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Alternate cryptocurrencies => Altcoin Discussion => Topic started by: CryptoWebDirectory on December 30, 2021, 04:19:41 AM



Title: Question about Dev Wallet Checker/Rug Check on PooCoin
Post by: CryptoWebDirectory on December 30, 2021, 04:19:41 AM
I've found PooCoin to be a great resource for looking up things like liquidity on BSC tokens. I recently noticed they have a section where you can check the developers wallet for activity. PooCoin calls this Rug Check (https://poocoin.app/rugcheck/ (https://poocoin.app/rugcheck/)).. Has anyone used this before? What kind of flags should one look for to determine if a project has higher potential for a rug pull or scam?

This seems like a cool little tool put together by the PooCoin team, but they don't do a very good job of explaining the signs you should be looking for. Should we be looking for actions like several transactions being done to create LPs or lots of transactions being sent to the contract? What I'm really trying to figure out is if there is one part/action of this page I should be focusing on to get a sign of whether a particular project has a higher potential of rug pull or scam. Thanks in advance!


Title: Re: Question about Dev Wallet Checker/Rug Check on PooCoin
Post by: Pahom on December 30, 2021, 04:51:39 AM
Personally I when investigating projects goes to BSCscan and investigate the page of the coin I am interested in. First of all, I check top holders and how big their percentage is, then I check whether the contract is open or not and whether it is verified. Then I look at read and write folders where I check strange functions and then I look through functions transfer, transfer from and approve.


Title: Re: Question about Dev Wallet Checker/Rug Check on PooCoin
Post by: Teraboy on December 30, 2021, 05:12:36 AM
I've found PooCoin to be a great resource for looking up things like liquidity on BSC tokens. I recently noticed they have a section where you can check the developers wallet for activity. PooCoin calls this Rug Check (https://poocoin.app/rugcheck/ (https://poocoin.app/rugcheck/)).. Has anyone used this before?
I never seen that if this feature was exist before and it seems like a new feature that being implemented by poocoin to decrease the potential of people to be scammed or rugpulled by scammers. It sounds good as people can trace the activity of developer's wallet through that feature but the question is about how accurate that feature is? This thing must be answered as sometimes the developers are hiding their own token into the various wallets.

What kind of flags should one look for to determine if a project has higher potential for a rug pull or scam?
It can be seen from the various things like development, transparency, identity of the team and many more.
This seems like a cool little tool put together by the PooCoin team, but they don't do a very good job of explaining the signs you should be looking for. Should we be looking for actions like several transactions being done to create LPs or lots of transactions being sent to the contract? What I'm really trying to figure out is if there is one part/action of this page I should be focusing on to get a sign of whether a particular project has a higher potential of rug pull or scam. Thanks in advance!
That's cool but there must be some tests to make sure how good accurate that owned by such feature.


Title: Re: Question about Dev Wallet Checker/Rug Check on PooCoin
Post by: CryptoWebDirectory on December 30, 2021, 05:45:53 AM
Thanks for the replies! Those are some excellent tips and pointers @Pahom - very informative. If you don't mind me asking, I have a couple of follow up questions...

1) When checking top holders, what kinds of numbers give you a red flag? Only a few holders with huge percentages? Lots of holders with more than 10% each? What do you find to be a "bad" sign when looking at holders?
2) How do you check if the contract is open? Do you just mean whether you're able to view the source code? Also, by verified do you mean the contract having the green checkmark?

@Teraboy - I hadn't noticed this feature either until today. Not sure how new or old it is, or like you said, how accurate it is. Maybe it's possible to get more help with it in their Subreddit or something, because there is very little I've found on the site thus far. Anyways, thanks for the helpful tips about checking for team members/pictures, development..etc.


Title: Re: Question about Dev Wallet Checker/Rug Check on PooCoin
Post by: levyashin on December 30, 2021, 06:57:45 AM
Thanks for the replies! Those are some excellent tips and pointers @Pahom - very informative. If you don't mind me asking, I have a couple of follow up questions...

1) When checking top holders, what kinds of numbers give you a red flag? Only a few holders with huge percentages? Lots of holders with more than 10% each? What do you find to be a "bad" sign when looking at holders?
2) How do you check if the contract is open? Do you just mean whether you're able to view the source code? Also, by verified do you mean the contract having the green checkmark?

@Teraboy - I hadn't noticed this feature either until today. Not sure how new or old it is, or like you said, how accurate it is. Maybe it's possible to get more help with it in their Subreddit or something, because there is very little I've found on the site thus far. Anyways, thanks for the helpful tips about checking for team members/pictures, development..etc.

There is lots of place you need to look when investing in some new coin. First of all, if lp is not locked that means rug %99.

Red flag about the holders is just experience. You need to check some projects, watch the outcomes and had an insight about it. I can't say just one thing to look at. It is all experience you will get.



Title: Re: Question about Dev Wallet Checker/Rug Check on PooCoin
Post by: Reid on December 30, 2021, 07:13:27 AM
New or not, how will they do it? I bet no one will pay them by doing such hard work.
But if the project listed on them will be the ones to be judged then, its a good feature to make. A "rugpull" is not something you could predict. It just happens. Only an idiot developer will put signs that he will do a rug pull in the future. They will make it as good as possible, as sweet as they can to avoid flags of being a scammer. This is not different from what scammers did during the ICO.


Title: Re: Question about Dev Wallet Checker/Rug Check on PooCoin
Post by: ultiex on December 30, 2021, 07:35:55 AM
that's just one criterion, we can easily detect if the dev is cheating. Following the road map is very important. it's good if the project has a report page.