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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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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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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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.

RussianEnglishTranslation

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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 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.

Ngemmeng

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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

Iyeman

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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.

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.

yazher

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Quote from: posi on September 11, 2022, 10:03:52 PM

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.

posi

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Quote from: DeathAngel on September 11, 2022, 02:15:18 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.

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.

Silberman

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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.

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.

danherbias07

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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.

dansus021

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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 Undecided

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

MiF

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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.

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.

San_Francisco

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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.

samcrypto

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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.

Yamifoud

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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.

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.

Jaered

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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

evichi

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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.

crzy

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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.

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.

Xal0lex

staff

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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.

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.

JeromeTash

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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.

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.

DeathAngel

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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’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.

CryptoYar

hero member

Activity: 1064

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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.

kojektea

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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.

BitDane

sr. member

Activity: 1372

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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.

uneng

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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.

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.

Replace the word bitcoin for crypto on your post and it will be fine...

Kocret02

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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.

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.

Cryptornd

jr. member

Activity: 98

Merit: 5

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.

vv181

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Activity: 1932

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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.

batang_bitcoin

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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.

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.

Wapfika

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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.

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.

Jawhead999

legendary

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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.

Belinda1732

newbie

Activity: 14

Merit: 4

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.

Topic: Rug pull scams (Read 406 times)