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17.04.2023

Guarding the Forum

Many Blockchain Life attendees may not be aware of the Forum Security Service, a mysterious organization mostly known to companies and speakers involved with our event. Today, a Blockchain Life Security Officer will shed some light on their role in contributing to the organization of Blockchain Life. 

Could you share more about your responsibilities?

Absolutely. Our primary goal is to prevent fraudulent or questionable projects from participating in Blockchain Life as sponsors or speakers, to minimize risks for forum attendees. 

We review dozens of company applications every day, aiming to provide forum participants access to pre-analyzed projects. Essentially, our job is to save participants time by conducting a basic analysis of project credibility, ensuring a safe and productive experience for all involved.

How many projects have you rejected during your time working as a Security Officer?

Over the history of the forum, we have rejected more than 400 projects. About one in five applications typically exhibit potential signs of being a scam or pyramid scheme. 

What is the most common reason for rejecting a project?

The most common reason for rejection is the presence of overt scam indicators, such as guaranteed high monthly investor returns or multi-level referral systems. And there are plenty more warning signs to look out for.

Alright, if we can’t list all the signs, let’s try to describe your standard project verification procedure. I’m sure our participants will find it very useful to learn some tips for analyzing companies.

While I can’t give away all of our confidential procedures, I can share some publicly available tips for analyzing companies. It is not only due to confidentiality but also because ordinary people simply won’t be able to repeat some of the methods. In this case, the status of our event and the level of our team play a big role. 

  • It’s important to carefully examine a project’s website and check the domain age. During your checks, you may get into funny situations where a company with a supposedly long history and a detailed Roadmap has left no trace of its existence before.
  • Reviews and news about the project are also crucial. If there are many negative reviews or no reviews at all, it’s a warning sign.
  • Check the project’s social media presence. Pay attention to whether there is an active community and communication with team members. By the way, there is a useful tool that allows you to find out which major crypto accounts follow the project’s Twitter.
  • If the project lists companies or funds among its partners, try to find the confirmation of their partnership in news or any other official announcements. Security Service can contact with the funds directly, but there is also very useful public information about fund investments anyone can study.

  • Explore the whitepaper and economic model, and compare the project’s offering with competitors. Look into the team’s social media, particularly LinkedIn, to verify their employment history with the company, and focus on the CEO by gathering as much information as possible about their background.

These are basic project analysis tips available to everyone. If you don’t want to lose your money, don’t ignore these tips and you’ll be able to increase your funds.

Can you tell us about the most interesting and memorable, maybe even funny, case of project rejection? What was the reason for this?

I recall a particular incident where a project CEO seeking sponsorship turned out to be one of the world’s most-wanted criminals. He had collaborated with North Korean hackers, and a poster for his arrest was even featured on the official FBI website. This story has been covered by various international media outlets. Shockingly, this person boldly tried to present his project at our event as if nothing had happened. Unsurprisingly, we rejected him without any doubts.

A deep understanding of the market is necessary to join the Blockchain Life Security Service. As such, we’d like your advice for participants: which area of the crypto industry should one pay close attention to currently and why?

I recommend keeping an eye on projects that merge blockchain technology and AI. This intersection has gained traction and many experts see it as a potential global trend. Looking forward to seeing some of these projects at the upcoming Blockchain Life 2023 in Dubai.

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