Expert opinion

Caution is the Key to Avoiding zkSync Scam Projects

zkSync is a newly launched smart contract home that has shown promising potential since its birth in March. However, amidst its unprecedented growth, there have been instances of deception. It is essential to be vigilant against scams in the crypto space.

In a devious plot in the early days of zkSync Era L2, Kannagi Finance left investors with a $2.13 million hole in their wallets. zkSync is no stranger to the scourge of scams, with others still freshly painted in investors' minds.

How Do We All Steer Clear From These Scams?

In the digital world of scams, caution is the key to protecting users from falling victim to attackers. Take measures to stay safe; the first step is to educate yourself and familiarize yourself with the official announcement channels.

Grasp this, my friend: Not every player plays fair in the crypto world.

Treat everything with a good dose of skepticism. Question the authenticity of every new project when engaging with any blockchain activity, including those tied to zkSync promotions. Always DYOR!

Here are a few significant tips on how you can exercise care:

  1. Research, Research, Research!

Again, I advise you to RESEARCH! Before investing your hard-earned money into any project, dig a little deeper — In fact, dig much deeper.

I typically catch news on new projects based on zkSync through digital networks like X (formerly Twitter). Most of these pieces of information are nothing more than slick marketing ploys.

If, amid this barrage, you manage to get a single project that interests you, please do further research. Embark on a fact-finding mission, starting with the project's official webpage. The main questions I want to answer in my project research include:

  • What is this project?

  • What new items is it bringing into the market?

  • How does it promise sustainability?

  • Is the project team displayed? If so, are the team members and founders worthy of trust?

  • Is the team linked to any past failed or successful projects?

  • What security protocols has the project implemented?

  • Is the project audited by a professional investigator?

  • Has the project locked some tokens into pools?

  • Is there any doubt concerning the possibility of this project coming to fruition?

In your investigative journey, use the questions above as a guide. Ensure every answer ticks the positive box. Only when these conditions are met can you consider your wallet protected.

  1. There's No Cost in Confirming and Reconfirming Before Submitting

The most vital aspect of any transaction is double-checking details before submission. This often helps protect you from sending funds to the wrong account.

But let's track back. Remember, we are on a mission to explore the cautionary measures to deal with crypto scams. So, how does confirming help?

At some point, we have all received an email, a tweet, or an SMS about an airdrop from a project. As the common saying goes, not all that glitters is gold; some emails are clean scams. They have web links that end up phishing from unsuspecting investors. Hence, the mantra: confirm, reconfirm, then confirm once more!

Consider a more secure approach than just clicking through the web links in these emails. Why not manually key in the link into the search bar? That is enough shield.

With prudence as your guide, you will visit the authentic web page backed by a trustworthy company. Even after inputting the web address, it will not cost you a cent to confirm that you are working with the right website before releasing your wallet details. Notice that I am putting a lot of emphasis on confirming. It is the key to secure crypto dealings.

Do The Normal

Aside from the above mentioned, the following are things you need to remember;

  • Engage in official Discord channel(s) to ask if the community heard about the specific project, especially zkSync team members.

  • Avoid offers that seem too good to be true; they probably aren't.

  • Use secure, highly reputable wallets and exchanges.

  • Enable multi-factor authentication.

  • Never share your private keys with anyone.

Combined with my top 2 above, all these will help you exercise doubt, eventually steering clear of any malicious actors.

Author's Take

In the ever-evolving zkSync space, caution remains your best ally. The danger is always waiting, ready to exploit any vulnerability. My key has constantly been checking, double-checking and reconfirming before completing any activity.

However, thoroughly research the project before you get to the double-checking stage. Ask the hard questions, seek verification, and trust your gut when something seems too good to be true. An old saying goes, "Better safe than sorry," in this context, it rings more accurate than ever.

So, as we continue our journey into zkSync, let us hold our caution high. Let us not be swayed by the fake glittering promises and forget to validate their authenticity. In the end, the responsibility of safeguarding our investments lies with us.

Caution, my dear friends, is the key.