The more popular crypto becomes, the more various scams pop up. It’s not a turn of events exclusive to crypto, any popular industry is an industry that suffers its fair share of rug pulls - but due to its novel and decentralized nature, crypto has created a uniquely fertile ground for it. Estimates suggest that for every legitimate crypto venture, ten scams emerge, So before engaging with any platform or coin prospective users must do their own due diligence. Here’s the question they, unfortunately, tend to skip: who exactly is behind the project?
At its current stage of evolution, crypto cannot afford anonymity, it’s as simple as that. If years ago, running a project through an anonymous profile could be fine, these days it’s a distinct red flag. Unfortunately, if you intend to come into this field as a developer, you cannot afford vague descriptions. Lack of transparency creates an environment where accountability is minimal, in crypto, where exit scams are common as is, lack of transparency should be enough to kill any project at the inception stage.
Not to toot Nordom’s horn, but when the team says it prioritizes transparency, it means offering transparency at every stage, including the names and backgrounds of people building the platform. Giorgi Shonia, CEO of Nordom, understands the pressing need. He practically grew up in the space, beginning his tech career as a teenager in cybersecurity, then moving into international development projects, and founding his own company by 21. He understands that providing information gives potential users insight into the leadership's experience and track record - and if you truly have the legs to stand, you prove your project's legitimacy out of the gate.
When Teams Hide in the Shadows
If you notice a crypto project hiding the team members' identities, it should raise questions about their intentions. Anonymous teams often cannot be held accountable for their actions, making it easier to abandon projects when convenient or engage in fraudulent activities.
Doing some research into the team behind a crypto project can help avoid potential issues. The list should include verifying their professional backgrounds, previous projects, and online presence. Teams that actively share their credentials and history demonstrate confidence in their product and willingness to stand behind it.
Is There a Community Connection? There Should Be
Beyond transparency about team members, legitimate crypto projects typically engage directly with their communities - they have a social media presence, they answer questions, and, most notably, they provide potential users with spaces to connect with each other. Because projects that have nothing to hide, aren’t afraid of users communicating.
Nordom has utilized this approach to build a potentially interested userbase long before the exchange platform is to launch. For example, you can play a tap game on Nordom - it was launched in October 2024 and has attracted millions of users, who could all, potentially, communicate about their experience with each other. The gamified approach is a low-risk way to build community trust before the project is launched - but it could be a double-edged sword because users are free to share negative experiences or red flags they notice.
But if the project has nothing to hide, it’s an effective way to garner interest and prove legitimacy. It increases name recognition, allows users to participate without committing significant resources, gathers valuable feedback for developers, and enables natural communication between teams and prospective users.
Protect Yourself: No Safety without Due Diligence
Before committing time or resources to any cryptocurrency project, commit to a few research steps (that, frankly speaking, should be mandatory):
Research team members thoroughly, looking for verifiable professional histories and previous successful projects. Anonymous founders or vague team descriptions should raise immediate concerns.
Check the project's community engagement level, including responsiveness to questions and transparency regarding development progress. Limited or scripted interactions often indicate potential issues.
Verify the technical claims about the team's expertise. Does the project promise revolutionary technology? Cool. Have the people behind the project ever participated in anything revolutionary? If not, have they participated in any successful projects? In what capacity? Sure, sometimes marketing is a lot of loud words, but if there’s no relevant experience to back up even the tone-downed version of all the promises the project makes, it should certainly make your inner sirens go off.
Technological innovation is key to the future of cryptocurrency, but there can be no future at all without a solid foundation built on trust through transparency. Users must demand this accountability, otherwise, we’ll never have a healthier ecosystem that reaches beyond the current enthusiast communities and achieves mainstream adoption.