We’re looking for new ways to improve our due diligence!
Being an AirdropAlert subscriber, you probably know that our due diligence team works hard to find you legitimate crypto airdrops on a daily basis. What does it look like in practice?
On the one hand it means that not all the airdrops we find get listed. Some of them go straight to the airdrop limbo we call unverified airdrops. Floating in the silence of that limbo, those airdrops wait for us to find more proof on their safety.
On the other hand, we always look into ways to sharpen our due diligence. And today we’re about to share with you one of the sources that we use to deliver safe tokens to your pockets – ICOEthics.
What is ICOEthics?
The mission of ICOEthics is to identify unsafe ICOs and, logically, protect investors from fraud.
In this interview to TalkBitcoinTalk, the team speaks about the whole process.
First, we focus on making sure that people behind ICOs are real. And, second, that those teams aren’t trying to make a quick buck off the backs of the hard working projects in the crypto space.
Sounds nice, right?
Because at AirdropAlert we always look for new ways to sharpen our own due diligence, we thought why not taking a closer look at these guys’ approach, too?
What does the ICOEthics due diligence look like?
Partially, these are the red flags they’re using to detect every malicious ICO, and, respectfully, this is the list of the recommendations you could use, too! We know that we will!
- Always try and find a video with the project’s team. No video – no investment!
- Are there clear visible photos on the website? No photos with the team – no investment!
- Has an independent organisation, such as BitcoinTalk, approved their project? No independent forum – no investment!
If you want to get familiar with more bad signs and current projects in the team’s spotlight, simply follow the ICOEthics Twitter account.
So, there’s still no remedy for being safe all the time? Or is there?
While doing your own due diligence on an ICO, don’t forget that only because some crypto platform has listed the project on their website, you shouldn’t trust the publication completely.
Always conduct your own research and don’t be surprised once what looks like a gold bar turns into a puddle of mud.
The better approach for everyone to invest in a safely manner would be checking multiple sources just like we do.
People at those forums always start talking if there’s something wrong with the project, and everybody else picks up on it very fast!
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