone claims that they have created their cryptocurrency and that you can buy it. A real cryptocurrency is when cryptocurrency is real, such as Bitcoin.
