Watch Out For These Scams On BitClout
BitClout is a social media platform that allows you to invest money in other people, which also means it's a place where you can get scammed.
Here are a few red flags that you should watch out for:
- High Founder Reward:
Any creator that sets his founder reward at 20-30% is probably in it for the short-term gains rather than long-term dedication. However, there is a valid explanation to why many people set their founder reward high initially. It's because the earlier the investment, the higher the return. Nonetheless, it should be reduced at later stages.
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Any profile that's identical to its Twitter profile is a red flag you should watch out for. It's probably run by a bot that scraped the Twitter profile, and used it to create a fake account.
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Accounts that post generic content that look like it's automated.
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An account with a locked value higher than the investment value is a sign of a rug pull, meaning the investor builds up the profile, then sells everything and cashes out.
