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 happens in crypto all of the time. Only about 10% of crypto projects are legit. Three projects that I like are RVN and 0xMR because they had no ICO and all coins were fairly mined and ICP, which is backed by the World Economic Forum. 
Topic: Rug pull scams - page 2. (Read 378 times)
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?
Is this what you mean by worthless investment?
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.
Scammers will never stop. They will always trying to did fake pump to fool others. Im seeing so many projects have become scam. They will be coming back again with the new scam project used different name and plagiarize whitepaper. Investors must be careful with it in this case. It's hard to identify which project that created by scammers or not. That's why a deeply research is actually needed.
It's not new to us anymore, it's been around for years and we can't stop these scams. We should keep away from it by limiting investment in new projects, such as those that promise interest rates of hundreds or thousands of percent, this is the best way to deal with it. In a world where people aren't so greedy, and are only interested in coins like bitcoin and ethereum, or bnb, scams such as these wouldn't be as rampant as they are now.
This kind of scam has a different approach to the people especially when the speaker knows how to manipulate his speech to make their poor investors believe that they will gonna earn in the future by constantly buying those scam coins. To avoid these kinds of traps in the crypto market today give yourself some time to read some important topics about how to prevent yourself from investing in such coins and how they were when they first introduce their project to people to avoid them as early as possible. Importantly, don't rush to invest just because of the current hype.
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’s been happening for years. This is why you need to do extensive research before you FOMO into random alts. To be honest, it’s better to just stick with bitcoin or mainstream alts. Lots of the lesser known coins are a minefield of scams.
It's not new to us anymore, it's been around for years and we can't stop these scams. We should keep away from it by limiting investment in new projects, such as those that promise interest rates of hundreds or thousands of percent, this is the best way to deal with it. In a world where people aren't so greedy, and are only interested in coins like bitcoin and ethereum, or bnb, scams such as these wouldn't be as rampant as they are now.
~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.
OP made a mistake about coin and Bitcoin. I think what he means is "to be unable to sell their "coin".
I have seen one and it's a game in the NFT industry. But there's no proof it was a rugpull. The developer was explaining things about why the value of his coin is going down and so does the NFTs that were bought by the investors. It's an avalanche once the market goes sideways. Everything inside the game with high value will be affected.
The game closed after the developer declared bankruptcy. There are two reasons the players are looking at, either he was played by the whales or it's true that it's a rug pull.
I have seen one and it's a game in the NFT industry. But there's no proof it was a rugpull. The developer was explaining things about why the value of his coin is going down and so does the NFTs that were bought by the investors. It's an avalanche once the market goes sideways. Everything inside the game with high value will be affected.
The game closed after the developer declared bankruptcy. There are two reasons the players are looking at, either he was played by the whales or it's true that it's a rug pull.
in fact the rugpull is hit all time high when there is something new in crypto space or something viral in real world
when defi boom there is dozen of Decentralized Exchange and high yield farm but only a few that still alive till this day
when nft and gamefi boom arrive there is a lot play to earn and nft project all over the place
the last is earn to walk
so we need extra careful but if you can manage the risk you can still made a good chunk of money for that "hype" project
when defi boom there is dozen of Decentralized Exchange and high yield farm but only a few that still alive till this day
when nft and gamefi boom arrive there is a lot play to earn and nft project all over the place
the last is earn to walk
so we need extra careful but if you can manage the risk you can still made a good chunk of money for that "hype" project
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.
Well we always need to be careful scammers are smart and we need to be more smarter than them nft is on hype this days and i am sure that scammers will used this hype to get a lot of victim, i dont understand the last line about bitcoin but i believe that after people loss from scam token they will hold thier bitcoin to prevent another scam or being engage with a valueless token.
Blockchain industry is full of scams. We need to be vigilant to steer clear from scam of any sort.
Whenever you come across a good opportunity: be wise and question if it's really true - or if it's too good to be true. A good research has never hurt.
In case: better keep your established coins and avoid risky investments.
Whenever you come across a good opportunity: be wise and question if it's really true - or if it's too good to be true. A good research has never hurt.
In case: better keep your established coins and avoid risky investments.
Scammers have so many ways to scam their investors, they are following the trend as well so we can expect that scammers are everywhere. Rug pull is an old way to turn the project into a scam one, after making a good work to attract investors fake project usually ended on the same scenario. I got victim of a rug pull before and I regret buying that project and following the hype, this is a lesson for me that I will never do it again. Scammers are the real cancer here in cryptomarket, they make this market more worst to others well in fact it is not.
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.
I don't understand what you meant, sorry. But if you talk about NFTs, many of them are scams, in fact, that issue has been raised in the past days during their hype. It eventually gave us no hope to stop this kind of market drama as scams spread everywhere. But I hope you don't make it generalized and never include Bitcoin for them. Many investors leave crypto for different reasons whether they got scammed, invested in the wrong projects, or never understand how this works. In other words, they are not comfortable here.
Unfortunately, it is what it is. Right pulls are now a chief furniture in the crypto household, and there is nothing much we can do about it. The only thing that can eradicate it(to an extent) is regulation. It may not be a silver bullet but when a scammer remembers he has to pass through a hoop of scrutiny, he or she would be less inclined to try it out. My 2 cents though
Rug pull scams is a very unfortunate phenomenon in the crypto space. It is really difficult to find out which tokens have the potential to carry out rug pull. This calls for serious research especially on the team members of the project. A reputable personality involved in a project may help to give a clue to a project that at least will not rug pull. Another noticeable thing is that rug pull are very common with tokens that are listed on decentralized exchanges. They are likely to avoid being listed on centralized exchanges because the exchange can expose them. Most times, such tokens are locked and are difficult to sell except for the owners who may design the code to suit their propose. IMO, It is a high risk activity to join new projects more so if the project is only meant to be listed in decentralized exchanges and have no plans for centralized exchanges. However, that does not mean that listing a token on centralized exchanges is a guarantee of safety, but it could be a clue to confirm how genuine a token is. However, there are also good projects that can plan to list only on decentralized exchange/exchanges. The bottom line is to do a comprehensive research before investing.
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.
What kind of project you’re referring here? Though a lot of rug pull incidents before and this is not new any more. This can happen any time to any project, especially if the project is still new. There’s a lot of fake project and any time can turn into a scam project, if you don’t want to become a victim of those fake project better to do your best research first before investing. 
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.
How can rug pull even apply to NFTs? NFT tokens are subjectively priced among collectors and do not have a common pool, like DeFi tokens. So I don't see how rug pull can be used in an NFT token. NFT uses another scam more appropriate for this kind of token, it's wash trading, where the user sells and buys his own token from himself to make it popular and in demand.
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.
Leave bitcoin out of this...lol. Bitcoin is not a token and one can not perform a rug pull because Bitcoin has grown into a big decentralized network. Rug pulls are common with shitcoins that have working product, no proper adoption and are just created by the owners to profit from the hype and exit scam. 
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’s been happening for years. This is why you need to do extensive research before you FOMO into random alts. To be honest, it’s better to just stick with bitcoin or mainstream alts. Lots of the lesser known coins are a minefield of scams.
Rugpull is a type of fraud, in this scammers launch attractive projects. And sell their tokens by showing big dreams when they have accumulated enough money, they remove the liquidity from the decentralized exchange (DEX) After which no token holder can trade/swap that token. And they have to bear the loss. Therefore, do research thoroughly before investing in any project. Or wait until the token is listed on a reputable centralized exchange. As they don't list such scam tokens and you will not lose your hard-earned money.
often happens to tokens because with the existing network they are easy to create tokens and move freely. the interesting thing about the rugpull project is that they initially offered coins at a low price. some people, even people who have been in the crypto world for a long time still consider this an opportunity even though it is a trap.
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