Rug pull scams | Bitcointalksearch.org

TheUltraElite

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So anyway, I applied as a merit source :)

Quote from: thmlarge on September 14, 2022, 09:52:04 PM

The trade-off of investing primarily in more established assets: While cryptocurrency, in general, has seen periods of rapid price appreciation, the highest rewards may come from new projects where the risk is also higher. Newer projects don't have such a track record, which means there may be vulnerabilities that make it possible for their organizers to siphon value away from investors and keep it for themselves.

The major profitable coin has been bitcoin and the major losses have been incurred by any shitcoin that you have seen in the last 6years or so. In no manner, has there been a correct trade-off, but only for the shills and advisors who pumped and dumped those coins.

The reason behind this is the lack of a proper market making property of such coins - the ability to generate a demand/supply non-equivalence so that the buying of such coins from exchanges exceeds the selling. If the users dont see any use of that coin, they will not buy it. If it solves a real life problem, they will buy it and use it.

Just because they dont have a track record, does not mean they are good. This is more applicable to the crypto market where scams are so common. You can find occasional profitable coins but only for short periods.

gunhell16

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Quote from: BitDane on September 11, 2022, 12:16:15 PM

This had been normal operation of the scammers taking advantage of the Defi platform. Since many believe that Defi platform are decentralized, they are unwary of the possible scam that will happen on the platform. I think those who are pulling this kind of scams are the same group. They are just creating new projects again and again, then rug pulling again and again.

Sometimes it seems like this is also the problem when the exchange that the tokens are going to is decentralized which makes this concept of Rugpull. This has happened several times in the crypto industry, and there are still victims of these scammers, maybe because there are many people who easily believe and are fooled by the good words from the scammers and they fall prey to them.

These exploitative scammers are a real headache. Therefore, more caution is needed with similar methods by these bad people here.

makishart

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Quote from: ?? on ??

but not a few are stuck there, I am very surprised sometimes they already know that this project has the characteristics of rugpull but they still want to invest there with the reason that as long as they quickly withdraw profits there will be no losses and none of them make a profit in the end because they are always addicted to buying rugpull tokens.

They were actually gamblers. They do know so well if the project was a scam but they are still investing their money on that shit. I will not be surprised to see that if those people will be creating a complain later after they have lost their money to the scam project and scammers behind it. So, if they were making any complaints about that and let them feel what they didn't care about. I have seen so many investors without brain that keep investing in the shit token and then they are suffering the lose with it.

Jeger.Kiting

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Quote from: Belinda1732 on September 10, 2022, 11:36:13 AM

Rug pull scams "pumping up" a new project, nonfungible token (NFT) or coin to get funding. After the scammers get the money, they disappear with it. The coding for these investments prevents people from selling the bitcoin after purchase, so investors are left with a valueless investment.

It seems that fraud is so rampant everywhere that they always justify any means to do it, like what you say here. Therefore, never believe in new projects that come and provide very attractive offers for everyone. So before investing you have to really do some research first so you don't get caught in the traps made by these scammers.

TravelMug

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Quote from: Belinda1732 on September 10, 2022, 11:36:13 AM

Rug pull scams "pumping up" a new project, nonfungible token (NFT) or coin to get funding. After the scammers get the money, they disappear with it. The coding for these investments prevents people from selling the bitcoin after purchase, so investors are left with a valueless investment.

Ok the way understand it is that developers are creating new projects and then pumping it up, creating a lot of hype and then suddenly disappear in crypto space with the money. And in the level code, these developers put something that the investors cannot sell their tokens?

In any case though, I wouldn't in the first place invest on such hype project or those who looks very suspicious in the first place. I know it's hard to know it in the beginning. But perhaps if you do your own research then maybe you will know that this project might look like a scam and obviously not to be trusted with even 1 satoshi.

thmlarge

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The trade-off of investing primarily in more established assets: While cryptocurrency, in general, has seen periods of rapid price appreciation, the highest rewards may come from new projects where the risk is also higher. Newer projects don't have such a track record, which means there may be vulnerabilities that make it possible for their organizers to siphon value away from investors and keep it for themselves.

GreatArkansas

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Quote from: bhooscream on September 14, 2022, 06:37:15 PM

Quote from: Belinda1732 on September 10, 2022, 11:36:13 AM

Rug pull scams "pumping up" a new project, nonfungible token (NFT) or coin to get funding. After the scammers get the money, they disappear with it. The coding for these investments prevents people from selling the bitcoin after purchase, so investors are left with a valueless investment.

This rug pull scam is very common happening in the crypto business. However, this commonly uses both similar methods or even new methods. But finally, rug pull is coming and many people lose their money in that scam project.
(.....)

Most of these projects are using the same codebase or codes for their smart contracts and they just change the name or what just to lure people again to scam.
This is very worst, people must learn or know first what they are doing before putting their hard-earned money into these scam projects.
This will not end, for sure if this way will become popular and easy to identify as a scam, they will change it again or improve it just to make it looks legit.

Jackl87

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Quote from: Belinda1732 on September 10, 2022, 11:36:13 AM

Rug pull scams "pumping up" a new project, nonfungible token (NFT) or coin to get funding. After the scammers get the money, they disappear with it. The coding for these investments prevents people from selling the bitcoin after purchase, so investors are left with a valueless investment.

As far as i know a rugpull is something different that the kind of scam that you are describing OP or i am just reading your message wrong. I don't know. What you describing is a traditional scam that happens not only in crypto but everywhere. People are collecting money from investors and make huge promises in order to get that money but then when they have it they are disappearing and take the money with them. This kind of stuff happens since centuries.
A rug pull is when a new project is launched on a DEX and then, after the trading has started and the token has pumped, the team removes the liquidity from the DEX so it can not be traded anymore, which means the scammers now have more ETH or stablecoin or whatever than before the rugpull.

bhooscream

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Quote from: Belinda1732 on September 10, 2022, 11:36:13 AM

Rug pull scams "pumping up" a new project, nonfungible token (NFT) or coin to get funding. After the scammers get the money, they disappear with it. The coding for these investments prevents people from selling the bitcoin after purchase, so investors are left with a valueless investment.

This rug pull scam is very common happening in the crypto business. However, this commonly uses both similar methods or even new methods. But finally, rug pull is coming and many people lose their money in that scam project. Commonly, there will be a very high hype, booming spreading news about the project, with or without influencers also that help the projects. I found that there are so many projects like this, that are always dead after listing, and many people especially newbies lose their money because they don't really know what they are investing in. Most victims are commonly newbies or even someone who really doesn't know what cryptocurrency is.
But, although there have been so many experiences, lessons, and also sharing about this, in fact, this seems like never-ending incident and also there will be new victims again

ChiNgadOr

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Quote from: Belinda1732 on September 10, 2022, 11:36:13 AM

Rug pull scams "pumping up" a new project, nonfungible token (NFT) or coin to get funding. After the scammers get the money, they disappear with it. The coding for these investments prevents people from selling the bitcoin after purchase, so investors are left with a valueless investment.

This setting of scam had been in existence since the introduction of cryptocurrency and we need to take prior research before thinking of investing in any crypto project at all. The Crypro market is wide with lots of projects and sometimes it can be very difficult to select the right project to invest in to avoid not to end up being scammed to fraudsters.
I think investing in existing projects better for now and those who can be very skeptical of the right projects to invest in. There are promising existing projects we can hold both for long and short term before the crypto market continue the bull move.

batang_bitcoin

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Quote from: vv181 on September 13, 2022, 03:40:27 AM

Quote from: batang_bitcoin on September 12, 2022, 05:47:13 PM

A'right.
I know and understands if he's talking about those smart contracts scam because they do really exists. This scam is quite new and has a lot of victims already.
~

I'm not quite sure if this kind of scam is quite new, the code that required to execute the scam is likely inherently possible on the smart contract since its early age. I tried to look around for this kind of scam, it dated back to October 2020[1], and the Squid Game issues are happening around the late months of 2021. So non-sellable smart contract has been exists for some time.

It's true that some people easily fall into this kind of scam since the characteristic is only observable via the smart contract code. But on the first hand, people really should think twice when they gamble with brand new tokens, I mean it's preventable.

[1] https://www.reddit.com/r/UniSwap/comments/jkxd6z/nonsellable_tokens_on_uniswap_how_to_recognize/

I mean that it's quite new that many are voicing this out. But yeah, it had happened in the past but only a few have spoken about this style.
Nonetheless, this scam is still around and still tries to get as many victims as it can. It can be avoided if someone has knowledge and is aware of it.
But sadly, not everyone is.

dlightag

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Quote from: Belinda1732 on September 10, 2022, 11:36:13 AM

Rug pull scams "pumping up" a new project, nonfungible token (NFT) or coin to get funding. After the scammers get the money, they disappear with it. The coding for these investments prevents people from selling the bitcoin after purchase, so investors are left with a valueless investment.

Bitcoin has nothing to do NFTs, because they are difference project, which Bitcoin has already established in the ecosystem, accept when investing wrongly on scam project, which requires Bitcoin as a means of payment, to obtain NFT, which what no value that end as Rug pull.

TheUltraElite

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So anyway, I applied as a merit source :)

Quote from: Belinda1732 on September 10, 2022, 11:36:13 AM

Rug pull scams "pumping up" a new project, nonfungible token (NFT) or coin to get funding. After the scammers get the money, they disappear with it. The coding for these investments prevents people from selling the bitcoin after purchase, so investors are left with a valueless investment.

Being left with a worthless asset is a thing that has been happening since log back. In the physical domain, the term "white elephant" is used to denote the same.

But the point remains that the person who bought that asset did not do their proper research befor investing, so the fault is on them, not to the seller. NFTs may becom worthless tomorrow that is why they are risky assets, this needs to be understood by each one taking part in such hyips.

On the other hand those who have been tracking coins for long and investing in well known old coins make profits every other day.

vv181

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Quote from: batang_bitcoin on September 12, 2022, 05:47:13 PM

Quote from: vv181 on September 11, 2022, 10:28:02 AM

Quote from: batang_bitcoin on September 11, 2022, 10:02:44 AM

Quote from: Belinda1732 on September 10, 2022, 11:36:13 AM

~The coding for these investments prevents people from selling the bitcoin after purchase, so investors are left with a valueless investment.

I don't understand the last sentence but taking it with what you're trying to say. It's true that these scam investments coming from tokens, coins and even NFTs, they'll just leave their investors with nothing once they're done with the project.~

What he meant is likely a type of smart contract that is designed to prevent the selling of a token, a kind of the Squid Game smart contract scam. So the smart contract is just coded with a specific address in mind, which is, it's the address of the smart contract creator itself. That specific address is the one that will only be able to sell tokens, every other else can't sell it, but they are only able to buy or move it.

A'right.
I know and understands if he's talking about those smart contracts scam because they do really exists. This scam is quite new and has a lot of victims already.
~

I'm not quite sure if this kind of scam is quite new, the code that required to execute the scam is likely inherently possible on the smart contract since its early age. I tried to look around for this kind of scam, it dated back to October 2020[1], and the Squid Game issues are happening around the late months of 2021. So non-sellable smart contract has been exists for some time.

It's true that some people easily fall into this kind of scam since the characteristic is only observable via the smart contract code. But on the first hand, people really should think twice when they gamble with brand new tokens, I mean it's preventable.

[1] https://www.reddit.com/r/UniSwap/comments/jkxd6z/nonsellable_tokens_on_uniswap_how_to_recognize/

Pelana vreo

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Syntrum.com

Quote from: Belinda1732 on September 10, 2022, 11:36:13 AM

Rug pull scams "pumping up" a new project, nonfungible token (NFT) or coin to get funding. After the scammers get the money, they disappear with it. The coding for these investments prevents people from selling the bitcoin after purchase, so investors are left with a valueless investment.

If I may know, what project are you referring to, so that we can avoid such scams, if you mean selling NFT through Airdrop claims it looks like you need to see the partners and the project before investing, I have several NFTs and from those NFTs I can stake and play games.

justdimin

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www.Crypto.Games: Multiple coins, multiple games

Quote from: Ngemmeng on September 12, 2022, 02:46:16 AM

looks like most of the people in this thread don't really understand what you mean (myself included), maybe you can explain in more detail. if you buy bitcoins you can sell them at any time because you have full rights to the bitcoins you buy and no one else can prevent you from selling, unless you lose access to the wallet.
Is this what you mean by worthless investment? Undecided

No, what he means is that sometimes you invest at pre-sale or early days of a project and then in return you are given an NFT or a token and you buy a certain sum of those. It could turn out to be a rug pull or a scam as we call it, and they would leave the project after selling you the tokens and then the price of the thing you bought could drop even harder. That is what they are trying to prevent, if they could prevent it then they could end up with a good return, and how could we prevent these rug pulls? That's the question.

I consciously prevent myself from losing money on these scams by investing into already established great projects like ethereum, can't be rug pulled if there is no rug to pull.

Mahanton

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Quote from: Belinda1732 on September 10, 2022, 11:36:13 AM

Rug pull scams "pumping up" a new project, nonfungible token (NFT) or coin to get funding. After the scammers get the money, they disappear with it. The coding for these investments prevents people from selling the bitcoin after purchase, so investors are left with a valueless investment.

Very common on this market and this is why its always been sensible that you should really make that in depth research first before throwing up some money into any projects.Lots of project owners
do really love to fool out those noob investors because they do easily fall out with quick rich schemes or promises on which these scammy devs had been saying or assuring.
Whenever you do caught yourself with some hype then it would really be totally over with your investment.This is why you should really be wise on making decisions
because you are putting something into it and there's no one really likes to get scammed or lose their investment.

batang_bitcoin

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Quote from: vv181 on September 11, 2022, 10:28:02 AM

Quote from: batang_bitcoin on September 11, 2022, 10:02:44 AM

Quote from: Belinda1732 on September 10, 2022, 11:36:13 AM

~The coding for these investments prevents people from selling the bitcoin after purchase, so investors are left with a valueless investment.

I don't understand the last sentence but taking it with what you're trying to say. It's true that these scam investments coming from tokens, coins and even NFTs, they'll just leave their investors with nothing once they're done with the project.~

What he meant is likely a type of smart contract that is designed to prevent the selling of a token, a kind of the Squid Game smart contract scam. So the smart contract is just coded with a specific address in mind, which is, it's the address of the smart contract creator itself. That specific address is the one that will only be able to sell tokens, every other else can't sell it, but they are only able to buy or move it.

A'right.
I know and understands if he's talking about those smart contracts scam because they do really exists. This scam is quite new and has a lot of victims already.
Aside from rugpulling, they're doing this so their victims has no way to avoid losing.

AnonBitCoiner

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Eloncoin.org - Mars, here we come!

Quote from: Belinda1732 on September 10, 2022, 11:36:13 AM

Rug pull scams "pumping up" a new project, nonfungible token (NFT) or coin to get funding. After the scammers get the money, they disappear with it. The coding for these investments prevents people from selling the bitcoin after purchase, so investors are left with a valueless investment.

This is the Risk in new coins and it's now increased so much
We should do research before investing in these type of coins. Partnership, investor's and exchange listing News should be search for checking any project.

vv181

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Quote from: Silberman on September 11, 2022, 09:58:01 PM

Quote from: vv181 on September 11, 2022, 10:28:02 AM

Quote from: batang_bitcoin on September 11, 2022, 10:02:44 AM

Quote from: Belinda1732 on September 10, 2022, 11:36:13 AM

~The coding for these investments prevents people from selling the bitcoin after purchase, so investors are left with a valueless investment.

I don't understand the last sentence but taking it with what you're trying to say. It's true that these scam investments coming from tokens, coins and even NFTs, they'll just leave their investors with nothing once they're done with the project.~

What he meant is likely a type of smart contract that is designed to prevent the selling of a token, a kind of the Squid Game smart contract scam. So the smart contract is just coded with a specific address in mind, which is, it's the address of the smart contract creator itself. That specific address is the one that will only be able to sell tokens, every other else can't sell it, but they are only able to buy or move it.

I was not even aware that something like that existed, so those scammers are creating smart contracts in which no one except themselves can sell, this makes me wonder, if they have the ability to do something like that wouldn't be better for them to actually try to develop something useful with that technical skill that they have instead of using it to try to scam people? Because I cannot do something like that and yet they can which means they have some skill, but instead of using it for good they have decided to do bad things with it.

The non-sellable typical scam token has been existing for a long time, IIRC. The contemporary spotlight on the actual Squid Game series and the scam token made that type of scam become widely being used again.

Creating such kinds of token doesn't really need an outstanding skill to be honest, it just simple codes. Plainly, it is like this; on the sell function of transfer, if the address is not the owner's, reject transaction. Not to mention there is a one-click platform for smart contract tools that do shady things, for example, the non-sellable smart contract template as above mentioned.

Topic: Rug pull scams (Read 406 times)