The buzz around Initial Coin Offerings (ICOs) can make anyone feel like they’re missing out on the next big thing in crypto. I’ve always been interested in new projects, but a recent experience made me realize just how dangerous the ICO craze can be when scammers are involved. I almost lost a significant amount of money to a fake ICO, and I’m hoping my story will keep others from making the same mistake.

A few months ago, I came across an ICO for a new token that promised revolutionary technology in the decentralized finance space. They claimed that their project would change the way DeFi works, with a unique blockchain protocol that could drastically reduce transaction fees. The website was filled with whitepapers, technical documentation, and a roadmap that detailed ambitious milestones. What really convinced me, though, were the endorsements. There were video interviews with supposed blockchain experts praising the project, and their social media channels were buzzing with excitement.

I almost invested $3,000, but at the last moment, I decided to dig a bit deeper. I started searching for the names of the developers and advisors listed on their website. To my surprise, I found that their LinkedIn profiles were either brand new or had no connections in the blockchain industry. Some of the photos of the “team” were actually stock images. It quickly became clear that the entire project was a scam, designed to look professional enough to lure in investors before disappearing with their money.