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NFT Whitelists Legit Or…
By Ruchi Sharma
Most NFT whitelists are legit and super useful. Whitelists help to unite the community, support the creator, and keep everyone safe from fraud and bots.
However, the implementation of whitelists has given rise to a completely new type of scam. And, given that scammers stole tens of billions of dollars in crypto and NFTs in 2022, more are bound to follow. Here’s how you can tell it’s a scam or not.
When a Whitelist could be a scam
If you receive an unexpected message informing you that you’ve been whitelisted, assume it’s a scam until you can prove otherwise. Begin by keeping an eye out for these four red flags.
1. You can actually buy a spot on the Whitelist
If a creator, discord moderator, or random user claims that you can buy a spot on the whitelist with a small bribe of Ethereum, it’s a huge scam. Legitimate NFT creators do not squeeze or manipulate their community in this manner.
2. You’re asked to share compromising personal Information
A scammer may claim that in order to prove that you are human rather than a bot, you must enter detailed personal information such as your full name, phone number, address, and even your Social Security number. Do not attempt it. It’s mist certainly a phishing scam, but people fall for it because it appears logical.
3. You’re asked to share your private key
Your public key is all you ever need to share to receive crypto. Whereas Your private key is like your bank account username and passcode rolled into one. Never, ever share it.
4. You’ve been “Whitelisted” by an unverified source
If the DM you received didn’t come from a moderator or the project creator that is perhaps the most obvious sign that you’re getting scammed.
Do this if you spot a Whitelist scam
On receiving a scammy message that didn’t come from the project’s creators, report the scammer to them, so they can investigate, ban the scammer, and warn the community accordingly.
If the fraudulent message was sent by the project’s creator or a moderator, the entire NFT project may be a scam. It’s possible that a “rug pull” is in the works, in which scammers dupe people into investing in a cryptocurrency or NFT project, then vanish with their money without delivering the goods.
Search online for the suspected scam’s project name to see if it’s already been exposed as a scam. You could also look at what people are saying about the project on various NFT subreddits and consider warning others there.
Finally, you can file a report with the FTC.
Conclusion:
It’s good to be on a whitelist of a promising project as it comes with various benefits. But it’s equally important to be vigilant to avoid falling prey to any scam.
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