Every tombstone is a thesis.

Ask who pays the yield. If you cannot trace it to fees or interest, you are the source.

If the collateral is the project's own token, the backing falls exactly when you need it.

Check how much depends on a single borrower, asset, or wallet.

If rewards come from recruiting instead of the product, it is a pyramid.

Check whether anyone accountable has a verifiable track record.

Look for published code and independent audits.

No legitimate market guarantees daily or monthly returns.

Track team and founder wallets while the project is being promoted.

Look for independent attestations or on-chain reserve addresses.

Ask what the token does besides being held.

Look for multisig, separation of duties, and a succession plan.

Look for related entities, shared owners, and unexplained loans.

Check whether positions can be sold at size without crashing the price.

Delays and 'maintenance' on withdrawals are an early liquidity alarm.

Treat absolute security claims as a warning, not a feature.

Simulate a small sell before buying and use honeypot scanners.

Lavish founder spending near a peak can signal extraction.

Notice whether critics get answers or insults.

Verify the lock on-chain and who holds the keys to it.

Check whether pricing can be moved by a single trade or block.

Compare claims about insurance and safety with legal reality.

A coin with no block explorer is a database, not a coin.

A price that only rises and is set by the issuer is not a market.

Search for enforcement actions and settlements.

Look at breach history and whether root causes were explained.