Topic: Rug pull scams - page 3. (Read 378 times)
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.
Rug pull scams got famous after the Squid coin theft elaborated by the crypto's developers themselves. The trick when forbidding investors from selling their holdings was to avoid the currency's devaluation during a potential massive panic sell wave, so scammers developers were the only allowed people to transact Squid coin, selling them more expensive, taking an exclusive advantage of the temporary hype created by the market.
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.
Replace the word bitcoin for crypto on your post and it will be fine... 
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.
Before avoiding becoming a victim of Rug Pull, what steps can be taken to avoid it.and what can be considered to identify the potential of that Rug Pull project.
i have many experiences with rug pull scams. you may remember a rug pull scam that came with the name of famous tv series Squid Game. that was called Squid Game or something like that. i participated for their airdrop campaign and earned some for free. then the token was listed on pcs and price pumped to moon. i sold my tokens for nearly $500. i earned some $ for free with that rug pull. but it's better to do a research before investing in any project. good luck mate.
~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.
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 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.That's why many projects went to zero because that they've pulled out their investors money turned into their profit. That's what happened and sadly, these victims can never retrieved their money which turns into their losses.
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.
Please construct your statement straight because you are talking about the NFT scheme on opening remark of your statement then suddenly Bitcoin becomes involved on purchasing NFT which is not possible because NFT marketplace don’t accept Bitcoin as payment. And also you are using rug pull wrong. Your example is not a rug pull because scammer just simply mislead the buyer on selling NFT with fake value while rug pull are those tokens that pump and become zero value before the devs manage to provide the project product leaving the project abandoned.
I don't understand what's the relation between NFT and Bitcoin because both of them are completely different, also it doesn't make sense if they can't sell Bitcoin because it's decentralized, even government can't shut down Bitcoin. If you refer to fake Bitcoin e.g. Bitcoin that run in unknown chain, of course there's a chance you get a shitcoins. That's why P2P in ETH, BSC, Polygon chain are very risky if you can't distinguish a legit and fake token.
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.
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